Compass Commercial President, Pat Kesgard, CCIM talked to KBND’s Heather Roberts on Monday about the data presented in our Q2 survey of the Bend and Redmond commercial real estate market.
The Old Mill Marketplace, home to the Bend Tour Co., WebCyclery, the Atlas Cider Co. tasting room and other businesses, will now be known as the Box Factory, according to Jeremy McPherson, development manager for Killian Pacific, a commercial real estate firm based in Vancouver, Washington.
McPherson said the building at the center, which was purchased and redeveloped by Killian Pacific in 2013, is the last remaining box factory building in Bend. Built in 1916, the Brooks-Scanlon box factory made wooden boxes for fruit, milk, soap, cereal and other goods, according to a news release from Killian Pacific.
The new name is designed to celebrate the building’s centennial, which will be celebrated in June. McPherson added that the new name would help distinguish it from the nearby Old Mill District.
He said the commercial center will receive new signs within the next 45 days.
The development, at 550 SW Industrial Way in Bend, is currently home to 30 businesses. Two more, Immersion Brewing and The Brown Owl restaurant are expected to open by the end of May, McPherson said.
—By Stephen Hamway
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.