Overall vacancy rates in the office sector are once again down, and we expect construction of new product in the near future to accommodate expanding businesses in the market.
Looking ahead to 2016, we will continue to see increased demand from food-related producers, breweries and distillers in the Greater Portland area. There continues to be a lack of quality class A office space in downtown Portland. This will lead to new construction projects in the near future for technology-related and financial service growth companies.
The only question for 2016 is “where will the next major office building be built?”