North Idaho's Industrial market saw over 630,000 square feet of new Class A space come online with over 90 percent delivering in Post Falls. A large portion of this is attributed to the buildings at 140 & 150 Beck Road that completed earlier this year and added more than 400,000 square feet of space to the market. All the new space has pushed total vacancy up to 19.5 percent. Overall lease rates are also up 7 percent from the beginning of the year averaging $1.07 per square foot (NNN, Monthly) with Class A rates averaging slightly higher at $1.10 per square foot with some new construction reaching as high as $2.00 per square foot.
Retail lease rates have held steady at $22.00 per square foot (NNN, Annual) since the start of the year with the highest rates seen in Post Falls, averaging $24.00 per square foot. Overall vacancy ended August at the lowest level this year, 1.6 percent.
In the Office market, while Coeur d’Alene led the area with the most office transactions reported, Post Falls had the most office space absorbed with 85,000 square feet. This was due in part to Wildfire Defense Systems opening their new 45,100 square foot location at 888 Lochsa in Post Falls. Total office vacancy has steadily increased through the year reaching 5.2 percent at the end of August. Overall average lease rates have held steady since the beginning of the year at $20.25 per square foot (NNN, Annual).
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