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Compass Points Q1 2021 Market Report

In this edition, partner and broker Pat Kesgard discusses the growth of Central Oregon and the need for rerouting necessary roads. The demand for real estate, the significant increase of in-migration and the constraints of city barriers have created challenges in redirecting roadways. These challenges have prompted government entities to use Eminent Domain practices to reroute streets. Discover how this might affect your commercial property and what you can do to protect your investment.

Plus, get an inside look into the Central Oregon commercial real estate market. Our brokers survey over 850 commercial properties totaling over 13.4 million square feet in Bend and Redmond.

The Bend office vacancy rate moved from 7.41% in Q4 2020 down to 6.66% in Q1 2021. The citywide retail vacancies rose for the fifth quarter in a row from 5.81% at the end of Q4 to 5.98% at the end of Q1. Bend’s industrial vacancy rate dropped from 2.30% in Q4 to 2.27% in Q1. An impressive 52,075 SF was leased in Redmond’s industrial market in Q1 resulting in a vacancy rate drop from 4.27% to just 1.14%.

Compass Points is Central Oregon’s primary commercial real estate newsletter. Compass Commercial Real Estate Services offers comprehensive surveys of office, retail and industrial properties in Bend and Redmond, Oregon. The report provides a detailed look at quarterly vacancy and absorption data in these markets.

To view the complete report, sign up to receive our quarterly publication at or call (541) 383-2444.