Boulos Property Management
Boulos Property Management – Why will 2021 be remembered? COVID-19 and the Delta revolution? Masks vs no masks? To vaccinate or not to vaccinate? Record the rapid distribution of vaccines to those who wanted it? The year the validity of our elections was questioned? Did the US Capitol hit? The withdrawal from Afghanistan after the 20-year anniversary of 9/11? Tom Brady wins 7th ring? Climate change and global warming? Worldwide weather disasters? Big gains in the stock market? Record high deficits? Supply chain disruption? A major deadlock in the political conversation between Republicans and Democrats and major social movements related to Black Lives Matter? What is the result of this noise and commotion in the background of “our normal life” in which we raise families, go to work, go to school, help our neighbors, and work to make a living? In one word: stress. At this point, 2021 could be remembered as a time of great stress, boredom and anxiety.
Despite these social, economic, climate, pandemic and governmental factors that have created major risks and disruptions, Maine’s economy remains strong. Our state has the highest unemployment rate, high population growth, high growth in real estate prices and sales volume, stable and appreciated rental rates, and low vacancy rates. The year 2021 was a significant year for Maine with an influx of people and businesses moving out of nearby urban environments or other areas suffering from severe drought and wildfires. We expect this trend to continue, and that the remote work environment will have a significant impact on our state for many years to come.
Boulos Property Management
Last year, I mentioned the “silver lining” in some regions, the growth of certain industries, and the large number of people immigrating to Maine and investing here. These trends have only accelerated in 2021 and will continue to accelerate in 2022. There is high demand for affordable housing, market-rate housing, storage and distribution facilities, hospitality, entertainment venues, amenities education and research, manufacturing, etc. build and renovate commercial buildings to accommodate growth in all these sectors. In some areas, growth and demand have been unprecedented. For example, at The Downs in Scarborough, we sold all the business lots for the entire Innovation District in just two years. Flex buildings built on speculation have filled pre-construction. Recently built hotels in Portland have sold to private equity firms at record numbers. Demand from investment groups historically focused on “core” markets now wants to focus their attention on – and make investments in – Maine. For some high quality assets, we are entering higher prices based on all metrics: price per square foot, price per unit, cap rates, and dollars per acre.
Boulos Ayad, Real Estate Agent
Institutional investments are also being made in a significant way, which will change the landscape of Greater Portland. The Roux Institute at Northeastern University has announced that it has purchased the B&M Bean plant on the ocean in Portland, the University of Maine School of Law and the Graduate and Professional Center and graduate school is moving to 300 Fore Street in downtown Portland, Maine Medical Center has completed. its $150 MM capital campaign, and construction underway for its new wing on Congress Street. Northern Light Mercy Hospital completed its move off State Street down to the Fore River Parkway and the Gulf of Maine Research Institute completed its purchase of Union Wharf and will continue to expand and preserve Portland’s working waterfront. These are just a few of the many important investments underway by local organizations.
New housing construction, and especially affordable housing and workforce housing, will be a major focus for developers in Greater Portland for the next 2-3 years. We have a huge shortage of affordable housing, meaning there will be great development opportunities in the future. The other major demand across the state comes from freight, distribution and manufacturing companies for industrial and flexible products. We continue to see more development taking place in this market segment, but restrictions on permit distribution and high construction costs will limit the time and ability for developers to meet demand. ‘ market.
Despite the difficulties of the pandemic and the stress on our society, we continue to see great resilience and perseverance in the real estate and construction industries. We sincerely thank our customers, vendors and team members for their incredible efforts over the past year. Although there has been pressure, we have also worked to focus on teamwork, partnership, and flexibility in the workplace environment. My partners and I are grateful for their efforts every day. I also want to personally welcome our brokers, associates and marketing professionals who have joined our team over the past year in our offices in Portland, Portsmouth, and ‘ recently opened a Manchester, NH office. Our company has benefited from talent moving into Maine, and we have hired several new people with commercial experience from New York, Washington DC, Manchester, NH and even Jackson Hole, WY. We are looking forward to 2022 with our growing team and will work to provide the best service and professionalism to our clients every day.
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