Our first quarter market research report Compass Points has been released. As of December 6th, 2016, the City of Bend has approval to add 2,380 acres of land, increasing the Urban Growth Boundary (UGB). This will increase the ability to accommodate the growth that is happening in Bend and help with the historic low vacancy rates we are experiencing. The report shares the complexity of purposing those specific areas for the best possible growth and including all the necessary zoning.
Brokers at Compass Commercial are poised, ready, and already working with planners and developers to help facilitate the sale, development and construction of properties that will be part of the Bend landscape within the new UGB.
Bend’s citywide office market has a positive net absorption of 19,106 sq. ft. during the first quarter. The vacancy rate fell from 4.6%, in the previous quarter, to 3.7% this quarter. Currently, there is 92,062 sq. ft. available for lease, down from 114,379 sq. ft. in Q4 2016.
In addition, the retail market is at an all-time low for vacancy, since we began tracking this market in 2008, at 3.2%. “There is currently 142,868 sq. ft. available for lease city-wide. For comparison, this is about the size of an average Costco, and reveals a very healthy retail market.” said Howard Friedman, CCIM, a Compass Commercial partner who serves as editor for Compass Points. These numbers include the deletion of the former Ray’s Food Place while it’s being rebuilt, causing a 9,534 sq. ft. of negative absorption for the quarter.
The industrial market in Bend included a sample of 4.2 million sq. ft. and gained 10,145 sq. ft. of positive net absorption in Q1, resulting in a citywide industrial vacancy of 4.6%, down from 4.7% in Q4 2016. There is currently 194,440 sq. ft. of industrial space available for lease in Bend.
To view the complete report and receive the quarterly publication, sign up at https://www.compasscommercial.com/POINTS or call (541) 383-2444.