There are signs of life in the local real estate market. Darren Powderly with Compass Commercial Real Estate says retail space in the Bend area is doing especially well. “The vacancy rate for the retail sector is 8.2% and that is a healthy range. Anything between 6% to 8%.” While Bend is doing better, Redmond still has room for improvement. Redmond's industrial vacancy rate is nearly 28%. Powderly says bank owned properties continue to drag down local housing prices, but admits you can get some great deals right now.