BANGOR AREA MARKET OVERVIEW Bev Uhlenhake, CCIM Epstein Commercial - - PowerPoint PPT Presentation

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BANGOR AREA MARKET OVERVIEW Bev Uhlenhake, CCIM Epstein Commercial - - PowerPoint PPT Presentation

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BANGOR AREA MARKET OVERVIEW Bev Uhlenhake, CCIM Epstein Commercial Real Estate January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM MEREDA, January 22, 2015 WHAT DO THE FOLLOWING HAVE IN COMMON? MEREDA, January 22, 2015

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SLIDE 1

BANGOR AREA MARKET OVERVIEW

Bev Uhlenhake, CCIM Epstein Commercial Real Estate January 22, 2015

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SLIDE 2

WHAT DO THE FOLLOWING HAVE IN COMMON?

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 3

Brad Paisley

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 4

Cirque de Soleil*

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

*twice.

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SLIDE 5

16 performing groups, 100,000 people, and $15M in 3 days (aka The American Folk Festival)

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 6

Arcade Fire

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 7

Brantley Gilbert

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 8

A giant beach ball, covered in lights, surrounded by 5,000 people

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 9

Bob Seger

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 10

James Taylor

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 11

Tim McGraw

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 12

Nationally-televised UFC Fight Night

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 13

Lady Antebellum

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 14

Jason Aldean

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 15

Dave Matthews Band

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 16

Country Music Awards Nomination Category: Event Venue - Large

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 17

#BANGORMOJO

*hat tip to Alex Gray, Waterfront Concerts

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 18

Bangor Area Market Overview

  • Market Data
  • Industrial
  • Office
  • Retail
  • Trends & Forecasting

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 19

THE NUMBERS

Market Data

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 20

Inventory ∆ last five yrs (in sf)

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

495,609

(200,000) (100,000)

  • 100,000

200,000 300,000 400,000 500,000 600,000 2009 2010 2011 2012 2013 2014

Retail - Mall Office - Medical Retail - Non-mall Industrial Office - Non-medical

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SLIDE 21

Industrial Inventory

Total Inventory: 7,324,273 sf

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

Bangor 4,193,912 Brewer 1,067,926 Hampden 773,530 Hermon 1,288,905

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SLIDE 22

Industrial Vacancy – Total Market

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

6.4% 8.7% 10.3% 9.5% 10.0%

0% 2% 4% 6% 8% 10% 12%

2007 2008 2009 2010 2011 2012 2013 2014

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SLIDE 23

Total Office Inventory (Class A to C)

Total Inventory: 3,307,043 sf

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

Downtown (BGR) 1,354,251 Suburban (BGR) 802,830 Brewer 273,137 Medical (BGR&BWR) 876,824 Suburban Total 1,075,967

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SLIDE 24

Office Vacancy (Class A to B+)

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

10.8% 9.2% 9.5% 6.7% 8.6% 3.1% 4.6% 4.5% 3.4% 3.9% 1.7% 1.6% 1.7% 1.4% 1.4% 0% 2% 4% 6% 8% 10% 12% 2007 2008 2009 2010 2011 2012 2013 2014

Downtown Suburban Medical

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SLIDE 25

Retail Inventory

Total Inventory: 6,368,807 sf

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

Bangor ‐ Downtown 432,250 Bangor Mall Area 3,165,098 Bangor ‐ Other 1,212,518 Brewer 1,318,954 Non‐Mall Total 2,531,472

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SLIDE 26

Retail Vacancy

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

5.9% 14.5% 9.4% 6.4% 12.3% 2.6% 11.0% 8.7% 7.0% 7.0% 6.7% 5.9% 6.3%

0% 2% 4% 6% 8% 10% 12% 14% 16% 2007 2008 2009 2010 2011 2012 2013 2014 Downtown Mall Non‐Mall

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SLIDE 27

THE TRENDS

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 28

Mill Job Losses

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

Dec ‘13 Lincoln Paper & Tissue 200 Feb ‘14 Great Northern Paper, E. Mill. 212 May ‘14 UTC Fire & Security, Pittsfield 300 Aug ‘14 Great Northern Paper, E. Mill. 55 Aug ‘14 Old Town Fuel and Fiber 180 Sept '14 Great Northern Paper, Mill. ‐ Chapt. 7 Oct ‘14 Verso Paper, Bucksport 570 Dec ‘14 Old Town F&F purchased +180 Total Jobs Lost: 1,337

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SLIDE 29

Mill Workers

  • Total workers: 1,517 (180 rehired)
  • 75% Male
  • 63% Over 50 years old
  • 67% High school diploma only
  • Average $80,000/yr annual income

package per employee

  • 136 communities affected

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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Bangor: An Entertainment Destination

2002: National Folk Festival comes to Bangor

(100,000 people = $15M annual economic impact - 2011)

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 31

Bangor: An Entertainment Destination

2005: Hollywood Racino opens

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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Bangor: An Entertainment Destination

2008: Hollywood Casino and Raceway $132M complex; $55.4M revenue in 2014

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 33

Bangor: An Entertainment Destination

2010: Waterfront Concerts begin 100,000 average annual attendance

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 34

Bangor: An Entertainment Destination

2013: $68.7M Cross Insurance Center opens

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 35

Bangor: An Entertainment Destination

Since 2006: 700+ hotel rooms

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 36

Downtown

  • Apartments: Up to 50 market-rate or

better coming to downtown

  • Structural Improvements
  • Cosmetic Improvements
  • Bangor Daily moves downtown 1Q15

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 37

THE FORECASTING

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 38

Known

Eastern Maine Medical Center: 361,000 sf tower for $294,000,000

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 39

Known

BDN: 13,000+ sf office into downtown

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 40

Known

BJ’s Wholesale Club: 94,000 sf

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 41

Bangor: 2015 & 2016

  • Mill closures fallout:
  • To be determined…
  • Retail:
  • Mall area dominance
  • Office and industrial sectors:
  • Slow and steady
  • Downtown
  • Continue stabilization
  • Increased quality of tenants
  • Steady, upgraded level of interest
  • Arts & Entertainment:
  • Critical mass grows
  • Stable and increasing impact

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 42

On Our Radars – next 10 yrs

  • Entertainment
  • Healthcare
  • National park development
  • Waterfront development on both

sides of the river

  • Housing
  • Pipelines and the costs of energy

MEREDA, January 22, 2015 Bangor Area Market Overview, Bev Uhlenhake, CCIM

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SLIDE 43

6 State Street P.O. Box 2444 Bangor, ME 04402-2444 PH (207) 945-6222 FAX (207) 945-5824 www.epsteincommercial.com

Special thanks to: Monty Rand Photography The Thing of the Moment/Jeff Kirlin Jodi DeVost Justin Russell Photography The Bangor Daily News photography staff