A Look Into Our Economic Future:
A Look Into Our Economic Future:In this issue’s cover article, principal broker and partner Howard Friedman, CCIM discusses the economic future and how it affects the real estate industry.
Bend’s Office Market:
Compass Commercial surveyed 208 buildings for the third quarter 2019 office report. The buildings in the sample totaled just over 2.6 million square feet. Negative net absorption of 23,431 sq. ft. was recorded during the quarter moving the vacancy rate up to 3.9% from 2.98% in Q2. There is now 102,360 sq. ft. available for lease, up from 77,257 sq. ft. in Q2.
Bend’s Retail Market:
Compass Commercial surveyed 256 retail buildings totaling 4,503,899 square feet for the third quarter of 2019. The citywide vacancy rate fell dramatically from 5.39% at the end of Q2 2019 to 3.30% at the end of Q3. This was primarily due to a significant lease signed during the quarter in the north97 submarket.
Bend and Redmond Industrial Markets:
In Bend, we surveyed 314 buildings for the third quarter 2019 industrial report, totaling 4,427,296 square feet. The industrial market gained 34,051 sq. ft. of positive absorption in Q3, and the vacancy rate fell from 2.71% in A2 to just 1.58%. There is now 70,054 sq. ft. of industrial space available in Bend, compared to 119,105 sq. ft. in Q2.
In Redmond, the market gained back some of the losses incurred in the second quarter, with 14,500 sq. ft. of positive net absorption recorded in the third quarter of 2019. The vacancy rate fell from 4.6% to 3.8%. Redmond’s industrial sector now has 1,637,179 sq. ft. of total leasable space, now including owner occupied buildings and buildings under 3,000 sq. ft.
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Compass Points® is a quarterly publication of Compass Commercial Real Estate Services offering comprehensive surveys of the Central Oregon commercial real estate market. The report provides a detailed look at quarterly vacancy and absorption data in office, retail and industrial product types throughout Bend’s primary submarkets, as well as the Redmond industrial market. Absorption data contained in the report pulls from samples of buildings over 3,000 sq. ft.