October's report is full of treats, with no tricks! This month, our dashboard of market stats include important "tenant origin" data which capture the leasing activity of businesses that are local startups, or are moving, expanding, or new to Idaho markets. Our analysis places "tenant origin" alongside vacancy and absorption rates to offer deeper context for key market trends across asset classes in the Boise Valley, Magic Valley, Eastern Idaho and North Idaho.
Enjoy the data!
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Arrows reflect YOY comparison
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TOP TRANSACTION
St. Luke’s expanded into 21,000 square feet at Portico West in the Eagle Road submarket where 8 percent of deals in the last 12 months, involved tenants moving locations.
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Arrows reflect YOY comparison
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Arrows reflect YOY comparison
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PropModo | The Tech Helping Retail Landlords Find the Right Tenants "In retail real estate, when the retailer makes money, the landlord makes money. Landlords pay close attention to the size and demographics of the people who visit their properties. They also try their best to find tenants that have synergy. Now, there is an entire economy of technology tools that have been built to help landlords better understand their customer base and what mix of tenants will lead to high sales."
The Real Deal | Party's Over: Industrial Vacancy Hits 10-Year High "The party’s over for warehouses. Following an astounding run for the nation’s industrial real estate market, the vacancy rate reached 7.4 percent in the third quarter — the worst in 10 years and 350 basis points higher than two years ago..."
Yahoo Finance | Can Fed's Rate Cuts Jumpstart The Struggling Commercial Real Estate Market? "In September, the Federal Reserve kicked off an interest rate-cutting cycle, reducing the Fed funds rate by 50 basis points for the first."
Morningstar | Real Estate Investor Optimism Grew in Q3 "Sixty-eight percent of investors viewed today's market as better or much better than it was a year ago, compared to only 13% who felt it was worse or much worse. Investors were equally bullish on where the market is headed, with 71% expecting it to continue to improve."
AP News | Walgreens to close 1,200 stores as US pharmacies struggle to define a new role “Walgreens is planning to close around 1,200 locations, as the drugstore chain and its rivals struggle to define their role for U.S. shoppers who no longer look to them first for convenience."
Wall Street Journal | Bosses Are Calling Workers Back to the Office. That’s Good News for Landlords "The Office market shows signs of stabilizing as one-third of companies require workers in five days a week."
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CNBC | Sam Altman Backed Nuclear Reactor Oklo to Start Site Work in Idaho "Oklo has received the greenlight from the Department of Energy to conduct site investigations for the planned reactor at Idaho National Laboratory in Idaho Falls."
Idaho Statesman | Private equity and venture capital investors have spurred these Idaho businesses "The Treasure Valley is experiencing an economic renaissance, with growth across various sectors. In the past decade, VC investment in Idaho grew from $8 million in 2013 to $145 million in 2023, with job growth doubling the national average between 2017 and 2022."
Clearwater Tribune | Idaho's September unemployment rate increases to 3.6% "Three of Idaho’s six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in July. Idaho Falls experienced the largest increase at 0.4%, followed by Boise (0.3%) and Coeur d’Alene (0.1%). Pocatello and Twin Falls experienced decreases of 2.4% and 0.4%, respectively."
BoiseDev | In-N-Out to Open Boise Store "The In-N-Out location will be the second to open in Idaho after a restaurant location opened in the Village at Meridan last fall. Third and fourth locations in Nampa and North Meridian are also on the way."
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