Bend currently has 2.3 million square feet of business space that commercial realtors constantly monitor. One gauge of economic health of the community is the occupancy rate of these business buildings.
Darren Powderly with Compass Commercial Real Estate says while the residential market has seen a great "uptick" recently, the retail market is just "bumping along." "We are seeing slight increases. I will tell you that from my personal experiences, our phones are ringing, and we are doing more deals. Those deals are significantly more noticeable than last year. And if you look at the facts, the numbers of deals that we're doing, we're seeing an uptick in office leasing market than last year." Powderly says the rental rates are still very low and this is still an excellent time to get into a building if you're thinking of starting or moving your business.
He says the Bend office market is still pretty hard hit, and there is about a 22% vacancy in office space, but the retail market only has about 4 percent.