Rates in Bend’s commercial real estate rental market continue rise as the amount of available space for lease continues to tighten. Check out the infographic below which shows a quick look at the the past year’s change in average rental rates in the office, industrial and retail product types whole comparing average rental rates between Bend, Deschutes County and the state.
In just the past three months, retail rental rates have increased by an average of 5.9%. Referring to our Q4 2015 market report, Bend’s citywide industrial vacancy rate dropped from 6.8% to 5.9% vacancy over the course of 2015. Industrial property rates reached a high of $0.65 – $0.75 per square foot on a triple net (NNN) basis between 2005 and 2006, but nosedived to $0.35 – $0.45 NNN per SF during the low point of the recession at 20% vacancy. In Bend, we’ve returned to pre-recession rates.