Office Update
  • Total vacancy stayed flat at 8.8% in November. Multitenant vacancy decreased from 13.6% to 13.5%. 
  • Kount announced it will lease 40,500 SF at Tenth & Main in Downtown Boise, decreasing vacancy to 7.5%.
  • Gem State Prep School purchased 31,200 SF in South Meridian where vacancy is 12.0%.
  • Vacancy in Central Boise has reached a 10 year low of 11.2%, in part to MWI Veterinary Supplies leasing space at Airport Plaza.
  • Meridian has the lowest vacancy (4.1%) and the highest net absorption across all submarkets in 2017 (117,800 SF).

Industrial Update

  • Overall vacancy decreased from 3.6% to 3.5% in November. Multitenant vacancy increased from 8.1% to 8.8%. 
  • 27,200 SF was leased by two tenants at the Airport Distribution Center in the Airport submarket where vacancy fell to  3.9%.
  • Construction completed on the 36,000 SF Gemstone Building in South Meridian.
  • Vacancy in West Boise is currently 2.5%, the lowest point in over 15 years.
  • Pro Build leased 16,500 SF in Southwest Boise decreasing vacancy to 1.9%.

Retail Update
  • Total vacancy increased from 7.7% to 8.1% in November. Unanchored vacancy increased from 12.3% to 12.4%. 
  • The former Paul’s Market in Caldwell was leased to Bi-Mart decreasing vacancy to 4.2%.
  • The construction of two retail buildings totaling 22,000 SF were completed at Lakemoor in Eagle where vacancy is 10.6%.
  • Meridian’s vacancy fell to a 10-year low of 4.5%.
  • Vacancy in Nampa reached its highest rate in over 6 years (11.4%), in part to the recent closure of the Northern Lights Cinema at Karcher Mall.