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Commercial Real Estate Update for December

Paylocity leased 13,100 SF at C.W. Moore Plaza in Downtown Boise, where vacancy (6.9%) decreased to its lowest point in nearly three years.
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Mor Furniture and TJ Maxx join retailers at Karcher interchange

Office vacancy in Downtown Boise (7.2%) decreased  for the sixth consecutive month as multiple tenants leased spaces in the 8th & Main, Banner Bank, and US Bank buildings. 19,300 SF leased to Building Materials Corp at Washington Group Plaza in Southeast Boise (9.4%). ProTeam vacated 18,400 SF on Bridger Street in West Boise where vacancy increased to 13.1%. Eagle Vision One completed construction on a new office building in Eagle (8.0%).
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Could Meridian, Idaho be the best place to live in the US?

According to a recent article in USA Today, yes it is! 24/7 Wall Street studied 550 US cities with populations over 65,000 people and found that Meridian, Idaho is #1 based on a variety of factors including crime rates, employment growth, access to restaurants and attractions, and housing affordability. The study found that while a number of factors contribute to an individual's or family's relocation, jobs are the primary driving force behind a decision to move. 24/7 Wall Street found that 41 of the top 50 cities to live in had unemployment rates lower than the national average, and that all but 5 cities had faster job growth. Read the rest of entry »

Lease rates are up across all sectors in Q4

Asking lease rates for office, industrial and retail are up across the board in the fourth quarter of 2015. Office rates saw the largest quarter over quarter increase, up an average of $.30/SF (annual Full Service) over the past 90 days. Industrial rates have risen $.03/SF to $.48/SF (monthly NNN) and retail rates averaged across the market are up $.15/SF to $14.00/SF (annual NNN). Read the rest of entry »

Multifamily sales lead investment market in Boise

Over the past 12 months, multifamily sales have accounted for 36% of all investment deals. There has been over $80M in apartment transactions over the past year, representing the sale of over 1,100 units in the Boise MSA. Cap rates for multifamily product in Boise have declined in 2015 and are currently 6.1%. Read the rest of entry »

Commercial Real Estate Update for October

Office update

  • When Drake Cooper leased 6,200 SF at Bodo in Downtown Boise, vacancy continued to decrease to 7.5%.
  • Vacancy in West Boise decreased to its lowest point since the recession (12.6%) as 5,300 SF leased to the Department of Health and Welfare in Westgate Plaza.
  • A design firm vacated 11,600 SF on Owyhee Street in the Central Boise submarket, causing vacancy to rise to 13.4%.
  • Vacancy in South Meridian decreased to 10.3% when AECOM-URS leased 17,100 SF in the Silverstone Plaza on Overland Road.
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How big is four million square feet?

Answer: Big, REALLY big. To put that in perspective, the Boeing Plant in Everett, Washington is 4,300,000 square feet. Merchandise Mart in Chicago is 4,000,000 square feet. Read the rest of entry »

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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