MEREDA’s Strikes for Scholars Bowl-a-Thon Fundraiser 2024

MEREDA returns to Bayside Bowl in Portland for it’s Annual Strikes for Scholars Bowl-a-Thon Fundraiser on May 2, 2024!

May 2 @ 5:00 pm – 7:00 pm

Consistent with the tradition of this event, all proceeds will support students pursuing studies and experience in the building trades. Past recipients of the donations have included Maine’s Community College System, the ACE Mentor Program of Maine as well as the AGC Maine Education Foundation.

MEREDA began this event to support students in the building trades and professions 11 years ago and has continued to grow and support the program. Since the fundraiser’s inception, MEREDA is proud to have raised and donated over $166,000 in scholarships helping over 150 Maine students.

We are now accepting applications for Bowling Teams! This event sells out quickly, so download and complete the 2024 Strikes For Scholars Bowl-a-Thon Fundraiser Application and Return with your Payment as soon as Possible!

Want to Increase Your Company’s Credibility and Visibility within Maine’s Commercial Real Estate Sector?

For $1500, sponsors are featured in emails about the event, you can display your company banner at the event, you’ll be mentioned at the event, and we’ll post a number of posts on our social media platforms. The best benefit is that all the net proceeds go directly to deserving Maine students!

We are also looking for a sponsor for our Raffle Drawings of $400.

What you get:

“Pay it Forward” with 100% of net proceeds funding the scholarship program

• Sponsorships provide high visibility on press releases, publications, social media mentions, the MEREDA website and signage at the event.

• Opportunity to be creative! Best Team Shirts gets a Summer Bowling Party!

BRING CASH! We’ll be raffling off two $200 Cash Prizes so come prepared to purchase raffle tickets!

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MEREDA Recognizes Contributions to Real Estate Development and Policy in Maine in Award Ceremony

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MEREDA’s Forecast Conference Highlights a Robust Real Estate Industry Full of Collaboration & Innovation

PORTLAND, Maine–On Thursday, February 29th, over 800 of Maine’s real estate and development professionals gathered at the Holiday Inn By the Bay to learn about the latest trends and predictions for the real estate economy at the Maine Real Estate & Development Association’s (MEREDA’s) Forecast Conference and Member Showcase. “The Forecast Conference is an opportunity for us real estate professionals to learn from each other and discuss the important issues in our industry and our state,” shares MEREDA President Craig Young. “With thought-provoking speakers like Dr. Habib Dagher and in-depth analysis from industry experts, it’s an energizing day full of important conversations!”

The Forecast Conference featured a robust lineup of industry experts presenting on topics that delved into both the opportunities and challenges for Maine’s real estate economy. The day began with a presentation on innovation in Maine from Dr. Habib Dagher, Executive Director at the University of Maine’s Advanced Structures and Composites Center. Presenting on his research work that ranges from green building materials and floating off-shore wind turbines to inflatable technology for NASA, Dr. Dagher’s work highlights the possibilities that can exist when we innovate. For a room full of real estate professionals, perhaps the most exciting aspect of his work is BioHome 3D, a 3D printed house prototype that his lab is perfecting to scale up affordable housing production in a dramatic way. “This is an opportunity to build more housing stock [and] get more roofs over people’s heads. Think of this as one solution to move things along.” Dr. Dagher and his team are currently working with the City of Bangor to develop a neighborhood of 3D printed homes for people who are currently homeless.

The morning continued with an overview of MEREDA’s legislative agenda with Elizabeth Frazier of Pierce Atwood. Frazier highlighted one bill currently being considered, LD 772, which focuses on permitting predictability and protecting developments from retroactive ordinances. “It’s a very small amount of language that will hopefully have a big impact,” commented Frazier. Next, James Marple, a Senior Economist from TD Bank provided an economic outlook on both a national and state level, sharing that the U.S. economy has outperformed expectations and, at 3.5%, is currently experiencing a 15-year-low in the unemployment rate. For the housing market, Marple highlighted that the limited supply is keeping pressure on home prices, underscoring the dire need for more affordable housing in Maine. Additionally, Marple noted that the economy will be impacted by the upcoming Presidential election.

