Real Estate market showing signs of rebound | News

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Real Estate market showing signs of rebound

PORTLAND, Maine (NEWS CENTER) -- Its been six years since the real estate market was associated with positive economic trends, but Maine is seeing some signs the industry is rebounding.

At a meeting of the Maine Real Estate and Development Association (MEREDA) today a speaker asked how many of the 650 brokers, bankers, and developers were optimistic about 2013. The vast majority heartily raised their hands.

While analysts say the market for single-family homes remains sluggish, and median prices are still comparatively low, but commercial real estate is picking up in key areas.

"When you talk about the beacon of hope you're talking about what industry is really growing a tremendous amount and I would say that's healthcare," says Drew Sigfridson, president of MEREDA. "The healthcare industry has seen tremendous growth great new construction projects, vacancy rates for the class A medical sector is under 2% which is phenomenol relative to national statistics but also great here locally."

Medical and retail space is moving particularly well in the Greater Bangor area and parts of Central Maine.

Analysts also say that struggling strip malls are starting to adapt to the times and re-market themselves as affordable office space, filling space that way.
















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