Third quarter reports will start to roll out at a number of Clark County commercial real estate offices next week, and early indications are that those reports show little movement.
The vacancy rate at industrial and business parks in Vancouver sits at 14.16 percent, according to the latest figures from NAI Norris, Beggs & Simpson. That’s up slightly from the previous quarter, but down nearly two-thirds of a percent from the first quarter of 2011.
“The numbers are bouncing around,” said NAI Executive Vice President Roger Qualman.
Similarly, the latest report from Eric Fuller & Associates shows minimal movement in Clark County’s Class A and B office space vacancy rate, which sits just under 19 percent.
“The newest bout of uncertainty in the greater economy seems to continue to put potential buyers on the sidelines and scare new businesses from moving forward,” said Eric Fuller & Associates’ Adam D. Roselli in his most recent Clark County Office Report.
“We anticipate more ups and downs in our marketplace mirroring what we are seeing in the economy as a whole,” he added.
With much of the national press painting a bleak picture of things to come, Qualman said he’s hopeful that the Clark County Economic Development Plan might help reverse that, at least locally.
“We have the distinct possibility of just talking ourselves into a recession and it’s unfortunate,” said Qualman. “It’s important to create the kind of environment here that is positive for growth and inviting to new companies and I think the city of Vancouver and Clark County have done about as much as they can.
“It’s easier to go someplace when you know where you’re going, and clearly that’s what the development plan is intended to do,” he added. “But even better than that, there are things for specific organizations to do within that plan and that’s very positive.”
Qualman said he believes Vancouver is in good shape compared to much of the rest of the country, with several sizable employers having recently announced they are coming to town. However, he said, it will take a while for that to be reflected in employment and commercial vacancy rates.
“In order for the office numbers to get better you have to have job growth,” he said. “Without that, it simply isn’t going to happen.”
