BEND, OR — Compass Commercial Real Estate Services has released its first quarter 2014 market survey results in the current issue of Compass Points.
The notion that “Bend is back!” has surfaced as the recurring theme throughout a string of community talks, real estate and market forecast events that have taken place this spring. With a quick review of the Q1 2014 issue of Compass Points it’s safe to say that the data supports this view.
The survey reports a seventh consecutive quarter of positive absorption in the office market with the citywide office vacancy rate dropping from 16% at the end of Q4 2013 to 12.19% by the end of Q1.
In Bend’s retail market, the citywide vacancy rose to 9.47% in the first quarter compared to 8.6% in Q4 2013, due to the loss of 33,963 square feet of net leased space in the first quarter — the largest loss since Q2 2009.
The citywide industrial market vacancy rate fell again this quarter, with a drop from Q4 2013’s 12.25% to the current 11.27% vacancy.
“Barring the retail market’s decline in absorption due primarily to The Westside Shopping Center’s loss of Ray’s Food Place, vacancies have continued to decline throughout the city,” noted Bruce Kemp, CCIM, Compass Commercial partner and editor of Compass Points.
Compass Points offers comprehensive commercial real estate surveys of the Central Oregon market from the partners of Compass Commercial. Real estate professionals, investors, business and community members have relied on information published in Compass Points for the past 18 years.
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.