Office Update
  • Total vacancy stayed flat at 8.8% in December. Multitenant vacancy decreased from 13.6% to 13.5%. 
  • Vacasa leased 33,700 SF at One Capital Center in Downtown Boise decreasing vacancy to 7.0%.
  • Construction completed on a 30,500 SF building on State Avenue in Meridian which led all submarkets in net absorption for 2017.
  • Vacancy in the Boise MSA fell to 8.8%, the lowest point recorded in over 15 years.
  • A 15,000 SF building was constructed in Eagle where vacancy is 5.0%.

Industrial Update

  • Overall vacancy decreased from 3.6% to 3.5% in December. Multitenant vacancy increased from 8.1% to 8.8%. 
  • 26,000 SF was leased to Advanced Hardware Supply in West Boise where vacancy is only 2.5%.
  • Overall vacancy (3.5%) fell for the fourth consecutive month approaching the all time low that was recorded in May earlier this year.
  • In 2017, nearly 45% (321,000 SF) of new industrial construction occurred in Canyon County.
  • Construction completed on Jump Time's new 28,500 SF building in Meridian where vacancy is 0.9%.

Retail Update
  • Total vacancy increased from 7.7% to 8.3% in December. Unanchored vacancy increased from 12.3% to 12.4%. 
  • Rosauers closed its 59,100 SF location in Meridian increasing vacancy to 6.3% in the submarket.
  • Vacancy in West Boise decreased for the third consecutive month reaching 7.0%, the lowest point since August 2016.
  • Nampa vacancy rates increased to 12.1% in 2017, the highest they have been in over six years.
  • Vacancy in Eagle ended 2017 at 11.0%, its highest point since 2015.