Anyone looking for industrial space in Portland is going to have their work cut out for them. “We’re out of space. We’re down to one-percent vacancy now,” Justin LaMontagne, a partner at the Dunham Group real estate company, said to Maine Public. Along with the drop in industrial vacancies comes a rise in lease prices, so that even the space available is becoming increasingly expensive.
The reason for the sudden drop in real estate availability is the exponential growth seen in the cannabis industry over the past few years. Most of the once vacant warehouses in Portland are now occupied by cannabis startups taking advantage of the new marijuana economy.
Other industries in Portland are booming too. Drew Sigfridson, the managing director at CBRE the Boulos company says, “There’s also the burgeoning brewery industry and distilleries, which have taken up a lot of space whether it be for warehousing, distribution or production.” To top it all off, Sigfridson says, “there hasn’t been a lot of new construction to keep up with that demand.”
With that said, the cannabis industry in Maine