Commercial Real Estate News: Bend-Redmond Makes Top 16 Markets

View of Old Mill District in Bend Oregon

With strong market conditions and a high quality of life, Bend, Oregon is a hot commercial real estate market in 2022.

According to NAR’s Commercial Real Estate Metro Market Conditions Index for the first quarter of 2022, Bend-Redmond is among the top 16 hottest markets for commercial real estate in the country.

“This is one of the smaller hot markets, with a population of less than 250,000. The metro area’s economic and commercial market conditions are stronger than nationally, particularly in the office, industrial, and retail property markets, garnering an index of 68 (so it outperformed the U.S. on 17 indicators).”

Commercial Real Estate Metro Market Conditions Index for the first quarter of 2022, NAR

Map of US with NAR CRE Market Contions Index noting Bend Oregon

In Bend-Redmond:
→ Overall economic conditions STRONGER than nationally.
→ Apartment property market ABOUT THE SAME than nationally.
→ Office property market STRONGER than nationally.
→ Industrial property market ABOUT THE SAME than nationally.
→ Retail property market STRONGER than nationally.
→ Hotel/lodging property market is ABOUT THE SAME than nationally.

Commercial real estate broker & CCIM agrees that Bend-Redmond is a hot market

We spoke with RE/MAX Key Properties Broker Ryan Amerongen, CCIM about his thoughts on the current commercial market and this high nod from the NAR index:

Ryan Amerongen

“It’s no surprise to see this recognition for our commercial market as the residential market in Central OR has been on the national radar for several years. Bend and Redmond continue to draw residents, businesses, and investors who are attracted to the unique outdoor lifestyle and all that it has to offer.

We have always lagged in value behind larger markets like Portland, Seattle, and San Francisco, but over the past couple of years we’ve seen those gaps in values shrink as our inventory levels haven’t been able to keep up with the demand. Similar to most other markets throughout the country, the industrial and multi family markets continue to lead the way in terms of values and investor demand.

It has also been good to see that the office and retail markets appear to be holding up better here than a lot of other markets throughout the country. Institutional investors are taking notice and are becoming more active in Central Oregon as well.”

Hotel and resort market sectors will continue to hold strong

While the hospitality market’s position seemed tenuous in the index report, Amerongen says because of Bend’s allure and positioning within the Pacific Northwest drive markets, all local indicators tell us that tourism and its associated industries will hold strong.

“Regarding the risk of fuel prices and how that’ll affect hospitality, it may be worth mentioning that we saw a good burst of tourist activity the past couple of summers during the pandemic. As people were hesitant to fly, we saw even more visitors from the Portland area, Washington and California who were within driving distance. Especially when considering long term advances with electric vehicles, we’re very confident that Bend will continue to be a popular destination for folks in surrounding areas.”

Bottom Line:
Bend-Redmond is a smart choice for commercial real estate development and investment. If you’re looking to enter this competitive market, you’ll want to connect with an expert. RE/MAX Key Properties Commercial Real Estate division is part of the world’s most productive real estate network and a leader in the commercial and investment arenas in Central Oregon. Connect with one of our expert real estate brokers today.