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Investment Outlook for Boise in 2017

Demand for investment product is expected to remain strong in 2017. Buyers planning on a 1031 exchange may elect to put a replacement property under contract prior to marketing their current holding. This will lead to creative structuring of offers so that enough time is given to sell their current property and close on the replacement property. If 1031 exchange properties cannot be identified, investors may elect to sell while values are high and pay capital gains taxes.
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Commercial Real Estate Update for January

Total office vacancy decreased from 10.2% to 9.8% in December. Multitenant vacancy decreased from 15.0% to 14.6%. In the Central Boise submarket vacancy declined for the fifth straight month, ending the year at 13.7%.

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Commercial Real Estate Update for December

Simplot will occupy 351,000 SF of their newly constructed 364,000 SF headquarters in Downtown Boise where vacancy reached its highest point since July 2014 (8.7%). Their move to Downtown will leave behind 68,100 SF on Federal Way. This will increase vacancy in Southeast Boise 12.3%, the highest it has been since August 2011.


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Retail Outlook for the Boise MSA

Vacancy will likely continue its rise in the second half of 2016 as more mid- and big-box stores announce plans for consolidation or closures. The sizable vacancies left behind by such closures will likely not be backfilled quickly. Many landlords will look for creative ways to reposition these spaces by demising them into smaller units or leasing them to non-standard users such as fitness facilities or flex-industrial tenants that need a showroom and warehouse. Small grocers may also look to fill some of these spaces.
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Investment market outlook for the Boise MSA

The pool of buyers looking for quality investment product is deep, however, these offerings are in short supply. Demand for such assets will remain strong in the second half of the year, especially since many listings hitting the market today are more stable investments than were seen during the boom. Investments today are typically leased by tenants who are locked into true market lease rates, rather than inflated rates seen before the Great Recession.
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Can Pokemon Go help sell commercial real estate?

Whether you've hopped on the Pokemon Go bandwagon or not, there's no denying it's meteoric rise in popularity. With over 100 million downloads of the app to date, many of your friends and co-workers could be secret (or not so secret) Pokemon Go fans right now. Read the rest of entry »

New development may be coming to downtown Idaho Falls

According to the Idaho Business Review, the Oppenheimer Development Corp. is looking to partner with the Idaho Falls Redevelopment Agency to build a new multi-use development in downtown Idaho Falls. The subject property is located on a .95 acre lot at the intersection of Broadway & Memorial Drive. Read the rest of entry »

Boise's Housing Market: How healthy is it?

According to the Breanna Vanstrom of the Boise Regional Realtors, the market is healthy. Vanstrom presented this information at the mid-year housing update last month. She sited that in 2015, more than $2 billion in houses were sold in Ada County - a first since 2006. Home price medians are just 2 percent less than the peak in mid-2006.
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Idaho leads the nation in job growth

The US has seen unprecedented job growth since the bottom of the Great Recession when unemployment peaked nationally at 10 percent. Currently, the national unemployment rate has improved to 4.7 percent. Here in Idaho, it's just 3.7 percent. Read the rest of entry »

Commercial Real Estate Update for June

Total office vacancy decreased slightly from 10.0% to 9.9% in May. Multitenant vacancy also decreased from 14.4% to 14.3%.
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