Positive Signs for Old Port Retail by Peter Harrington

 
It had been many years since there was a retail vacancy on Lower Exchange Street in the summer.  This past summer there were several.  Add to that all the other retail spaces which are on the market in the rest of the Old Port and a negative trend was clearly visible.
 
Much has been said and written about the health of the consumer and the decline in retail sales and leasing on a national level.  I believed it would take until at least spring for many of these spaces to lease.  However, in the last few months many of the spaces have leased.
 
  • Portland Coffee Roasters closed on Commercial Street and the Maine Bean stepped in and took the space over. 
  • On Lower Exchange, Javanet has been taken over by Linda Bean's Perfect Maine Lobster Roll Company and they also have a lease next door at the former Zrinka's space. 
  • Books Etc. closed after 35 years.  This space has been divided between the Leather Exchange and Expressly Trends. 
  • Toko Indo is taking over half of the former Betsy's space. 
  • Walters Restaurant moved to 2 Portland Square but a new restaurant is taking over the former Walters space on Exchange. 
  • O'Naturals closed on Upper Exchange this past summer and by Christmas, Jay Villani from Local 188 is opening a new restaurant.
 
I'm not saying that there won't be new vacancies to come, or that all of the Old Port vacancies are taken, but there are definitely positive signs in the Old Port retail market.
Posted by MCB Admin at 10/23/2010 7:11 AM
Categories: Broker Message
Tags: Office Lease Retail Old Port Peter Harrington- Associate Broker
 

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