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Category: Boise Commercial Real Estate News

Boise Commercial Real Estate News

Boise investment volume near record high

Transaction volume is off to a strong start in 2017, already approaching 2016’s total. The number of investment sales is up nearly 50 percent from this time last year. A contributing factor to this boost in sales has been an increase in 1031 buyers. They are accounting for a greater portion of transactions and are highly motivated to close on new acquisitions to avoid paying capital gains tax.
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Is land banking back in vogue?

The Ten Mile interchange is likely to see some development in 2016 with a few users looking to build north of the freeway. Investors who are being pushed out of the highly competitive investment market may look to areas such as Ten Mile to purchase land and hold for a few years. Raw land is again being viewed as a safe place to park investment capital for those who do not need an income stream or liquidity. Some land south of Meridian has recently been purchased by an investor looking to land bank.
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What's in store for the Boise investment market?

With the commercial market hovering at pre-recession vacancies and lease rates on the rise, 2016 should see another strong year of investment activity. Stable single-tenant NNN properties leased at market rates will continue to be in high demand, especially with buyers looking for hands-off investments to place in their portfolios. Quality supply will remain scarce, leading to fierce competition for this product. Shortened due diligence periods and quick closings will remain commonplace next year, especially for 1031 buyers.

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Lease rates are up across all sectors in Q4

Asking lease rates for office, industrial and retail are up across the board in the fourth quarter of 2015. Office rates saw the largest quarter over quarter increase, up an average of $.30/SF (annual Full Service) over the past 90 days. Industrial rates have risen $.03/SF to $.48/SF (monthly NNN) and retail rates averaged across the market are up $.15/SF to $14.00/SF (annual NNN). Read the rest of entry »

Multifamily sales lead investment market in Boise

Over the past 12 months, multifamily sales have accounted for 36% of all investment deals. There has been over $80M in apartment transactions over the past year, representing the sale of over 1,100 units in the Boise MSA. Cap rates for multifamily product in Boise have declined in 2015 and are currently 6.1%. Read the rest of entry »

Land activity expected to pick up, especially in North Meridian

After a slow start to 2015, commercial land activity will pick up in the second half of the year as deals currently under contract will soon close. Tenant demand for new speculative construction will be the primary driving force of future land sales. In North Meridian, both commercial and residential land sales will gain momentum as more businesses look to establish a presence amidst ever-expanding residential growth. Nearby areas such as Eagle and South Meridian will likely see some carryover of sales due to their close proximity.
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Boise's Investment Market Outlook

Opportunities are likely to pick up in the coming years as CMBS loans signed during the boom reach maturity. Many owners will see an improved market and opt to sell instead of refinancing. With rents increasing, many properties are positioned to capture desirable returns and value-add properties will be increasingly hard to find.
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Did College of Western Idaho overpay for the West End property?

Last month, the College of Western Idaho entered into a purchase agreement for 10 acres at the corner of Whitewater Park Boulevard and Main Street in Boise's West End. The question on everyone's minds now is did they overpay for the site? The dilemma comes from the vast difference between the property's assessed value of $3.6 million and the purchase price of $8.8 million. The college has been criticized for not ordering a property appraisal prior to entering into the purchase and sale agreement. Read the rest of entry »

TOK to present at BOMA & IREM

With the new year, comes a new economic outlook season for commercial real estate. The BOMA Symposium kicks things off February 10th at the Stueckle Sky Center located at Boise State University. Peter Oliver, an investment specialist at Thornton Oliver Keller, will be giving the investment market update at the BOMA breakfast. He will look back at 2014 and give his thoughts on what 2015 has in store. Read the rest of entry »

Investment Market: A look back at 2013

Demand for quality investments picked up significantly in 2013, leading to transaction volume that was over double the total for 2012 and the highest it has been since 2007. Buyer and seller expectations are more closely aligned and properties that are priced fairly often receive multiple offers. Sellers are rarely considering low-bid offers as the market improves.

There is no shortage of qualified buyers in the marketplace and they are a healthy mix of local buyers and investors from outside Idaho.  However, limited supply of quality properties available for sale continues to challenge investors.
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