BEND, OR — Compass Commercial Real Estate Services has released its 2013 market summary and fourth quarter survey results in the current issue of Compass Points.
The survey reports an increase in the citywide industrial vacancy rate with 2012’s year-end 9.6% vacancy rising to 12.25% by the end of 2013. The survey notes that results were impacted by the addition of the 125,000 square foot Fuqua Building to the market, which represents over 24% of the total citywide vacant square footage.
In Bend’s retail market, the citywide vacancy rose to 8.6% in the fourth quarter, compared to 7.7% in Q3, putting an end to a streak of vacancy declines. This statistic was also skewed by the 62,000 sq. ft. Sears store closing in the last quarter. Four of the seven retail market areas surveyed experienced positive absorption over the quarter, two lost ground and one remained unchanged. Citywide, twelve retail leases were signed and eleven buildings lost tenants out of the 255 buildings surveyed.
Bend’s citywide office market witnessed a sixth consecutive quarterly drop starting at 17.8% in Q3 and dropping to 16% by the end of Q4 — the lowest rate since Q2 2008
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 17 years.
In addition to providing a survey of Central Oregon’s Q4 commercial real estate market, Compass Points’ cover story offers a summary of activity throughout 2013 and presents predictions for 2014. The issue also features a nonprofit spotlight on Mosaic Medical, Compass Commercial news, commentary and listings.
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.