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Commercial Real Estate Update for January

Office Update
  • Total vacancy decreased from 10.2% to 9.8% in December. Multitenant vacancy decreased from 15.0% to 14.6%.
  • In the Central Boise submarket vacancy declined for the fifth straight month, ending the year at 13.7%.
  • In North Boise, WestVet moved into their newly constructed building, vacating 11,000 SF nearby, causing vacancy to increase to 17.6%.
  • Vacancy reached its lowest point in over ten years in West Boise (11.4%) due in part to NewsletterPro purchasing 25,100 SF on Emerald.
  • Nampa vacancy (10.4%) decreased for the third consecutive month.
  • Vacancy in Caldwell decreased to 8.7%, reaching its lowest point since February 2010.

Industrial Update

  • Overall vacancy increased slightly from 4.4% to 4.5% in December. Multitenant remained flat at 9.8%.
  • Gayle Manufacturing completed construction on a 166,200 SF building in Caldwell where vacancy declined to 5.2%.
  • Construction was completed on a 10,700 SF multi-tenant building along Highway 26 in Caldwell.
  • Vacancy in Central Boise (3.7%) decreased for the fourth consecutive month, reaching its lowest point in over ten years.
  • Bastian Solutions leased 8,100 SF at Victory Business Park in Southwest Boise decreasing vacancy to 4.8%.
  • A new 5,000 SF auto body shop was constructed in Nampa (4.4%).

Retail Update
  • Total vacancy decreased slightly from 8.6% to 8.5% in December. Unanchored vacancy decreased from 11.3% to 10.8%.
  • Re-Style Thrift store relocated to 625 Vista in Central Boise where vacancy is 8.2%.
  • Construction completed on a 4,800 SF spec retail strip center on Broadway in Southeast Boise (8.3%).
  • In Eagle, vacancy (7.8%) declined for the fifth consecutive month.
  • Dart Warz moved to a 13,100 SF space at Oakbrook Plaza in Meridian decreasing vacancy to 6.2%.
  • Vacancy in Nampa reached 10.0%, its highest point since October 2011.

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