Drop the Rents, Already
By Mike BookeyTake a look at the rates these people are still shooting for in the offices and stores, especially in the downtown area of Bend. If your property is not in the top couple percent of desirability you need to drop your initial asking prices dramatically. The proliferation of 'For Lease' signs is exploding and for good reason.
(Property owners) are not accepting the realities of what has happened and where we are heading. I have sympathy for the pain felt in having to accept this, but if you do not get with the program it is just going to get worse (actually, it already is). Remember, we had the dubious distinction of making Money Magazine's 'Most Overpriced Real Estate' in the ENTIRE COUNTRY back in June 2007. Let's not go from this to Tumbleweed, Oregon.
I am not saying we are the only town guilty of this, but that has little bearing on our reality. Geographically we are in a precarious position relative to the I-5 corridor cities of Oregon. So why not drop your rents until the vacancy is filled? If it does not rent next month, drop it again, and again. Talk to your current tenants and change their lease terms until they are sustainable. The last thing we need is for people to see vacancy after vacancy, especially when it is not necessary.
Think I don't know what I am talking about? Well, there is one popular core downtown building that went from about 10 vacancies to close to half that in a couple weeks. How? They cut their monthly rates by 50% in one fell swoop. I just may go ahead and take them up on that.
Editor's note: Global Insight actually named Bend the most overpriced housing market in June 2007. Money Magazine named Bend the fifth most overpriced real estate market in June 2006.
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