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Tag : vacancy rates

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Central Oregon Multifamily News

Plan in Advance for Selling

by Compass Commercialon 6 March 2019in Central Oregon Multifamily News

The following content is taken directly from the Central Oregon Multifamily News, Winter 2019 issue.

Topping the headlines in Central Oregon multifamily news is statewide rent control, and it does appear this measure will be passed. As usual, small businesses, like most Central Oregon rental property owners, must find a way to operate in the face of government headwinds. It seems like a better legislative approach would be to find ways to increase the supply of rental housing by encouraging and incentivizing housing providers, not targeting and obstructing them.

The good news is that the market continues to do well, driven by strong in-migration. A significant amount of new supply coming online in recent years has caused vacancy rates to inch up and rent increases to slow dramatically. Both are healthy developments as the free market continues to be most effective for regulating supply and demand and ultimately rental rates.

 

 

THINKING OF SELLING?
We strongly recommend proactively preparing your property in advance of going on the market. Surprises kill deals! They also reduce net sales proceeds and cause unnecessary pressure and stress.

Prior to putting your property on the market:

  1. Tour all units. You could be very surprised at what some of your tenants may be up to. There is an old adage that applies here “you get what you inspect, not what you expect.”
  2. Have your trusted contractor go through the units with you including the attic and crawlspace. Take care of deferred maintenance. Doing this proactively on your own timeline is cost effective, as opposed to operating under the pressure of deal timelines, appraisers, inspectors, and lenders.

This should not only apply when getting a property ready to sell but should also be considered on at least an annual basis. If you want to really get a gold star when putting your property on the market, consider having a complete building inspection done prior to hitting the market.

The Central Oregon Multifamily News is published quarterly by brokers Ron Ross, CCIM and Terry O’Neil, CCIM.

To receive the email or mailer, contact Ron at 541-322-1230 | rross@compasscommercial.com or Terry 541-848-4060 | toneil@compasscommercial.com.

To find out about new multifamily listings, sign up for new listing alerts by going to: compasscommercial.com/mfnews.

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KBND Morning News Interviews

KBND: Multifamily Developments & Vacancies

by Compass Commercialon 7 January 2019in KBND Interviews

Principal broker and partner, Pat Kesgard, CCIM invited guest Jeannette Lockwood of Plus Property Management to speak with Heather Roberts, co-host for this installment of the KBND Morning News guest interview. It’s no secret Central Oregon has a shortage in multifamily housing. There have been improvements in housing vacancy rates and there are plans for more building of single family and multifamily to help the housing crunch. Is it enough?

Listen to the full interview at the link below.

LISTEN NOW

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Central Oregon Multifamily News

Multifamily News: Vacancy Rate Stabilizes

by Compass Commercialon 23 October 2018in Central Oregon Multifamily News

The following content is taken directly from the Central Oregon Multifamily News, Fall 2018 issue.

New apartment construction is making headway in the region-wide housing shortage and affordability problems.

The market is healthy and working.

There is more housing availability, and rent growth has slowed dramatically from the recent years of double digit increases.
New apartment construction in Bend has been modest but steady. Some West Coast markets, have seen an oversupply of new construction, driving up vacancies with long periods of lease up times for new buildings. Rent growth has declined in a few markets. So far, Bend has not experienced that, as new construction has been somewhat restrained by high costs, shortage of land, and regulatory burdens and costs.

Sales activity is modest. Buyer demand remains strong but is tempered by higher
interest rates and price resistance. Many owners are still reluctant to sell, largely due to tax considerations.

It is still a great seller’s market. We are always happy to provide free Broker Opinion of Values for your multifamily properties. We are well-versed in 1031 exchanging and can answer many of your questions regarding the 1031 exchange. We also provide consulting on preparing properties for sale. Ideally, this process should begin well before actually putting a property on the market.
Contact us early if you are thinking of selling!

The Central Oregon Multifamily News is published quarterly by brokers Ron Ross, CCIM and Terry O’Neil, CCIM.

To receive the email or mailer, contact Ron at 541-322-1230 | rross@compasscommercial.com or Terry 541-848-4060 | toneil@compasscommercial.com.

To find out about new multifamily listings, sign up for new listing alerts by going to: compasscommercial.com/mfnews.

