From the Editor: Maine’s real estate juggernaut
Bank branches, warehouse space, multistory greenhouses, self-storage units, hotels, retail redevelopment, coworking spaces.
It’s not just home sales that are hot in Maine right now. The demand for commercial space continues to push into new areas.
Coworking spaces were on fire before the pandemic and, even with social distancing, continue to be a viable market as remote workers look for ways to dip their toe back into the office waters. See Maureen Milliken’s story, “Coworking at a crossroads,” on Page 12.
As Renee Cordes reports, banks are building and opening new branches at a brisk rate, particularly in southern Maine. As bank CEOs tell her, having a physical presence is still important to customers — even if those customers do much of their banking on an app. One of the banks establishing a physical presence in Maine, with at least four branches planned, is Chase. But it will face competition here, as you can read in Renee’s story, “Bank expansion heats up,” on Page 16.
Among the real estate projects underway right now are retail makeovers, “ghost” kitchens, hotels and a four-story vertical greenhouse that expects to grow more than 1 million pounds of produce a year. See “Commercial development in 2021” on Page 20.
Self-storage facilities may not be glamorous, but the demand for safe, reliable storage units is growing. And investors like the low overhead and high returns the sites provide, as Laurie Schreiber reports in “The self-storage story,” on Page 22.
Our list features Maine’s largest commercial property sales, on Page 30.
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