Tenants vacated more office and retail space in Bend than they rented overall during the second quarter, ending a monthslong trend in which brokers leased property faster than it became available, according to a survey by Compass Commercial Real Estate Services.
The vacancy rate for office space, for example, declined steadily for three years, or 12 straight quarters, according to the survey, called Compass Points. But in the second quarter, Bend office vacancies rose to 9.2 percent from 8.9 percent the previous quarter. About 6,600 more square feet of office became available than brokers leased during the period, according to data from the survey released in July.
However, that interruption in an otherwise steady decline in vacancy rates does not indicate a coming drop in lease rates or a slump in businesses’ interest in commercial real estate, the firm concludes in its quarterly market summary…
