The Boise Metro’s office construction total for 2018 has surpassed the total amount of office construction for 2017, and it’s only August.
This year the Boise MSA has already seen 356,000 sq. ft. of office space constructed, compared with 242,000 sq. ft. in all of 2017. It is projected that 450,000 sq. ft. will be constructed in the office market by the end of 2018. This growth in construction is certainly one factor in the lower vacancy rates, as well as the increases in total absorption and the average overall asking rate.
Vacancy for the month is now 8.81%, with YTD net absorption reaching 285,000 sq. ft. and an average asking price of $17 sq. ft. (full service, annual).