The year is coming to a close, and we’re reflecting on 2022 with gratitude and expectancy for the new year. 

2022 was a fascinating year and held a lot of surprises and unexpected turns for Central Oregon businesses and the national commercial real estate market.

In Central Oregon, commercial growth started strong, with residual gain from the economy's rebound and the commercial real estate boom of 2021. But as interest rates began to rise significantly in March, continuing throughout the spring and summer, and staying high through the fall (according to RateInflation.com), investors, consumers, and businesses reacted, and the market slowed. 

According to the National Association of Realtors, the silver lining of elevated inflation and slowdown in the commercial real estate market is that multifamily and industrial sector properties have been leading sectors in 2022 throughout the turmoil caused by political variables and high inflation. 

So with consumer confidence at a ten-year low and vacancies high, how should investors, business owners, and commercial real estate agencies react and plan for the year ahead?

Well, here at Northwest Key, we believe that the state of the market, locally and nationally, is always an important factor. Still, we also know that pivoting, retooling, and patience is part of thriving in the commercial real estate and property management industry.

Our property management renewals have shown the staying power of a good team that works hard to make sure our tenant and client needs are met in every aspect. More than 91% of our tenants chose to renew their lease and stay at their current location.  Less turnover means a higher return. 

Our team is stronger than ever, and we’re proud to be known as the only female owned and run commercial firm in Central Oregon. Here are some of our notable moments and wins from 2022.

Honors & Notable Moments

New Broker! Mollie Boyd gained her real estate license in May of 2022 and officially became one of our team brokers. Congratulations to Mollie!

1st Broker Deal - Mollie also closed her first brokerage deal, representing LinkUs when they moved into their space at 2505 SW 1st Street, Redmond, OR 97756.

Supporting Women-Owned Businesses - Amy Cecil and Dinah Green took the women-owned market by storm, finding space for multiple women-owned companies, including Juniper Dermatology, Lush Salon Bend, Barre3 Bend, Indigo Brides, Cascade Credit Consulting, and Brown Bag Popcorn.

We also celebrated some wonderful moments in our personal lives:

The Wedding of Bailey Cecil and Cade Arbogast! Amy Cecil, owner and principal broker welcomed a new member to the family and celebrated the marriage of her daughter Bailey, a former broker at Northwest Key.

A New Baby Green! Dinah Green, broker, and property manager at Northwest Key, welcomed her third child, Gideon Jacob Green, on March 13, 2022. Congratulations to Jacob and Dinah Green!

Bruno’s 6th Street Market

Amy Cecil helped her brother, Trevor Kalberg, and his business partner, Eric Wellman, lease a new location to open Bruno’s 6th Street Market on Bend’s Eastside on January 1, 2023. Trevor also owns Sidelines Sports Bar in Downtown Bend. Bruno’s 6th Street Market will offer hot deli items, beer, wine, and traditional market selections. 

Upcoming Projects 

Badger Industrial Park

Coming in quarter one of 2023, the Badger Industrial Park, owned by Francis Senger, will offer six small industrial units near the Redmond, Oregon, airport. The units are available to lease now! The park provides easy access to Highway 97 for commuting to Bend or Prineville. Secure your suite while they are still available. Contact Dinah Green at dinah@nwkeypm.com for more information.

Franklin Crossing

Currently, at our Franking Crossing Building in Downtown Bend, we have 17,000 square feet under construction and will be opening up new, fully reimagined, and renovated spaces for lease in late Spring 2023.

Commercial Real Estate Trends

In 2023, look for the following commercial real estate predictions and trends to play out in local Central Oregon, as well as the national commercial real estate market.

Reimaging Office Space is Critical - According to the Commercial Observer, getting creative and retooling office space for our clients and for your buildings will be the secret sauce of 2023. Needs, wants, and values of commercial real estate may continue to fluctuate, so get innovative! 

Return to Office is Happening - Businesses have tried it, and they want their workers back in the office. Northspyre Software predicts that this will bode well for corporate space needs and is a trend to watch for in the new year.

Supply Chains will Adapt - If there’s something to look forward to, it’s this. According to Broadmark Realty Capital, according to a recent survey of their customers, they’re confident that supply chains will adapt and improve in 2023, which is promising for construction costs and general market confidence. 

You can count on us to keep an eye on these emerging markets and trends. Our team at Northwest Key is committed to bringing you the best commercial real estate and property management services in Central Oregon. 

Interested in learning more about our services and team? Let’s chat!