Portland Faces Shortage Of Industrial Space As Marijuana Businesses Claim Vacancies
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Portland Faces Shortage of Industrial Space as Marijuana Businesses Claim Vacancies
Industrial space has become almost impossible to lease or buy in the greater Portland area, after cash-rich marijuana growers snapped up existing warehouses. That’s helped to force vacancy rates way down and prices way up, just as conventional businesses are ready to expand.
A few years ago Steve Arnold, who owns marinas in Yarmouth and Naples, had his pick of heated warehouses where he could store clients’ boats in the winter. Then medical-marijuana growers started to compete for the same spaces. One moved into the 120,000 square foot facility where he was storing close to 200 boats.
That created some new challenges, such as the way the odor of high-quality marijuana can work its way into a boat’s upholstery.