Maine’s commercial real estate market made big gains while workers stayed home

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Following a lackluster 2020, the commercial real estate market in Maine experienced strong increases in sales and leases in 2021 despite work-from-home trends, a real estate group said Tuesday.

There were 575 commercial transactions in 2021 compared with 325 in 2020, according to the real estate group MEREDA, which held its annual spring conference in Portland on Tuesday.

The amount of square footage sold and leased also increased by 1.6 million square feet over 2020 across the state. Commercial real estate includes office, retail and industrial buildings.

Vacancy rates for industrial properties, which saw the strongest growth in the commercial market, were less than 2 percent as more…

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