Bangor is poised for a rebirth of industrial construction, with the vacancy rate for existing buildings below 1 percent because demand for warehousing is rising alongside adult-use marijuana cultivation space.
The critical need for industrial and flexible space in the Bangor area is driving companies to build new space and increasing sales of vacant lots for the first time in a long time, Tanya Emery, Bangor’s director of community and economic development, told a real estate conference on Thursday. Many existing spaces date to the 1970s.
“Zoning is being expanded in shopping areas for light industrial use,” she said. “But there are limited opportunities for industrial space without new construction.”
It is part of a trend that reached Bangor later than other areas of Maine. Greater Portland, Brunswick and Topsham and the Lewiston-Auburn areas are also seeing new construction and escalating lease and purchase prices for industrial space. That segment of the real estate market has not been affected by the pandemic, with cannabis operations and demand for warehouse storage emerging as two big factors eating up space.
“There’s seemingly no amount that cannabis companies won’t pay to get real estate,” Justin Lamontagne, a broker at The Dunham Group, said.
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Bangor is poised for a rebirth of industrial construction, with the vacancy rate for existing buildings below 1 percent because demand for warehousing is rising alongside adult-use marijuana cultivation space.
The critical need for industrial and flexible space in the Bangor area is driving companies to build new space and increasing sales of vacant lots for the first time in a long time, Tanya Emery, Bangor’s director of community and economic development, told a real estate conference on Thursday. Many existing spaces date to the 1970s.
“Zoning is being expanded in shopping areas for light industrial use,” she said. “But there are limited opportunities for industrial space without new construction.”
It is part of a trend that reached Bangor later than other areas of Maine. Greater Portland, Brunswick and Topsham and the Lewiston-Auburn areas are also seeing new construction and escalating lease and purchase prices for industrial space. That segment of the real estate market has not been affected by the pandemic, with cannabis operations and demand for warehouse storage emerging as two big factors eating up space.
“There’s seemingly no amount that cannabis companies won’t pay to get real estate,” Justin Lamontagne, a broker at The Dunham Group, said.
