The beginning of 2022 continued to see strong activity from large industrial users with 25 percent of Q1 deals being over 10,000 square feet. The rise in large deals in addition to limited vacancy has ultimately pushed net absorption to record breaking numbers the past three years as well as sparked bigger speculative developments throughout the valley. Between the years 2015 to 2019, there were five speculative buildings delivered that were over 80,000 square feet.
News
CAK Properties Acquires 1718 S Millennium Way
CAK Properties, LLC purchased 1718 S. Millennium Way in Meridian. Chris Pearson and Patrick Shalz of TOK Commercial facilitated the transaction for the tenant and landlord.
Eagle Island Marketplace Leases Space to UPS
UPS Store leased 2,400 square feet of retail space in the Eagle Island Marketplace, located at 6700 N. Linder Road in Meridian. Mark Schlag of TOK Commercial represented the landlord.
2667 E. Gala Court Purchased by Jacksonia Corporation
Jacksonia Corporation purchased a 10,000 square foot, 100% leased, Class A office building located at 2667 E. Gala Court in Meridian. John Stevens of TOK Commercial facilitated the transaction for the buyer and seller.
Nurturing Connections Leases at 1379 E. 17th St
Nurturing Connections leased 3,077 square feet of office space located at 1379 E.17th Street in Idaho Falls. Dustin Mortimer of TOK Commercial facilitated the transaction for the tenant and landlord.
805 Northgate Mile Leases Industrial Space
Home Health Environmental leased 3,250 square feet of industrial space located at 805 Northgate Mile in Idaho Falls. Dustin Mortimer of TOK Commercial facilitated the transaction for the tenant and landlord.
Office Leases in Class A Space Led the Market in Q1 2022
The amount of sublease space on the market has been increasing since the beginning of the pandemic, both locally and nationally. Many companies, such as call centers, transitioned their staff to work from home setups and some have decided not to return to the office. In many cases, those choosing not to return are national tenants whose policy across the nation is to remain in work from home situations. Pre-COVID, the amount of sublease space on the market in the Boise MSA was 137,000 square feet.
Strong In-Migration Drive Local Retailer Growth
Vacancy in the Retail market continues to tighten as demand from retailers remains high and new construction is repressed by high construction costs.
New construction may be hindered by high construction costs, however some projects are able to successfully move forward with spec buildings and build-to-suit options. Many of these are occurring in grocery-anchored centers such as the pads in front of Costco and Winco on Chinden Blvd in North Meridian. New buildings on these pad sites are a mix of unanchored strip centers and bank or quick service restaurant sites.
Westpark Corp. Campus Receives Lease Renewal
Honeywell International, Inc. renewed their 2,568 square feet of office space in Westpark Corp. Campus, located at 9941-9955 W. Emerald Street in Boise. Patrick Shalz, Dan Minnaert and Devin Pierce of TOK Commercial represented the landlord.
H&H Printing Leases Space in Shoreline Business Park
H&H Printing, LLC leased 1,440 square feet of industrial space in Shoreline Business Park, located at 547 Access Street in Kuna. Chris Pearson of TOK Commercial represented the landlord.