This was the first year the Conference featured an afternoon format with multiple sessions each hour. In the first group of sessions, the Office & Industrial Outlook featured Justin Lamontagne of The Dunham Group on the industrial market, Nate Stevens of The Boulos Company on the office market, and Charles Day of Porta & Co. on the markets outside of Portland. With continued low vacancy rates in the industrial sector, Lamontagne predicted that there will be some new construction for the industrial sector but not enough, particularly because land is difficult to find. Speaking on the trend of office space conversions to industrial space, Lamontagne noted that while it is easier said than done, “There are no bad ideas in a market this competitive.” Meanwhile, Stevens outlined how the 7% vacancy rate in the Greater Portland office market differs from the national trends, which are at about a 20-30% vacancy rate in larger cities. Stevens also discussed the impact conversions have had on the office market, particularly the Class B office space sector. He noted that some 15 buildings in downtown Portland have added residential space, which has removed over 20% of Class B office space. Day then shared an overview of what’s happening in markets outside of Portland, highlighting the spectacular transformation of Waterville’s downtown, as well as two major redevelopments in Northern Maine, including the One North Building in Millinocket and The Green 4 Maine Program in Limestone. Continuing the conversation on office conversions, Day also highlighted four office buildings in downtown Bangor that had been converted to residential spaces.

The first session also included Construction Outlook and Regional Outlook panels. The Construction Outlook featured three general contractors – Kendrick Ballantyne of Optimum Construction, Nick Cormier of PM Construction, and Shannon Richards of Hay Runner – who discussed the challenges and opportunities for residential and commercial construction in Maine. The Regional Outlook featured Andre Rossignol of Maine Realty Advisors, Chris Paszyc of The Boulos Company, Brandon Mitchell of Malone Commercial Brokers, and Bev Uhlenhake of Maine Commercial Realty, who discussed some of the significant developments planned for the coming year across the state.

The second afternoon session featured a Retail & Hospitality Outlook with Peter Harrington of Malone Commercial Brokers and Matt Arrants of The Arrants Company. They provided an insider’s look at the world of retail leasing and the growth opportunities in Maine’s hotel market. Also in the second session was a Development 101 panel with Josh Soley of Maine Realty Advisors, David Packard of PK Realty, and Marieke Thormann of Fathom Companies. The group of developers discussed how they analyze the risk and rewards of the development process. Lastly, the second session also included a Financing Trends panel with Kim Twitchell of NBT Bank, Matt Early of Gorham Savings Bank, and David Hulit of Ready Capital. With a recap of last year’s numbers and a look at the emerging trends in the financial landscape, the group discussed where they see caution and optimism in the market. As part of the conversation, Twitchell commented on current interest rates. While she expects they will go down some, she cautioned, “Today’s rates are more normal. Folks need to get used to that. When penciling out deals, think about where rates are today.”

The final group of afternoon sessions included a Residential & Multifamily Outlook with Brit Vitalius of Vitalius Real Estate Group, Aaron Bolster of Allied Realty, and Elise Kiely of Legacy Properties Sotheby’s International Realty. The group shared their thoughts on the fast moving and competitive world of residential and multifamily real estate throughout Maine. Another panel was on Upcoming Projects & Developments with three of Maine’s biggest developers who are working to bring a blend of housing to Maine’s marketplace – Dan Bacon of M&R Holdings, John Laliberte of Reveler Development, and Rebecca Hatfield of Avesta Housing. The third panel in the session was a Technology & Innovation Outlook with Tim Hebert of Hebert Construction, Stephanie Brock of Red Thread, and Dr. Habib Dagher. The group looked at how technology is changing real estate. Dr. Dagher provided a more in-depth look at the Biohome 3D, which his team is hoping can one day be printed in as little as two days and is 100% recyclable. Brock outlined a few of the ways AI can be used in the workplace, discussing products such as ChatGPT, Microsoft Copilot, and Qbiq. Hebert discussed the many ways technology has already come into the construction industry and improved things, but also saw reason for caution. “Sometimes it’s good to slow down and understand what we’re doing. We can do things faster, but we still have to do them right.” That said, Hebert agrees that innovation is the future and the way to answer the question: how do we make the built environment better? This query led him to develop STARC Systems, innovative temporary containment solutions that eliminate the disruption of renovation. The group went on to discuss the cost of new technologies and its accessibility. Dr. Dagher stated that his team is confident the Biohome 3D can one day be produced at competitive pricing, but acknowledged the incredible amount of investment required to produce this new possibility for housing.

