harnden commercial brokers
HARNDEN COMMERCIAL BROKERS Mid-Year 2017 Newsletter OFFICE UPDATES: • • • • •
Overall office vacancy in downtown and greater Portland has decreased from 7.6% to 5.8% since Q4 2016. Most notably Class A Suburban office vacancy is at an all time low of 3.4%. Downtown Portland Class A office availability has decreased since Q4 2016 to a vacancy rate of 3.2%. Lease transaction basis at similar trajectory to last year, which was the highest number of deals done since 2005. Large office floor plate availabilities are still lacking.
MARKET OVERVIEW:
• •
Greater Portland Office Market Historic Overall Vacancy / Net Absorption
400,000
14.00%
300,000
12.00%
200,000
10.00%
100,000
8.00%
-
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
(100,000)
6.00%
4.00%
(200,000)
2.00% Net Absorption
(300,000)
Overall Vacancy
0.00%
Percent Vacant
•
Multi-family construction is still booming in downtown Portland with eleven apartment buildings currently under construction with a total of 690 units and 955,618 SF. India Street/Eastern Waterfront neighborhood new construction continues with two apartment buildings (37 units) and a new AC Hotel by Marriot (150 Rooms). Rufus Deering property in Portland proposed 300 housing units (250,000 SF of residential space and 380 parking spaces). Portland Foreside (formerly Portland Company Site) at 58 Fore Street proposed 11 acres along the Eastern waterfront of mixed use; 638 residential units, 132 hotel rooms, 60,000 SF of retail and 123,000 SF of office space.
Square Feet Absorbed
•
HARNDEN COMMERCIAL BROKERS Mid-Year 2017 Newsletter
RECENT HARNDEN COMMERCIAL TRANSACTIONS: • • • • • • • • •
FairPoint Communications leased 80,683 SF at 5 Davis Farm Road, Portland. (Jim Harnden) New England Life Care leased 8,959 SF at 600 Southborough Drive, South Portland. (Jim Harnden) Scholastic Books leased 20,400 SF at 33 Spring Hill Road, Saco. (Jim Harnden) Apple Computer leased 3,928 SF at Pineland Center. (Jim Harnden) 415 CA, LLC purchased 415 Cumberland Avenue (15,260 SF). (Jim Harnden & Sam LeGeyt) Riverplace Property, LLC purchased Riverplace Apartments, South Portland (136 luxury units). (Jim Harnden) Spurwink Services leased 7,316 SF at 778 Main Street, South Portland. (Sam LeGeyt) Dobkowski Birsen LLC purchased 619 Brighton Avenue (14,442 SF office). (Sam LeGeyt) CH Robinson leased 3,476 SF at 75 Washington Avenue, Portland. (Sam LeGeyt)
Jim Harnden President 207-650-3677 [email protected]
Sam LeGeyt Associate 860-866-8345 [email protected]
Overall office vacancy in downtown and greater Portland has decreased from 7.6% to 5.8% since Q4 2016. Most notably Class A Suburban office vacancy is at an all time low of 3.4%. Downtown Portland Class A office availability has decreased since Q4 2016 to a vacancy rate of 3.2%. Lease transaction basis at similar trajectory to last year, which was the highest number of deals done since 2005. Large office floor plate availabilities are still lacking.
MARKET OVERVIEW:
• •
Greater Portland Office Market Historic Overall Vacancy / Net Absorption
400,000
14.00%
300,000
12.00%
200,000
10.00%
100,000
8.00%
-
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
(100,000)
6.00%
4.00%
(200,000)
2.00% Net Absorption
(300,000)
Overall Vacancy
0.00%
Percent Vacant
•
Multi-family construction is still booming in downtown Portland with eleven apartment buildings currently under construction with a total of 690 units and 955,618 SF. India Street/Eastern Waterfront neighborhood new construction continues with two apartment buildings (37 units) and a new AC Hotel by Marriot (150 Rooms). Rufus Deering property in Portland proposed 300 housing units (250,000 SF of residential space and 380 parking spaces). Portland Foreside (formerly Portland Company Site) at 58 Fore Street proposed 11 acres along the Eastern waterfront of mixed use; 638 residential units, 132 hotel rooms, 60,000 SF of retail and 123,000 SF of office space.
Square Feet Absorbed
•
HARNDEN COMMERCIAL BROKERS Mid-Year 2017 Newsletter
RECENT HARNDEN COMMERCIAL TRANSACTIONS: • • • • • • • • •
FairPoint Communications leased 80,683 SF at 5 Davis Farm Road, Portland. (Jim Harnden) New England Life Care leased 8,959 SF at 600 Southborough Drive, South Portland. (Jim Harnden) Scholastic Books leased 20,400 SF at 33 Spring Hill Road, Saco. (Jim Harnden) Apple Computer leased 3,928 SF at Pineland Center. (Jim Harnden) 415 CA, LLC purchased 415 Cumberland Avenue (15,260 SF). (Jim Harnden & Sam LeGeyt) Riverplace Property, LLC purchased Riverplace Apartments, South Portland (136 luxury units). (Jim Harnden) Spurwink Services leased 7,316 SF at 778 Main Street, South Portland. (Sam LeGeyt) Dobkowski Birsen LLC purchased 619 Brighton Avenue (14,442 SF office). (Sam LeGeyt) CH Robinson leased 3,476 SF at 75 Washington Avenue, Portland. (Sam LeGeyt)
Jim Harnden President 207-650-3677 [email protected]
Sam LeGeyt Associate 860-866-8345 [email protected]
