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Land market outlook for the Boise MSA

Canyon County will continue to see an uptick in sales and development for both commercial and residential land. Large industrial properties have become scarce in Ada County, and many large industrial users, such as Fresca Foods and Capitol Distributing, are moving to Caldwell to expand. Sky Ranch Business Park in Caldwell is an area that has benefited from a lack of product in Ada County.
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Boise investment volume near record high

Transaction volume is off to a strong start in 2017, already approaching 2016’s total. The number of investment sales is up nearly 50 percent from this time last year. A contributing factor to this boost in sales has been an increase in 1031 buyers. They are accounting for a greater portion of transactions and are highly motivated to close on new acquisitions to avoid paying capital gains tax.
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Big box retail vacancies see activity in the first half of 2017

Vacancy reached its highest point in over five years this April at 9.5 percent, but dropped to 8.6 percent due to a few large vacancies being filled. Most of these transactions involved strong regional retailers: Albertsons announced they will occupy the former Shopko space in Meridian and D&B Supply leased the former Hastings/Sports Authority at Eastgate Shopping Center. Over 55,000 square feet will be occupied by multiple retailers, including Ace Hardware, in a former KMart at Fairview & Five Mile. Other vacancies were filled by new tenants to the market, including CircusTrix and Fly High Trampoline Park.
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Industrial lease rates expected to rise in Boise MSA

Lease rates must continue their steady increase to support new development. Rent increases which have traditionally averaged 3 percent per year are expected to increase even further for the near future, especially on small spaces. Due to the tight market, concessions such as free rent will also be limited. Tenants must be flexible in this market and be prepared to compromise on everything from location to size.
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Commercial Real Estate Update for August

Total office vacancy decreased from 9.2% to 9.0% in July. Multitenant vacancy decreased from 14.3% to 13.7%.
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Office Outlook: Construction will remain strong

Construction activity is expected to increase in the second half of the year primarily due to new construction that will be delivered at the Ten Mile interchange. AmeriBen/IEC will occupy a new 76,000 square foot office, the first building at Ten Mile Crossing. Read the rest of entry »

Commercial Real Estate Update for July

Total office vacancy decreased from 9.5% to 9.2% in June. Multitenant vacancy increased from 14.0% to 14.3%.
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Commercial Real Estate Update for June

Total office vacancy decreased from 9.6% to 9.5% in May. Multitenant vacancy decreased from 14.8% to 14.0%.
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Commercial Real Estate Update for April

Total office vacancy decreased from 9.8% to 9.6% in March. Multitenant vacancy decreased from 14.5% to 14.4%. 
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Higher interest rates do not always equal higher cap rates

According to an article published on, higher interest rates should no automatically signal to investors to look for higher cap rates and lower property values. With The Fed bumping rates up .25% earlier this month, there has been theorizing that increased interest rates mean cap rates will soon follow. In many cycles, that is indeed the case - though it's a delayed response by the market and not instantaneous. Read the rest of entry »