Payless Shoes Remains in Cherry Plaza
Payless ShoeSource renewed their 2,537 square feet of retail space in the Cherry Plaza Shop Center located at 108 E. Fairview Avenue in Meridian, Idaho.
Boise Growth – Our Perspective, Concluding Remarks
In 2017, Boise’s migration rate was twice that of Seattle’s and three times greater than Denver’s. There is no doubt that Boise is attracting talent, business expansion, and economic investment. While Boise’s growth can create challenges, we are encouraged by the results of a recent City of Boise citizen survey which found that 62% of residents thought that Boise’s growth was positive for the community and 92% believed that Boise’s overall quality of life exceeded or greatly exceeded their expectations. Our thriving community is well aware that we will have to thoughtfully and strategica
Golden West Publications Leases Flex Workspace
Golden West Publications leased 2,364 square feet of office space in Flex Work Space - Building 2 located at 6111 W. Clinton Street in Boise, Idaho.
4,124 Square Feet Leased at 161 E. Mallard Drive
Idaho Physical Medicine and Rehabilitation leased 4,124 square feet at 161 E. Mallard Drive in Boise, Idaho.
5CR Trailers, Inc. Leases Industrial Space
5CR Trailers, Inc. leased 8,640 square feet of industrial space in the I-84 Industrial Park located at 1428 Madison Street, Building 9, in Nampa, Idaho.
Twin Falls Set to Welcome Hobby Lobby and Olive Garden
The Twin Falls Mall will be opening the doors for its newest retailer, Hobby Lobby, September 24th. The arts and craft store will be taking over the 57,000 square-foot space that previously housed Macy’s. Along with Hobby Lobby, Twin Falls is also welcoming Olive Garden.
Retail construction spikes with the completion of Albertson’s Market Street store on Broadway
Albertsons completed construction on their new 64,600 SF store on Broadway. YTD, the Boise MSA has seen roughly 160,000 SF of completed construction in the retail sector with a projected total of 242,000 SF to be completed by the end of 2018. Our August CRE market newsletter offers additional insight into the retail sector's latest trends.
The local press has also written extensively about the new Albertsons store. You can read their analysis by utilizing the links found below.
Salle of Boise Inc. Renews Lease
Salle Of Boise Inc. renewed their 5,039 square feet of industrial space in Flex Work Space located at 6149 W. Corporal Lane in Boise, Idaho.
Office Construction Has Outpaced 2017
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.
Boise Valley Industrial Market Vacancy at All-Time Lows
The Boise Valley's Industrial market is very competitive. In fact, not a single Boise Valley submarket posted an increase in Industrial vacancy for the month of July.
Incredibly, of the 15 Boise submarkets that our team tracks, 11 of them actually saw a further decline in Industrial vacancy (from the previous month) and 4 of those submarkets set all-time lows for the vacancy rates recorded.
Plenty of factors are contributing to these market conditions and we believe that the market will continue to be tight, since projected supply has dropped below the 6 month mark.