Office Update
  • Total vacancy decreased from 9.6% to 9.5% in May. Multitenant vacancy decreased from 14.8% to 14.0%. 
  • Construction completed on TSheets new 65,100 SF building in Eagle where vacancy is 6.3%.
  • Overall vacancy is at 9.5%, the lowest it has been in over 10 years.
  • Vacancy in Downtown decreased to 8.0%, largely due to Cradlepoint expanding into 60,000 SF at the Boise Plaza Building.
  • A new 16,000 SF St. Alphonsus medical office building was completed in the Idaho Center submarket where vacancy is 14.9%.

Industrial Update

  • Overall vacancy remained flat at 3.5% in May. Multitenant vacancy increased from 7.9% to 8.0%. 
  • Vacancy in Caldwell fell to just below 4.0% partly due to Quality Machine occupying a new 30,000 SF building.
  • 22,800 SF was leased to Premier Product Management. Net absorption in the Airport submarket is nearly 117,000 SF year to date.
  • Independence Indoor Shooting Range opened in South Meridian where vacancy is now 13.2%.
  • Vacancy in Southwest Boise fell to 3.0%, the lowest seen in the submarket in 10 years.

Retail Update
  • Total vacancy remained flat at 9.5% in May. Unanchored vacancy decreased from 12.4% to 12.2%. 
  • Vitamin Shoppe and Aspen Dental opened in a new 11,500 SF retail center near the Karcher interchange in Nampa.
  • Vacancy in the Central submarket hit 9.4%, the highest point since Fall 2014.
  • The West Boise submarket has the highest net absorption at over 39,000 SF.
  • Vacancy in Downtown is at its highest point of the year, 7.9%.