September delivered two notable events that will undoubtably impact Idaho's commercial real estate markets going forward. To kick things off, national economic policy entered a new era with the Federal Reserve's announcement of its first rate cut in four years, which industry professionals hope may entice investors off the sidelines and back into the commercial real estate market. The private sector messaged an equally momentous policy shift as Amazon issued a strict return to office mandate that could highlight a cooling shift in corporate attitudes toward remote work, bolstering interest in office properties.
This month, our dashboard of market stats includes the important "Months of Supply" metric, offering valuable insight into present and future trends for office, industrial and retail conditions 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
Tamarack Grove Engineering leased 12,000 square feet at 851 Hickory Avenue in the Eagle Road submarket, which has seen total vacancy rise from 2.0 to 8.1 percent over the last 12 months.
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Arrows reflect YOY comparison
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NOTABLE ACTIVITY
Paramount Surgical Center occupied their new 8,700 square foot facility, located near the future North Canyon Medical Center in Twin Falls. The completion of this new building highlights the continued growth in the medical office sector in the Magic Valley.
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Arrows reflect YOY comparison
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TOP TRANSACTION
Johansen, LLC, expanded their existing space at the Titan Center in Pocatello, leasing an additional 5,100 square feet.
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NOTABLE ACTIVITY
Post Falls has the highest year to date level of office net absorption, reaching over 72,000 square feet.
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Trepp | Amazon’s Return-to-Office Mandate: Turning Point for the Office CRE Market? “Amazon's recent decision to implement a strict return-to-office (RTO) mandate is poised to have significant implications for commercial real estate (CRE), particularly in major metropolitan areas where the company has a large office presence.”
New York Times | When Property Investors Want Out, These Bargain Hunters Rush In “Investment firms are raising record sums for real estate secondary funds that cut private deals to buy assets from investors who can’t otherwise exit.”
Bisnow | Where’s the warehouse? “A new California bill that would require industrial warehouses to be built away from homes and schools is being opposed by commercial real estate industry groups like NAIOP because it would “usurp local control and stifle economic growth and drive businesses out.”
McKinsey | What the real estate industry needs to know about experiential retail “McKinsey senior partner Colleen Baum explains how real estate owners benefit from helping experiential retailers flourish.”
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Wall Street Journal | Why Boise Might Secretly be the Coolest City in the Pacific Northwest “Thanks to creative locals and an influx of new arrivals, Idaho's capital has quietly transformed into one of the Pacific Northwest's most compelling,,,”
Western Real Estate Business Journal (pg 17) | Boise’s Industrial Market Boasts Strong Fundamentals but Challenges Continue “With demand for industrial space on the rise, the market has experienced an unprecedented wave of new construction…”
Construction Dive | Construction's Manufacturing Boom: Mapping the Biggest Facilities Underway in the U.S. "The multibillion-dollar investments scattered across the country range from biotechnology facilities and chip fabrication plants to electric vehicle battery factories and clean energy projects (map, Micron Technology - Boise, Idaho)."
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