REDMOND, OR -- Economists are looking at what’s ahead for Central Oregon’s commercial real estate market. It’s a mixed bag.

Windemere Central Oregon broker Bruce Barrett says an expert at a recent EDCO meeting predicted a mild lag, “This is debatable. I’ve seen economist say there won’t be. But he says factors causing this slowdown include Fed interest rate increases, the war in Europe, supply chain issues lingering after the pandemic,” Barrett adds the analyst says it should only be a short-term decline and the US will recover by 2025, with growth through 2029.

Central Oregon is a top growing region in the state, according to recent census estimates with 3 of the 4 fastest growing counties. “The Milken Institute’s Best Performing Cities for 2023 Report shows that Redmond / Bend is in the top 5 small cities for economic growth and access to opportunity.” Barrett says it's a ‘hotbed’ for small business start-ups, although challenges remain for those opening new businesses, “Factors they have to deal with is the lack of housing for bringing in employees to the county. But development has been robust in Bend. Developers are scheduled to deliver over 600 units this year and over 2,000 units by 2025.”

The vacancy rate for Industrial space in Bend is at 0.8%. Redmond has less than 3% available industrial space, but more property is coming online this year and through 2025.