At the end of the day it’s clear that Maine’s real estate markets continue to be a driving force in the economy. The challenges and opportunities our state faces will require collaboration and innovation, and MEREDA members will be working together to ensure that solutions are centered on responsible development. Sponsors of the event include TD Bank, Landry/French Construction, Perkins Thompson, The Downs managed by Maine Properties LLC, Mainebiz, Ready Capital, Bar Harbor Bank & Trust, Sebago Technics, The City of Bangor, St. Germain, Belfor Property Restoration, Pierce Atwood, and United Insurance.

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MEREDA’s Morning Menu – How Restaurants are Navigating the Current Real Estate Market

March 28, 2024 – 8:30 – 10:00 AM

Buffet Breakfast: 8:30-9:00 am
Program: 9:00-10:00 am

In-Person – Pre-registration is required.

Seating Capacity: 110 – We will not be able to accommodate walk-ins.

NEW LOCATION!!

McGoldrick Career & Student Success Center
35 Bedford Street
Portland, ME

EVENT PARKING:  Everyone that parks on the USM Campus in the Bedford Street Garage has to use the digital parking system. You can pre-register for your parking session or do it upon arrival. You must begin your digital parking session within 10 minutes of parking.  You can also pre-schedule your session.  Click Here to Download the Event Parking Instructions.

About the Event:  Join MEREDA on March 28th, 2024 at the McGoldrick Career & Student Success Center, 35 Bedford Street, Portland. MEREDA speaks with 2 local restaurant entrepreneurs Chris Gould (owner of Central Provisions and Tipo) and Mike Fraser (owner of Paper Tiger, Bramhall Pub, Nosh Kitchen and Bar and Nosh Taco). These restaurant moguls have been intertwined into the real estate fabric of Greater Portland for decades. They will discuss how their businesses have changed over the years, where they see the restaurant scene going and the effects of covid, labor shortage and other economic drivers. You will receive first hand insight on where restaurant owners see their futures going in Greater Portland and potentially beyond!

MEREDA Vice President, Jenn Small of Malone Commercial Brokers will moderate the program.

Seating is limited. Register now to reserve your spot!

Don’t forget, this breakfast will now run from  8:30 – 10:00 AM in an effort to accommodate those working around childcare and bus drop offs and pick ups.  

MEREDA’s Refund Policy: Your RSVP is requested by March 21. Payment is expected at the time of registration. No refunds will be granted to anyone who registers, but fails to attend or who cancels after March 21.

Ticket Prices:
Members: $45 each | Non-Members: $55 each
Prices increase by $10 after March 21.

Register HERE

This event is Sponsored by Norway Savings Bank.

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MEREDA’s Morning Menu – Unhoused Population and Impacts on Commercial Real Estate in Bangor

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Factors Affecting the Value of a Company

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MEREDA Leaps into 2024 with an Updated Forecast Conference

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Listen Up! The February 2024 Episode of the “MEREDA Matters” Podcast is Now Available!

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OSHA Recordkeeping Requirements

OSHA Injury and Illness Recordkeeping and Reporting – Post Form 300A by February 1

Brought to you by the Safety & Risk Consulting Team at Clark Insurance & Marsh McLennan Agency

Many employers having more than 10 employees are required to keep a record of work-related injuries and illnesses, (OSHA Logs). All establishments subject to this requirement must complete and post the OSHA Annual Summary Form 300A, even if no work-related injuries or illnesses occurred during the calendar year.

