Commercial Real Estate in Bend
Now is the time to buy Bend Oregon Commercial real estate! It is a well know fact that the commercial real estate market lags behind the residential market. It looks like the residential market will bottom out in the winter of 2009.
Vacancy rates on commercial properties in Bend are now around the 20% mark. That includes industrial, retail and office space. More and more bank foreclosures are coming on the market making it a great time for the astute investor to pick up some real bargains. The banks need to get these properties off their books.
Vacant commercial space is still readily leasable but at considerably reduced rates as compared to the past. Now is a great time to buy some of these prime properties and rent them out to highly qualified tenants at reduced rates.
Reduced lease rates should be short term. As the economy picks up rates can be increased to show a good return. Tenants will be reluctant to leave as their business has been established in a prime location and they will not want to move.
The Old Mill District pictured above currently has a high vacancy rate for retail and office space. There are distressed properties available that would be excellent investments. Now would be a good time to pick up one of these properties. The Old Mill District along with some down town Bend properties will always be prime locations and attract top rated tenants.
Timing the market is never easy but there are some leading indicators. The residential real estate market being one of those indicators. Bend's booming economy in the late 80s until 2007 was based primarily on residential construction which boosted demand for industrial, office and retail space.
When the residential market came to a screeching halt the Commercial market is following suit. Furniture stores were one of the first retail segments hit the hardest. Numerous furniture stores along with other retailers dependent on new home construction and sales were devastated.
The next year or so should be a great time for the astute buyer to bring some cash off of the sidelines and invest in Bend Oregon Commercial real estate.
Jim and Matt have lived in Bend since 1981. This is the best buying opportunity for investment property since the early 1980s. If you would like to discuss the commercial real estate market in Bend give Jim or Matt a call today.
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If you’re thinking about buying commercial investment property in Bend you should sign up for Jim’s free New Listing Notification Service or call or e-mail today. Jim Johnson real estate in Bend Oregon since 1981.