Commercial Real Estate Update for February
- Total vacancy increased slightly from 9.8% to 9.9% in January. Multitenant vacancy remained flat at 14.6%.
- The Eagle submarket reached its lowest vacancy (5.0%) since 2007 where 13,400 SF was leased at the Cobblestone Building.
- Vacancy in Nampa (9.9%) decreased for the fourth consecutive month, the lowest it has been since December 2015.
- FirePoint leased 8,800 SF at Pinnacle Square in West Boise (11.5%).
- A tenant vacated 11,200 SF at Ashland Business Park in North Boise where vacancy reached its highest point (18.0%) since May 2012.
- Construction completed on a 5,300 SF office building at Union Square in Southwest Boise (9.6%).
- Overall vacancy decreased from 4.5% to 4.3% in January. Multitenant decreased from 9.8% to 9.6%.
- New construction completed on a 53,000 SF industrial building near Franklin & Linder in Meridian increasing vacancy to 3.4%.
- Idaho Furniture Partners leased 36,200 SF in the Airport Submarket (5.6%).
- 37,300 SF was leased at 2000 Yamhill and three owner-occupied buildings completed construction in Southeast Boise, totaling 65,600 SF, dropping vacancy to an all-time low of 1.1%.
- 14,100 SF was vacated by two tenants in the Caldwell Boulevard submarket increasing vacancy to 3.4%.
- Vacancy in Caldwell (5.2%) decreased for the fourth consecutive month, its lowest point in over 10 years.
- Total vacancy decreased from 8.5% to 8.3% in January. Unanchored vacancy increased from 10.8% to 11.1%.
- CircusTrix leased 35,600 at the Nampa Gateway Center decreasing vacancy to 18.8%, the Idaho Center submarket’s lowest rate since July 2014.
- Construction completed on an 8,500 SF building at the Ten Mile Promenade in Meridian (6.2%).
- 5,500 SF was vacated on Winding Creek in Eagle pushing vacancy to 8.0%.
- North Boise’s vacancy rate decreased for the third consecutive month (9.2%).
- Vacancy in Southeast Boise increased to 8.3%, the highest seen in the submarket since May 2015.
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