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Heartland RV to occupy 248,100 SF in Nampa

Heartland RV recently announced that it is coming to Nampa and bringing hundreds of jobs with it. Heartland expects to be operational in the first quarter of 2016 and will employ 120 people at that time. Within three years, employment is likely to hit around 275 employees. Read the rest of entry »

Land activity expected to pick up, especially in North Meridian

After a slow start to 2015, commercial land activity will pick up in the second half of the year as deals currently under contract will soon close. Tenant demand for new speculative construction will be the primary driving force of future land sales. In North Meridian, both commercial and residential land sales will gain momentum as more businesses look to establish a presence amidst ever-expanding residential growth. Nearby areas such as Eagle and South Meridian will likely see some carryover of sales due to their close proximity.
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Boise's Investment Market Outlook

Opportunities are likely to pick up in the coming years as CMBS loans signed during the boom reach maturity. Many owners will see an improved market and opt to sell instead of refinancing. With rents increasing, many properties are positioned to capture desirable returns and value-add properties will be increasingly hard to find.
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What's in store for the Boise industrial market?

As the market continues to tighten and new product is delivered, lease rates will steadily climb. Speculative construction will pick up steam in the second half of the year with 26,000 square feet delivering on South Cole Road and 41,000 square feet soon to be available near Franklin & Linder in Meridian.
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What's in store for the Boise retail market?

With no large developments slated for completion in the second half of 2015, vacancy will tighten and absorption will remain positive. Retail centers with high traffic counts and good visibility will see lease rates rise. Properties with longstanding vacancies should continue to see suppressed rents.
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What's in store for the Boise office market?

Downtown is bracing for the delivery of the 206,000 square foot City Center Plaza, slated to arrive in 2016. The nine-story office tower has been pre-leased with most space to be occupied by Clearwater Analytics and Boise State University. Although City Center Plaza will be nearly 100 percent occupied at delivery, there will likely be ripple effects due to other spaces being vacated by these tenants. Another downtown project slated for completion in 2016 is the Simplot headquarters located at 9th & Front Streets. Simplot will vacate over 100,000 square feet in One Capital Center and will consolidate some operations throughout the valley.
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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 »