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Category: Retail Real Estate

Retail Real Estate

Big box retail vacancies see activity in the first half of 2017

Vacancy reached its highest point in over five years this April at 9.5 percent, but dropped to 8.6 percent due to a few large vacancies being filled. Most of these transactions involved strong regional retailers: Albertsons announced they will occupy the former Shopko space in Meridian and D&B Supply leased the former Hastings/Sports Authority at Eastgate Shopping Center. Over 55,000 square feet will be occupied by multiple retailers, including Ace Hardware, in a former KMart at Fairview & Five Mile. Other vacancies were filled by new tenants to the market, including CircusTrix and Fly High Trampoline Park.
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Retail Outlook for the Boise MSA

Online shopping will continue to have a direct impact on the use of retail real estate. Online sales for Cyber Monday set a record in 2016 as more opt to shop from home. Big box closures will continue into 2017 with Sears at the Boise Towne Square, Macy’s at Nampa Gateway Center, and Shopko at Eagle & Fairview.
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Retail Outlook for the Boise MSA

Vacancy will likely continue its rise in the second half of 2016 as more mid- and big-box stores announce plans for consolidation or closures. The sizable vacancies left behind by such closures will likely not be backfilled quickly. Many landlords will look for creative ways to reposition these spaces by demising them into smaller units or leasing them to non-standard users such as fitness facilities or flex-industrial tenants that need a showroom and warehouse. Small grocers may also look to fill some of these spaces.
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Online shopping's affect on Boise retailers

While online shopping continues to grow, it still makes up less than 10 percent of overall sales. However, technology is becoming an increasingly useful tool for retailers. Sixty percent of consumers report doing research online before making a purchase. How retailers use their space in the coming years will continue to evolve, with some retailers opting to give back space when it comes time to renew, or adding more warehouse space to their stores to accommodate online orders. Even with these changes, some industries remain “online proof,” such as restaurants, discount retailers, and fitness centers.
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What's in store for the Boise retail market?

With no large developments slated for completion in the second half of 2015, vacancy will tighten and absorption will remain positive. Retail centers with high traffic counts and good visibility will see lease rates rise. Properties with longstanding vacancies should continue to see suppressed rents.
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Thornton Oliver Keller joins the Retail Brokers Network

Thornton Oliver Keller has joined the Retail Brokers Network, a networking group made up of 65 independent offices in 48 states. Member of the Retail Brokers Network, or RBN, have completed $4.4 Billion in total leasing consideration in the past 2 years. RBN was founded in 1992 and has become one of the fastest growing commercial real estate networks, representing over 600 retail specialists in North America. Read the rest of entry »

A transformation in brick and mortar stores

Predictions of the demise of commercial real estate have existed since Ebay and Amazon pioneered e-commerce in the mid 1990s. To say that bricks and mortar stores are nearing obsolescence would be shortsighted and incorrect. Conversely, to state that today’s falling vacancy rates signify the industry’s immunity to the broad changes occurring in retailing would be equally incorrect. The reality today is a complicated and evolving story of the industry whereby competition, technology and market forces are combining to accelerate changing requirements in commercial retail real estate. Read the rest of entry »

Retail Market: A look back at 2013

Retail activity picked up significantly through 2013, with the most positive absorption occurring in the second half of the year. There was 517,000 square feet of positive net absorption for the year, slightly above the 10-year average, though down from 2012. Projected supply continues to tighten, dropping from 48 months in 2010 to 20 months at the end of 2013. Read the rest of entry »

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 »

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

Absorption was flat in the first half of 2013, but transaction volume remained healthy. Net absorption should improve in the second half of the year as construction is completed on a new Walmart on Overland near Meridian Road and at The Village at Meridian, where a movie theater and numerous restaurants will open in the coming months. Read the rest of entry »