The popular coffee shop/party/Zoom call question is, “How is the pandemic treating you?” and everyone seems to have a different answer. The entertainment and event business sectors are having a tough time right now, but some of the larger companies have pivoted or gotten creative with how they can serve their customers, though perhaps with a different scope of work.
“Bump in the Road” is unfortunately a sign that most Mainers have seen many times before. As Mainers we’re not uncomfortable with it, because we know that things in Maine rarely swing too far from our realm of comfort. Although there are certainly uncomfortable situations ahead, most likely in the office and retail markets, hopefully they are just bumps in the road and not major detours.
Even though we are still in the pandemic, the New Hampshire commercial real estate market is beginning to show a clearer direction. The office market is still facing some uncertainties as companies try to make decisions. If the occupancy rate continues its downward trend, we will see more space coming to the market. On the other hand, the industrial market is staying strong as only a small amount of space hit the market this quarter and investment sales flourish.
Every business, once a location is secured, has to prepare for dealing with a landlord, a build-out, personnel, and then the customers. At the top of this pyramid is the “landlord”…be it an individual or, in many cases, the landlord’s representative. Ideally there should be a symbiotic relationship between the landlord and the tenant with each party having an undivided interest in the success of the new business. If you’re a retail landlord, the tenant’s investment is fairly limited…new décor, shelving, bathrooms, and office area.
Who inspired you to join the CRE Industry? My grandfather, Thomas Kenney, was a civil engineer for the Commonwealth of Massachusetts. As a civil engineer, he worked on a number of projects that in one way or another gave back to the community.
What a difference a few months make. When we were hit with the pandemic in the beginning of March, our lives were upended. We had to adapt to a new way of work and life quickly. I am not sure about you but back then I thought this
There is some discussion as to whether multifamily design is being changed by the coronavirus pandemic, or if changes underway are merely being accelerated.
Current status of the market? COVID-19 has really put a damper on leasing activity for both residential and commercial real estate. House prices have skyrocketed outside of Boston because many who were at one time in apartments or condos
Drive through Boston, meander along Rtes. 128 and 495…the skyline is dotted with huge construction cranes for completed or semi-complete apartment buildings and condo towers.
South Sutton, MA JM Coull (JMC) has completed the design-build construction of Primetals Technologies’ new 183,000 s/f, $30 million manufacturing and office facility.
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