Are you partially exempt from the recordkeeping and reporting requirements?

Employers in certain low risk industries are exempt from these requirements unless OSHA, the BLS, or the Division of Occupational Safety and Health asks them to do so. Follow these steps to determine if you qualify for the partial exemption:

Determine your NAICS, and identify the first 4 numbers.
Review the Exception Table – If your first 4 numbers appear on the table, your company is exempt unless otherwise required.

Posting Requirement – By February 1 of each year you must:

• Review the 300 Log to verify the entries are complete and accurate.
• Complete the Summary Form 300A utilizing the information recorded on the 300 Log.
• A company executive must certify and date the 300A Summary Form.
• Post the Annual Summary from February 1 to April 30 of the year following the year covered.
o You must post a copy in each establishment in a conspicuous place or places where notices to employees are customarily posted.
o You must ensure the posted 300A is not altered, defaced, or covered by other material.

Electronic Submission Requirements (if applicable):

The electronic filing requirement applies to the below listed establishments:

• Establishments with 20 to 249 employees in specific industries with higher instances of injuries or illnesses must submit the information from the Form 300A electronically. Review a Full List of these industries.
• Establishments with 250 or more employees required to keep OSHA injury and illness records must submit the information from the Form 300A electronically.
• Upon notification, you must electronically submit the requested information from your OSHA injury and illness records to OSHA or OSHA’s designee.

Note: Employers can find instructions for registering and recording the 300A data on OSHA’s ITA webpage. Establishments have to submit the required information by March 2 of the year after the calendar year covered.

***NEW Additional Requirements for Employers with over 100 Employees

On July 17, 2023, OSHA announced a final rule that will require certain employers in designated high-hazard industries to electronically submit additional injury and illness information than what is currently requires but employers are already required to keep. This rule became effective on January 1, 2024, and applies to your 2023 submission.

The final rule includes the following submission requirements:

• Establishments with 100 or more employees in certain high-hazard industries must electronically submit information from their Form 300, Log of Work-Related Injuries and Illnesses, and Form 301, Injury and Illness Incident Report, to OSHA once a year. These submissions are in addition to the submission of Form 300A, Summary of Work-Related Injuries and Illnesses; and
• Establishments are required to include their legal company name when making electronic submissions to OSHA from their injury and illness records to improve data quality.

The final rule retains the current requirements for electronic submission of Form 300A information from establishments with 20-249 employees in certain high-hazard industries and establishments with 250 or more employees in industries that must routinely keep OSHA injury and illness records.

Resources

OSHA Recordkeeping – Overview | Occupational Safety and Health Administration
Cal/OSHA – Brief Guide to Recordkeeping Requirements
________________________________________

*If you have 10 employees or less, you are exempt, unless requested by OSHA or the Bureau of Labor Statistics (BLS) to maintain these logs.

If you have any questions or need assistance email us at RiskControl@MarshMMA.com

Article originally published on January 9, 2024 c8974405-c063-4824-8e0a-1c5ac8462903.pdf (constantcontact.com)

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Construction Technology Trends

By David V. Jean, CPA, CCIFP, CExP |Principal, Albin Randall & Bennett

Contractors have always had to keep a close watch on technology trends to stay on the leading edge of the industry. But, historically, they have had more time for strategic planning ahead of adopting new technology. Since the pandemic, taking part in the digital transformation is a high-stakes, high-velocity endeavor. Leveraging the latest technology has become a necessary part of driving growth, increasing efficiency, boosting production, mitigating risks, and evolving with the changing needs of the industry and market. Here’s a look at some of the top technology trends in the construction industry.

Enterprise Integration
In today’s remote atmosphere, enterprise integration helps contractors access pertinent data and connect via user-friendly applications across various devices. In an era of 5G wireless connectivity, contractors can connect the office to the field. Project meetings can take place virtually to move forward without the need to gather in person.

When contractors use automated and cloud-based solutions, such as job costing, risk assessment, asset management, project management, or customer relationship management software, they can access the information they need anywhere, anytime. By automating the request for information (RFI) process, construction firms can reduce bottlenecks, paperwork, and travel while accelerating decision-making and progress.

