Second Quarter Reports Give Some Reasons for Optimism

NAI Norris, Beggs & Simpson has released its Second Quarter 2012 quarterly reports for office, industrial, retail and multifamily commercial real estate, as well as its economic report.

Office vacancy rose slightly during Second Quarter, to 13.71 percent in central city, 22.76 percent in the suburbs, and 16.62 percent in Vancouver.

Retail vacancy rose slightly to 6.91 percent, with a significant increase in vacancy in Central City as the Yamhill Marketplace former Bally Total Fitness became available. Grocery stores, including Wal-Mart, continue to expand throughout the metro area.

Industrial vacancy fell slightly to 14.19 percent during Second Quarter, with a significant drop in vacancy in Vancouver due to Canfield Transfer’s 62,798 sf lease at Columbia Business Center, and some other sizable leases.

The multifamily market continued to improve, with vacancy down to 2.6 percent during Second Quarter and rental rates rising. Though the single-family housing market is finally seeing some sustained recovery, the apartment market will remain healthy, with strong demand for the roughly 6,000 units under construction in the metro area.

Full reports are available at http://www.nai-nbs.com/Pages/marketresearch.html.