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Category: Office Real Estate

Office Real Estate

Office Market Outlook for the Boise MSA

Recently completed projects are expected to have an impact on increasing lease rates in 2017, particularly in Downtown Boise. In order to compete with the new Class A product, some landlords are investing in renovations for their buildings. Concessions in the form of free rent will continue to decline with the rising cost of tenant improvements. Read the rest of entry »

What will 2016 bring for the Boise office market?

Vacancy should continue to decline for the first half of 2016, as demand for office space remains high. The second half of the year will hold more change as the 206,000 square foot City Center Plaza and 364,000 square foot Simplot Headquarters are completed in downtown Boise.
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What's in store for the Boise office market?

Downtown is bracing for the delivery of the 206,000 square foot City Center Plaza, slated to arrive in 2016. The nine-story office tower has been pre-leased with most space to be occupied by Clearwater Analytics and Boise State University. Although City Center Plaza will be nearly 100 percent occupied at delivery, there will likely be ripple effects due to other spaces being vacated by these tenants. Another downtown project slated for completion in 2016 is the Simplot headquarters located at 9th & Front Streets. Simplot will vacate over 100,000 square feet in One Capital Center and will consolidate some operations throughout the valley.
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Office Market: A look back at 2013

Although office net absorption was the lowest it has been since 2010, transaction volume was up 25 percent from 2012. Most activity was the result of tenants moving within the market, with limited expansion and growth from companies outside Boise. While there was 442,000 square feet of positive net absorption for the year, much of this stemmed from a single 168,000 square foot lease in West Boise.

Projected office supply is over two years, higher than both the retail and industrial sectors. However, certain pockets of the market have tightened. Supply is limited for Class A space in Eagle and in business parks at Eagle & Overland. Conversely, large spaces that were difficult to find a year ago have seen a significant increase in supply, primarily in Downtown, Southeast Boise, and Meridian.

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Canyon County: A look back at the first half of 2013

Overall office vacancy in Canyon County has increased from 13.4 percent to 13.8 percent midway through 2013. However, multitenant vacancy improved from 22.1 percent to 21.3 percent. There is limited Class A space in Canyon County with vacancy in these buildings at just 4 percent. Read the rest of entry »

Office Market: A look back at the first half of 2013

Transaction volume for the first half of 2013 is up 25 percent and the second quarter delivered the most net absorption since early 2007. As a result, total vacancy improved to 11.6 percent, its lowest point since mid-2008. Even with the increase in transaction volume, nearly half of all submarkets are seeing negative absorption midway through the year. Read the rest of entry »

Retail is leading the way in commercial market

The commercial real estate market continues to improve each month, and retail is leading the way. We have seen nine consecutive quarters of vacancy decline. Retail vacancy is currently 8.4 percent, the lowest since 2007. Unanchored vacancy has declined even more sharply, from more than 25 percent in 2009 to 17.9 percent today. Retail absorption is 682,000 square feet year-to-date, and is projected to end the year at the highest level since 2007. Read the rest of entry »

Commercial Real Estate Review for July

Total office vacancy declined for a fourth consecutive month from 13.3% to 13.1%. Multi-tenant vacancy has declined for seven straight months to 17.9%. Read the rest of entry »

Commercial Real Estate Review for May

Total office vacancy has continued to decline for the past five quarters and ended April at 13.5%. Read the rest of entry »

Boise's Class A Office Market Tightens

This week an article about the Class A office market in Boise was published by Brad Carlson of the Idaho Business Review sourcing information from Thornton Oliver Keller. Vacancy in Class A office space is currently 11.8%, down over 100 basis points from December 2011 and nearly 200 points year over year. Vacancy for Class A space in Downtown Boise is even more scarce at only 5.7%. Read the rest of entry »