Internet of Things (IoT)
Equipment loss and safety issues are significant liabilities in construction. Through IoT, contractors can install network-connected sensors to their equipment to perform real-time inspections and performance assessments, ensure on-site accountability, and take accurate measurements using smart devices.

These sensors may also be used in wearable safety equipment. Contractors often use drones for aerial imaging, but AI-powered image recognition can help contractors identify at-risk materials or high-risk trends in worker behavior.

Data Analytics
Data analytics is a game-changer in the construction industry. Access to data goes hand-in-hand with enterprise integration and IoT. By employing automated solutions, contractors can improve transparency significantly, which provides advantages now and in the future. For example, job costing software allows contractors to track projects in real-time to make adjustments before taking a loss. Because it compiles historical data on actual costs over time, this software also allows contractors to analyze future job profitability and make estimates with greater accuracy and less risk.

Through IoT, they can gather valuable insights on worker safety and accountability, job site and material risks, and equipment performance. Predictive analysis technology uses AI, statistics, forecasting analytics, performance management, trend analysis, and simulation modeling. In combination with IoT sensor data, this technology can help contractors with predictive maintenance.

Augmented Reality (AR)
Contractors can use AR applications for training purposes or to detect errors before breaking ground. AR applications can show machine operators fuel levels or alert them of maintenance issues in real-time. AR applications for wearable smart devices, such as smart glasses and smart helmets, allow users to superimpose safety warnings or data points (such as temperature or pressure), and assembly and repair instructions directly onto the job site.

3D-modeling applications help contractors transform plans into three-dimensional holograms. Using a smartphone or tablet, contractors can use building site monitoring applications to overlay 3D buildings in the planning process to avoid errors, unexpected costs, and rework.

Robotics
Robots are often used to perform repetitive tasks, such as bricklaying or painting. They can also help contractors complete work during labor shortages and perform work in dangerous environments to reduce injuries.

Cobots, which are AI-enabled robots designed to work alongside workers, are less costly, easier to program, and more versatile. Cobots can improve quality and consistency by applying pressure, welding, fastening, or making cuts in the exact same way across every run, which means they can improve your products and processes. According to Interact Analysis, by 2028, annual cobot revenues will reach nearly $2 billion.

Modular & Industrialized Construction
Labor shortages and the increase in cost and demand for resources have shifted the industry toward an innovative manufacturing approach. In modular construction, project components are produced offsite on a large scale and shipped to the job site for assembly. Because of its effectiveness and efficiency, modular construction is an increasingly popular option. According to MarketsandMarkets, the modular construction market will reach over $100 billion by 2025.

Industrialized construction (IC) is an expansion of modular construction movement. In IC, contractors use digital twins, which are exact replicas of physical assets, processes and systems, to support building maintenance and operations. Digital twins work as prototypes, collecting real-world information to prevent costly rework and mistakes. Contractors also use 5D Building Information Modeling (BIM) technology to create digital representations of physical buildings. These technologies limit downtown and accelerate and automate traditional design, production, and operational processes.

Contractors are also turning to IC to reduce costs associated with waste. The price of plastic products, steel mill and other metal products, and number two diesel has increased significantly, and the price of lumber is back on the rise. By using innovative materials in their IC processes, contractors can align themselves with industry trends that employ sustainable and green construction methods, use fewer resources, and result in a lower carbon footprint.

Contact ARB
ARB’s Construction Advisory Services Team is dedicated to helping contractors maximize both the financial and operational aspects of their businesses, so we stay up-to-date on construction technology trends and other issues affecting your industry. We provide industry-specialized accounting, tax, and advisory services for construction start-ups, established firms, and the contractors that own them.

I help contractors with software selection and implementation, profitability analyses, forecasts, projections, job costing, and more. Contact me today if you have any questions or would like to discuss your company’s tax, accounting, and business advisory needs.

Article originally published on March 7, 2022  Construction Technology Trends | What’s Ahead for 2022? (arbcpa.com)

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