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KBND Morning News Interviews

KBND: Commercial Vacancy Rates, New Development

by Compass Commercialon 14 August 2018in KBND Interviews

President, principal broker and partner, Pat Kesgard, CCIM spoke with Heather Roberts, co-host for KBND Morning News Interview about what’s happening on in Central Oregon, touching on topics such as:

  • East side development, services near St. Charles Hospital
  • Juniper Ridge development
  • Hotel development in Bend and Redmond
  • Vacancy rates have gone lower

Listen to the full interview at the link below.

LISTEN NOW

Read more about vacancy rates in Central Oregon.

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Q2 2016 Market Report

Q2 2016 Market Survey Results

by Compass Commercialon 25 July 2016in Compass Points Market Report

Healthy vacancy rates continue, despite slight uptick in office and industrial vacancies

Compass Commercial Real Estate Services has released its second-quarter 2016 market survey results in the most recent issue of Compass Points.

“The commercial real estate market experienced a few minor hiccups in the second quarter, due to a few new larger vacancies in the industrial and office buildings contained within our survey, but the rates are still healthy, especially compared to what we faced in 2011 and 2012,” said Howard Friedman, CCIM, a Compass Commercial partner who serves as editor for Compass Points.

Bend’s citywide office market showed positive net absorption of 8,766 sq. ft. during the quarter. However, despite the positive absorption, the citywide office vacancy rate increased slightly, due to the addition of a new office building to the survey at 1015 Emkay Drive. The rate rose from 6.26% to 6.4% as a result. There is now just less than 160,000 sq. ft. available for lease, up from 155,000 sq. ft. in Q1. This is still considered a healthy rate and certainly a welcome number, remembering the second quarter of 2012 when the vacancy was at 21.9%.

Bend’s industrial vacancy rate increased from 3.4% last quarter, up to 6.7% in Q2, in part due to Advanced Energy vacating its 83,000 sq. ft. facility on Brinson Boulevard resulting in the current 281,844 sq. ft. of industrial property available for lease, compared to the first quarter report of 141,390 available sq. ft.  This is still down from the peak of 794,000 sq. ft. reported in the third quarter of 2010, when the vacancy rate was 20.0%, so just a blip on the radar screen.

Retail vacancy in Bend dropped from a rate of 4.7% at the end of Q1 to 4.5% at the end of Q2. Four out of the seven Bend retail submarkets surveyed recorded positive net absorption, and three were negative.

Redmond’s industrial market vacancy dropped to 4.6% from the previous quarter’s reported rate of 4.8% — a drastic improvement from 2011’s report of 29.9% vacancy in that market.

Compass Points, a quarterly publication of Compass Commercial Real Estate Services offers comprehensive commercial real estate surveys of the Central Oregon 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.

To view the complete report and receive the quarterly publication, sign up at www.compasscommercial.com/SUBSCRIBE  or call (541) 383-2444.

About Compass Commercial Real Estate Services

With integrated services in brokerage sales, leasing, asset and property management and construction services, Compass Commercial helps buyers, sellers, landlords and tenants achieve their unique commercial real estate goals. Today, the company celebrates 20 years of serving clients in Central Oregon, continuing a tradition of excellent client service and superior market intelligence. The team’s collective industry expertise includes Central Oregon’s only two Society of Industrial and Office Realtors (SIOR®) designees, 11 Certified Commercial Investment Members (CCIM), 3 Certified Property Manager (CPM®) designees and the distinguished Accredited Management Organization (AMO®) designation from the Institute of Real Estate Management. Learn more at www.compasscommercial.com. Follow us on Twitter @CompassCom.

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Co-founder Erich Schultz, SIOR, principal broker at Compass Commercial Real Estate in Bend, OR

Listen: Vacancy rates are at prerecession lows

by Compass Commercialon 1 May 2015in KBND Interviews

Erich Schultz, SIOR provides an update on commercial (retail, office, industrial) vacancy rates and what’s happening in Bend’s commercial real estate market. Vacancy rates are at a prerecession low and demand is at a high. Listen to the discussion on KBND here.

LISTEN NOW

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Compass Commercial Releases Q3 2013 Market Survey

by Compass Commercialon 22 October 2013in Compass Points Market Report, Market Research

compass_points_q3_2013_med_coverBEND, 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.

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…

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