Bend Industrial Market Sees Improvement, Office Sector Still Lags
Compass Commercial Real Estate Services has released its fourth quarter 2012 market survey results and year-end summary in the current issue of Compass Points.
The survey reports that for the second straight year, vacancy rates decreased in the industrial, retail and office markets, indicating a slow but steady recovery from the recent recession.
“Rental rates in the retail market held steady and the industrial market actually saw a slight uptick, but unfortunately our office rates are still stuck in first gear and will likely continue in that slow mode for 2013,” said Howard Friedman, CCIM, a Compass Commercial partner who serves as editor for Compass Points.
The Bend industrial market showed annual positive absorption of 278,477 square feet in 2012. Vacancy rates for the industrial sector dropped from 16.7% at the end of 2011 to 9.6% at the end of 2012. This followed a positive year in 2011 that saw over 37,000 square feet absorbed after a two year period of negative absorption. “This year’s industrial absorption greatly surpasses the 10-year average that has typically recorded over 100,000 square feet of annual positive absorption,” noted Friedman.
The survey also notes the city of Bend’s recently announced plans for several new industrial and commercial endeavors, and that the industrial projects are expected to commence this year. Compass Commercial projects for sluggish upward regional economic growth in 2013.
In addition to providing a summary of Central Oregon’s 2012 commercial real estate market, Compass Points offers a recap of Q4 activity and predictions for 2013. Also featured is a ‘Nonprofit Spotlight’ on Central Oregon Sparrow Clubs, along with Compass Commercial news and listings. The issue includes comprehensive commercial real-state surveys, as well as analysis of the Central Oregon market from the partners of Compass Commercial. Real estate professionals, investors and business-community members have relied on information published in Compass Points for the past 17 years.