Bend is located in Central Oregon, East of the Cascades. In the 2005 Census, Bend was voted the sixth fastest growing metro area in the United States.Bend covers 32 square miles and is also surrounded by sub-areas.You can find out more about Bend by going to the City of Bend’s Website.
Bend, Oregon is a unique area to not only Oregon, but also to the United States.In Bend the Commercial Real Estate Market is just as unique. At The Wicklund Group, we specialize in Commercial Real Estate. Bend and Central Oregon is our specialty with most our Brokers being long-term residents. During this economic change that the United States is experiencing, all eyes have been on the commercial and residential Real Estate markets.In Bend, the residential real estate market and the commercial real estate market are two very separate markets.Bend’s residential market is not our area of specialization; therefore we will emphasize Bend’s commercial Real Estate market and the effects we have seen from the changes in the economy.
This morning we took some time to research the statistics that Bend commercial real estate has to offer.Bend has two major multiple listing services that commercial real estate brokers utilize. Below is a table of the statistics pulled from Bend’s Multiple Listing Services.All the statistics shown are pulled for commercial real estate, including investments, leasing, and sales.Excluding Bend Land sales & leases.
(As of November 2008)
Central Oregon Association of Realtors Loopnet – Commercial R.E.
Actively for sale:88 range from 139 range from $175,000 – $5,420,000$63,583 - $16,313,5000
Actively Pending5 Info. Not Available.
Sold Since 6/7/0810 range from Info. Not Available
$237,900 – $3,900,000
What does this mean for Bend?For a populated city like Bend with more that 75,000 people, our statistics are very good.This current market has allowed Bend to offer great deals on commercial buildings and is a great place to invest especially when the stock market is volatile!Our Commercial real estate price ranges have not plummeted like some may have expected.The prices here in Bend are holding true to today’s market.You can get great deals in Commercial real estate in Bend right now.A commercial real estate owner in Bend isn’t in too bad of shape either.In previous years, Bend’s commercial and residential real estate escalated similar to the rest of the market.I do not remember the exact specifics, but I know that Bend had a very large increase.At one point they had the highest increase in the United States.Because Bend had that increase, the decrease is not terrible.Our percentage increase was so drastic that the decrease we are now experiencing in commercial real estate is still offering equity to commercial real estate owners.
The leasing market in Bend is more challenging.Some Retail stores are downsizing.This effects the commercial leasing market in Bend.Loopnet has 303 lease listings available; this is office, retail, industrial, and others.As you drive around Bend in this economy you will see more For Lease signs, some empty buildings, and sadly enough some closing stores.As commercial real estate brokers in Bend, we are challenged to step outside our box in leasing to fill the spaces with uses that will not only benefit the land owners, but the city of Bend as well.Bend is our home town; we do not want to see empty buildings in Bend, or stores closing down.Bend is at a place of fighting to keep our economy healthy to sustain the businesses here.As for the lease rates for Tenants… those are great!Tenants are in a position right now to get good deals on a space that will fulfill their needs and then some.
That is Bend Commercial Real Estate in a nutshell.Bend is still a great place to enjoy the perks of commercial real estate, with deals for buyers, sellers, tenants, and owners.For more information regarding Bend Commercial Real Estate Please contact us!