A look back: 2010 was a bad year for real estate but one exec saw the light
In 2010, the Great Recession had taken hold. According to the MEREDA outlook conference that year, the cost per square foot of office space declined from $80 to $115 in 2005 to $75 to $90 for a space of 5,000 square feet or less. Leasing rates had a comparable drop. But, according to the Mainebiz of Feb. 8, 2010, longtime real estate exec Drew Sigfridson had reassuring words for battered industry people gathered at the MEREDA conference. “In 2010, the worst is over in the office market. Vacancies will start to fill slowly and, as a result, rental rates will stabilize.” Sigfridson, who is today managing director of The Boulos Co. in Portland, was right. Today, Portland’s Class A downtown office space is nearly at capacity.
Fun fact: The Oct. 18, 2010, issue of Mainebiz reported that in the six months since opening for the season Gifford’s Ice Cream had served 34,000 gallons of ice cream. Ingredients in the ice cream included 154 gallons of cherries, 696 pounds of chocolate sprinkles and 630 pounds of nuts. Gifford’s also went through 133,600 sugar cones.
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