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Boise ranks #1 in the US for lowest cost of business

KPMG, the audit, tax and advisory giant, puts out a study every couple of years that details which cities have the lowest cost to do business in the US and around the world. For a third time in a row, Boise has come in at the top of the list for US cities in the Pacific Northwest. Read the rest of entry »

Commercial Real Estate Update for April

Total vacancy for the industrial market has decreased to a near record low of 4.8%. Net absorption in the first quarter of 2016 (427,000 SF) is the strongest since Q1 of 2014. Read the rest of entry »

Boise makes the cut for fastest growing cities in the US

Boise has made another top list of cities. This time for America's Fastest-Growing Cities of 2016 according to Forbes.com. To come up with the top cities, Forbes analyzed data such as future population growth, year-over-year job growth, unemployment, median pay rates, and each metro area's economic growth rate. They started with a pool of most populous 100 metro areas in the US and whittled the list down, based on the earlier mentioned factors, to the top 20. Read the rest of entry »

Idaho's largest mixed use development is located in Idaho Falls

Snake River Landing is a 450 acre mixed use development nestled between Interstate 15 and the Snake River in Idaho Falls. The development is being pioneered by Ball Ventures, eastern Idaho's largest developer. Snake River Landing will feature retail, office, apartments, single family homes, walking & biking trails, and a 4,500 seat event center. Read the rest of entry »

Commercial Real Estate Update for March

Total office vacancy (9.7%) decreased to its lowest point since the recession. Vacancy in Meridian decreased its lowest point since the recession (5.4%) when St. Luke’s purchased the Portico Office Tower, occupying 81,100 SF of vacant space. Read the rest of entry »

Thornton Oliver Keller opens office in Idaho Falls

Thornton Oliver Keller Commercial Real Estate, Idaho’s largest full-service commercial real estate firm, has announced the opening of an Idaho Falls office. Thornton Oliver Keller is celebrating its 25th anniversary in 2016 and has experienced considerable growth, completing more than 40% of the commercial real estate transactions in the Boise market for the last 10 years. The independently owned firm has 26 agents, averaging over 15 years of experience and listing nearly 500 properties throughout the state of Idaho. Thornton Oliver Keller’s property management department is accredited by the Institute of Real Estate Management and manages over 5 million square feet of commercial real estate.
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Is land banking back in vogue?

The Ten Mile interchange is likely to see some development in 2016 with a few users looking to build north of the freeway. Investors who are being pushed out of the highly competitive investment market may look to areas such as Ten Mile to purchase land and hold for a few years. Raw land is again being viewed as a safe place to park investment capital for those who do not need an income stream or liquidity. Some land south of Meridian has recently been purchased by an investor looking to land bank.
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Looking for industrial space in Boise? Better get in line.

Tenants and buyers will face a tighter market in 2016. Vacancy will likely decline, however it will not be as pronounced as in 2015. The continued rebound of the market will make it difficult for growing companies to find available space that fits all of their needs. They will likely face compromises in terms of higher rent, location, or functionality.
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What's in store for the Boise investment market?

With the commercial market hovering at pre-recession vacancies and lease rates on the rise, 2016 should see another strong year of investment activity. Stable single-tenant NNN properties leased at market rates will continue to be in high demand, especially with buyers looking for hands-off investments to place in their portfolios. Quality supply will remain scarce, leading to fierce competition for this product. Shortened due diligence periods and quick closings will remain commonplace next year, especially for 1031 buyers.

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Online shopping's affect on Boise retailers

While online shopping continues to grow, it still makes up less than 10 percent of overall sales. However, technology is becoming an increasingly useful tool for retailers. Sixty percent of consumers report doing research online before making a purchase. How retailers use their space in the coming years will continue to evolve, with some retailers opting to give back space when it comes time to renew, or adding more warehouse space to their stores to accommodate online orders. Even with these changes, some industries remain “online proof,” such as restaurants, discount retailers, and fitness centers.
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