New construction continued at a healthy pace in 2024, despite higher interest rates and volatile construction costs.Â
Affordable housing, combined with the higher cost of housing, continued to be a major issue in Maine.Â
Investment in universities and medical centers continued unabated, while a shakeout in the restaurant industry raised concerns, especially in the Portland market.Â
There were some ups and downs, but here is a handful of trends that defined real estate in Maine in 2024. In no particular order:
Investment in higher ed
Maine’s colleges and universities have been drivers of real estate development. The year saw the groundbreaking for the Portland campus of Northeastern University’s Roux Institute.Â
The Roux Institute breaks ground on its new, permanent home in Portland
UMaine breaks ground on $82M ‘factory of the future’
USM, Consigli top off Crewe Center for the Arts
Demand for improved medical facilities
Investment in medical facilities took on a new look in 2024. The University of New England is close to opening its new medical campus in Portland, and took a variety of steps this year to get ready.Â
Capping six-year expansion, Maine Med’s $378M tower is almost ready for patients
UNE launches clinical anatomy degree program to train more medical educators, researchers
Dempsey Center will join ‘integrated medical community’ at Rock Row in Westbrook
Rock Row developer buys Westbrook office building to complement pending medical campus
Housing was a hot topic
On the residential side, Maine’s continued shortage of housing saw two defining trends: a new high in the median home price and a surge in affordable housing development.
Maine’s median home price tops US level for first time
UNE signs full building lease for Westbrook apartment building
More affordable housing developments than ever are underway. More are needed
MEREDA spring conference: YIMBY advocate pleads for more affordable housing
Affordable condo development coming to Sanford, with a modular approach from Madison
Conversions continued to change buildings
Around Maine, buildings found new uses. Case in point, developers Jonathan and Catherine Culley, who earlier this year opened Maine’s tallest building, a residential tower in Portland, were also redeveloping a former hospital site as a mixed-use development.
A tax incentive will help foster affordable housing conversion in downtown Rockland
Business Leaders: Jonathan and Catherine Culley haven’t shied from developing housing in Portland
Developer pauses storm-damaged Spinning Mill project in Skowhegan
A shakeout hit restaurants, spaces
Meantime, restaurants also defined the real estate market, in part with the closings.
Rising labor costs, rents blamed for Portland’s ‘restaurant apocalypse’
