Portland's dynamic restaurant landscape is entering a period of significant change, with dozens of commercial properties becoming available for sale or lease across the city. From fully-equipped restaurants in the historic Old Port to new developments in burgeoning neighborhoods, a wide array of opportunities has emerged for aspiring and established restaurateurs alike.
The availability of these spaces, many of which were previously home to well-known local establishments, signals a transformation in the city's celebrated food scene. This shift presents a unique moment for new culinary concepts to take root in some of Portland's most sought-after locations.
Key Takeaways
- A significant number of restaurant and retail spaces are currently on the market in Portland and surrounding areas.
- Available properties range from small cafe spaces under 1,000 square feet to large restaurant buildings exceeding 8,000 square feet.
- Lease rates vary dramatically by neighborhood, with prime Old Port locations commanding premium prices, while other areas offer more accessible entry points.
- Several turnkey operations, complete with kitchen equipment and furnishings, are available, potentially lowering startup costs for new businesses.
A Market in Motion
The current commercial real estate market in Portland reflects a fluid and evolving dining industry. The listings span every major neighborhood, offering a diverse portfolio of options for food and beverage entrepreneurs. These properties include everything from small, intimate cafe spots to large-scale, turnkey restaurant operations.
In the city's popular Old Port district, for example, multiple high-profile locations are available. A 1,548-square-foot space at 425 Fore Street, which was built out as a restaurant but never opened, is listed at a premium rate of $70 per square foot. Nearby, the former Henry’s Public House building offers a substantial 7,500 square feet of space.
This trend isn't limited to high-end locations. A small, 350-square-foot cafe space in an office building at 100 Middle Street is available for $850 per month, providing a lower-cost entry point into the competitive Old Port market.
Understanding Lease Terms
Navigating commercial leases can be complex. Listings often use terms like NNN (Triple Net), MG (Modified Gross), and Gross.
- NNN (Triple Net): The tenant pays a base rent plus a share of the property's operating expenses, such as taxes, insurance, and maintenance.
- MG (Modified Gross): The base rent includes some of the operating expenses, but the tenant is typically responsible for their own utilities.
- Gross: The rent is all-inclusive, covering nearly all expenses except for services like phone and internet.
Opportunities Across the City
While the Old Port sees significant movement, other neighborhoods also present compelling opportunities. Each area offers a distinct character and customer base, allowing new businesses to find their ideal niche.
The Arts District and Bayside
In the Arts District, the former Reny's department store at 540 Congress Street is a landmark property available for lease. Its vast 27,800 square feet present a unique opportunity for a large-scale food hall or multi-concept venue. A more traditional restaurant space is available at 11 Brown Street, the current home of Tokyo Sushi Ramen, which is for sale for $1,200,000 and includes a fully equipped kitchen.
The Bayside and Inner Washington Avenue areas, known for their modern developments, also feature prime vacancies. A 4,424-square-foot turnkey restaurant at 114 Preble Street, formerly Coals, is listed at $26 per square foot and includes valuable amenities like onsite parking and outdoor seating. The former Maine Craft Distilling location at 123 Washington Avenue offers over 10,000 square feet of versatile space.
By the Numbers: A Snapshot of the Market
- $70/sq ft: The asking price for a prime, never-opened restaurant space on Fore Street in the Old Port.
- $9.99/sq ft: An affordable lease rate for the 6,006 sq ft former Taco Trio space in South Portland.
- 8,771 sq ft: The size of the former Tortilla Flats building for sale on Forest Avenue, situated on over 3 acres of land.
- $1,750,000: The asking price for the former Tortilla Flats property.
Historic Establishments and New Beginnings
The market also includes several legacy businesses and iconic properties, offering new owners a chance to build on established history. The former Public Market House at 28 Monument Square is being positioned as an incubator for new food businesses, with 8,064 square feet available at an accessible rate of $12 per square foot.
The property already houses Jamaican restaurant Yardie Ting and Bub’s Home Kitchen, with significant built-out infrastructure ready for new vendors. This presents a structured opportunity for startups to test their concepts in a high-traffic location.
The availability of historic and well-loved locations provides a unique foundation for new ventures to connect with the community's existing culinary heritage.
Beyond Portland's city limits, other notable establishments are for sale. In Brunswick, the Fat Boy Drive-In, a local institution since 1955, is on the market for $775,000. In Arundel, the owners of Bandaloop are selling their restaurant property after 20 years in business for nearly $2 million. These sales represent the end of an era for some, but a new chapter for others.
A Look at the Broader Region
The trend of available restaurant real estate extends into surrounding communities, creating a regional market rich with potential.
South Portland and Beyond
In South Portland, the former Taco Trio space at 60 Ocean Street is available for just $9.99 per square foot. The restaurant has since returned to its original location, opening up a large, 6,006-square-foot property in a prime area. The former Mast Landing tasting room on Cottage Road is another key vacancy, offering 2,647 square feet and 20 dedicated parking spaces.
Further afield, new construction projects are seeking food and beverage tenants. A new building in Auburn hopes to attract a brewery or restaurant to its 4,776-square-foot riverside space. In Westbrook, a 5,085-square-foot restaurant space is available in a building slated to open in 2027, indicating long-term confidence in the region's dining economy.
The sheer volume and variety of available properties suggest that the Greater Portland area is on the cusp of a culinary refresh. For entrepreneurs with a clear vision, the current market may be the perfect moment to make their mark.
