BEND, OR — Compass Commercial Real Estate Services has released its third quarter 2013 market survey results in the current issue of Compass Points.
The survey reports a citywide office vacancy rate that started at 19.3% at the end of Q2 2013, and dropped significantly, to 17.8% at the end of Q3, representing the fifth consecutive quarterly drop in a row, and the lowest rate in five years, since the fourth quarter of 2008.
In Bend’s retail market, the citywide vacancy fell slightly to 7.7% in the third quarter, compared to 7.8% in Q2 extending the streak of 15 out of 17 quarters of vacancy declines.
The citywide industrial vacancy rate rose, although positive absorption was recorded—a result of three new industrial buildings being added to the survey, all with significant vacancies. Approximately 460,157 sq.ft. of space is now available for lease, up from 331,079 sq.ft. at the end of Q2 2013, due to 139,770 sq. ft. being added to the market.
In addition to providing a survey of Central Oregon’s commercial real estate market in Q3, Compass Points’ cover story offers a snapshot of activity on Bend’s west side, including developments with OSU Cascades expansion plan. The issue also features a ‘Nonprofit Spotlight’ sharing Anabelle Wilson’s story. Compass Commercial has partnered with Morning Star School to support Anabelle through Sparrow Clubs. As always, the issue also includes Compass Commercial news and listings.
Compass Points provides comprehensive commercial real-estate surveys and 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.
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.