Despite other markets seeing vacancy soaring and significantly reduced demand for space, the office sector in the Boise MSA continues to see healthy fundamentals. Overall net absorption remains positive totaling 313,000 square feet and ended the year with the strongest quarter in two years.
The overall number of office transactions in 2023 were down only 2.5 percent compared to 2022. In addition, multitenant vacancy dropped in Q4, ending the year at 10.7 percent. One of the biggest factors contributing to the resilience of the Office market in the Treasure Valley is organic growth, which made up 46 percent of transactions and has kept local office usage rates from falling amid the updated look of office usage that includes work-from-home and hybrid work schedules.
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