BEND, OR (November 4, 2014) — Compass Commercial Real Estate Services announces the release of its third quarter 2014 survey results in the current issue of Compass Points.
This quarter’s data shows positive absorption and decreased vacancy in all of the markets surveyed (office, retail and industrial). Some of the submarkets were negative, yet each market category remained positive as a whole. This speaks volumes about the economic picture in Central Oregon.
Bend’s citywide office vacancy rate dropped slightly to 11.37% from Q2’s report of 11.44% marking the tenth consecutive drop and the lowest office vacancy rate since the first quarter of 2008, when Bend’s office vacancy stood at 11.18%. The survey results showed that 285,366 sq. ft. of space is now available for lease, compared to 287,002 sq. ft. at the end of Q2 2014.
The citywide retail market dropped slightly from 8.58% in Q2 to 8.05% this quarter, with absorption of 23,508 sq. ft. of net-leased space. Market conditions continue to improve overall in the retail sector both in terms of absorption and in terms of increased lease rates.
The citywide industrial vacancy fell this quarter to 7.96%, down from 8.23% in Q2 2014. Approximately 328,144 sq. ft. of space is now available for lease, down slightly from 339,068 sq. ft. at the end of Q2 2014. This is the lowest vacancy we have experienced in years and we are now in a range that we consider normal and healthy for our market.
Compass Points offers comprehensive commercial real estate surveys of the Central Oregon market from the partners of Compass Commercial. In addition to providing a survey of Central Oregon’s Q3 commercial real estate market, this issue of Compass Points offers an overview of important tools used to help buyers analyze property investments, and shines its nonprofit spotlight on the Red Cross.
To view an online version or to subscribe to the quarterly publication, visit www.compasscommercial.com and click on the Compass Points icon. Printed copies are available from the Compass Commercial office by calling (541) 383-2444.