Unanchored vacancy increased 100 basis points compared to the end of Q1, rising from 4.7 to 5.7 percent. This is the highest level unanchored vacancy has been in nearly two years. The uptick in unanchored vacancy is due to a rise in supply considering over 50,000 square feet of speculative product came online in Q2. This brought the mid-year spec total to 99,800 square feet.
Notable spec projects that delivered recently include two 6,000 square foot pads at Pine 43 in Meridian and multiple new ground floor spaces at the Boardwalk Apartments in Garden City. Along with the high amount of spec space coming online, the delivery of Scheel’s 315,700 square foot store earlier this year has resulted in total construction surpassing 2023’s total with over 501,000 square feet delivered.
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