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Interest rates are beginning to rise for commercial real estate

Talk of interest rate hikes has been prevalent in recent years, and is now likely according to many economists. The Fed signaled on July 29, 2015 that it remains on course to raise interest rates this September. A slight increase is unlikely to cause a significant slowdown in commercial transaction volume, but it will persuade investors to be even more particular about the product they purchase. New opportunities could arise for buyers as some existing owners elect to sell at the first sign of an increase. Read the rest of entry »

Single family sales continue to surge, up 25% over 2015

In June the Boise real estate market saw a 25.4% surge in closed sales over 2014 and a 13% jump from May.  There were 1092 closed sales in Ada County, the busiest month of 2015 so far by a long shot. This caps a several month long run of double digit increases in year over year sales.  There is a sign that the trend might moderate slightly in the next couple months because pending sales, a good indicator of future closings, peaked in April and have dropped slightly in each of the last 2 months.  This would suggest fewer closings in July and August.
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The Orchards at Fairview: A Case Study

DECEMBER 2014:  The Orchards Center at Fairview is a 7,737 square foot multi-tenant retail center which boasts an excellent location on Fairview Avenue.  The center enjoys strong traffic counts, an important factor for retail tenants.  John Stevens represented the property’s ownership as a leasing and sales agent.
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Industrial vacancy in Meridian hits a 4 year high

When Plum Creek Timber closed operations of their plant in Meridian, 61 local workers lost their jobs. On top of the job market impact, 175,200 square feet of industrial vacancy came on the market with the Plum Creek closure. This accounts for nearly 55% of the vacant square footage available in Meridian currently. As a result, vacancy for the Meridian submarket jumped from 4.1% to 7.6% in April. Read the rest of entry »

Did College of Western Idaho overpay for the West End property?

Last month, the College of Western Idaho entered into a purchase agreement for 10 acres at the corner of Whitewater Park Boulevard and Main Street in Boise's West End. The question on everyone's minds now is did they overpay for the site? The dilemma comes from the vast difference between the property's assessed value of $3.6 million and the purchase price of $8.8 million. The college has been criticized for not ordering a property appraisal prior to entering into the purchase and sale agreement. Read the rest of entry »

Thornton Oliver Keller joins the Retail Brokers Network

Thornton Oliver Keller has joined the Retail Brokers Network, a networking group made up of 65 independent offices in 48 states. Member of the Retail Brokers Network, or RBN, have completed $4.4 Billion in total leasing consideration in the past 2 years. RBN was founded in 1992 and has become one of the fastest growing commercial real estate networks, representing over 600 retail specialists in North America. Read the rest of entry »

TOK partners with Idaho Food Bank for the month of April

Did you know that April is National Volunteer Month? While volunteering may not be as fun as Scrabble Day (April 13th), or as liberating as No Housework Day (April 7th), or even as delicious as National Jelly Bean Day (April 22nd), it still deserves to be celebrated and taken part in. At least that's what we think at Thornton Oliver Keller. To show our volunteer spirit, TOK has been challenged to participate in the inaugural Idaho Food Bank Corporate Challenge for the month of April. Read the rest of entry »

Would you lease space for $50 per square foot in Boise?

Amazon.com & Facebook just did. It must be said, right off the bat, that these deals did not occur in Boise. These two online giants just leased a combined 1.1 million square feet of Class A office space in Seattle. The asking rates for the buildings leased were roughly $32-$38 per square foot, and that doesn't even include the building's triple nets (NNNs). Read the rest of entry »

Boise: #1 on Forbes for where the jobs will be this spring

Job seekers looking for work in the next 3-6 months should look here in Boise, according to Forbes. The Manpower Group, a staffing giant based out of Milwaukee, ranked Boise as the top spot to find spring work. The net employment outlook for Boise is 32%. This means that 32% of the companies polled by Manpower group in Boise responded that they planned to hire more staff in the coming months. Manpower polled a total of 18,000 employers in 100 metropolitan areas to come up with each area's net employment outlook. Read the rest of entry »

A transformation in brick and mortar stores

Predictions of the demise of commercial real estate have existed since Ebay and Amazon pioneered e-commerce in the mid 1990s. To say that bricks and mortar stores are nearing obsolescence would be shortsighted and incorrect. Conversely, to state that today’s falling vacancy rates signify the industry’s immunity to the broad changes occurring in retailing would be equally incorrect. The reality today is a complicated and evolving story of the industry whereby competition, technology and market forces are combining to accelerate changing requirements in commercial retail real estate. Read the rest of entry »