Vacancy rates for commercial space in most areas of Bend fell in the second quarter, according to Compass Points, the quarterly market summary by Compass Commercial Real Estate.
Only 1.7 percent of downtown retail space that Compass surveyed was available for lease, according to the summary released Monday. Citywide, Compass found 8.58 percent of 4.5 million square feet of retail space available for lease in the second quarter.
Businesses looking for office space downtown found 6.45 percent of 490,000 square feet available, down from 11.64 percent in the first quarter. Downtown office space, the summary states, “is going to be increasingly difficult to find.”
Overall, the vacancy rate for Bend office space fell from 12.19 percent to 11.48 percent, “the ninth consecutive drop in a row and the lowest rate in six years,” the summary states.
The amount of industrial space available in Bend fell to 8.53 percent of 4.1 million square feet, according to Compass Points. In Redmond, about 6,500 square feet of industrial space became available for lease, increasing the vacancy rate to 18.3 percent in the second quarter, according to the survey.
Two large tenants, one of them online outdoor-gear retailer Altrec, vacated a total 52,000 square feet, accounting for the rise in available industrial space in Redmond last quarter, according to Compass Points.