March 15, 2016 at 12:00 am
The Southern MidCoast (Bath-Brunswick-Topsham) region experienced several long years of anxiety in the general real estate direction, both residential and commercial, beginning with the announcement of the base closure for Naval Air Station Brunswick. The subprime crisis of 2008 followed that, with resulting “tanking” of the national and state economy. 2012 provided a glimmer of hope in the housing/commercial markets in this region, followed by a resurgence in the market beginning in 2013 and continuing through 2015. 2015 experienced unprecedented activity not only during seasons of expected strength, but continuing throughout the holidays.
As reported at MEREDA’s annual forecast conference, Commercial real estate is seeing significant new and redevelopment efforts, in part due to the energy surrounding Brunswick Landing and Topsham Commerce Park formerly the Naval Air Station Brunswick and Navy Annex Topsham. In-town Brunswick has benefitted from the creation of Brunswick Station, which offers close proximity to not only the Downeaster train but Bowdoin College as well. In addition, Topsham Fair Mall and Business Park are growing and flourishing. Bath has seen a new hotel and Medical Office building. Of interest is the statistic that two-thirds of the population of Maine exists within 35 miles of the Interstate 295/Rt. 196 intersection. Traffic counts on Rt. 196 at Topsham Fair Mall exceed Maine Mall traffic counts. This region is well named as the “Gateway to Downeast.”
Growth in Manufacturing, Medical Office, Financial, Eldercare and selected Retail ventures have led the way to the excitement and energy we currently enjoy in the Southern MidCoast region.
If January numbers are any indication, 2016 will be a very good year for the region.
Categories: Maine Real Estate Insider