News: Northern New England

NAI Norwood Group completes sale of 5,997 s/f office space at 116 South River Road for $685,000

Bedford, NH NAI Norwood Group completed the sale of 5,997 s/f of office space located at 116 South River Rd., building D, for $685,000. 

Louise Norwood,
NAI Norwood Group

 

Karl Norwood,
NAI Norwood Group

 

Chris Norwood,
NAI Norwood Group

 

Louise Norwood, Karl Norwood, and Chris Norwood of NAI Norwood Group represented the seller, Vasilios Realty Trust, and Colliers International represented the buyer, Dow Holdings, LLC. The office space consists of three condo units within a larger office condo complex.  The price tracks with a historical rise of prices throughout the market at just over $110 per s/f. “Activity in the office sector for leasing and purchasing remains brisk. For those looking to purchase, the inventory in the greater Manchester market remains thin,” said Chris Norwood, president of NAI Norwood Group.

MORE FROM Northern New England

Reveler Development celebrates final phase of work at The Levee - new 51-unit apartment building in Biddeford

Biddeford, ME Reveler Development has begun construction on 10 Upper Falls Rd., the fourth and final phase of Reveler’s master-planned development in downtown,The Levee. “We’re thrilled to embark on this major milestone at The Levee,” said John Laliberte, CEO of Reveler
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units. 

Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion