It was another banner year for retail development with 303,500 square feet of new construction, up slightly from 2022. The biggest project delivered was D&B Supply’s new store in Caldwell, while the rest of the construction was attributed to multiple single tenant and strip center projects under 15,000 square feet. Multiple grocery anchors have been developed over the past four years, including Winco and Costco in North Meridian.

Rising interest rates and high economic uncertainty resulted in the Boise Investment market seeing a major shift in sales activity in 2023 compared to the two previous record breaking years. Based on disclosed transactions, sales volume ended the year at $416 million. This is down 70 percent from 2022 and the lowest level transaction volume has reached in eight years. Fewer high priced deals traded in 2023 with only six deals over $10 million recorded. In comparison, 25 deals sold over this same dollar amount in 2022. Of the deals that traded in 2023, the industrial sector made up nearly 40 percent of transaction volume with two deals trading for over $20 million.  

According to the US Census Bureau, the majority of Eastern Idaho cities saw population grow by over two percent from 2020. The strongest growth happened in the cities of Rigby and Ammon, with an 8.2 percent increase and a 7.3 increase, respectively. This growth continues to drive multifamily development in Eastern Idaho, as demonstrated by a 62 percent increase in multifamily unit permits from the end of 2022.

Additionally, there are 75,000 students registered each semester between four major universities and colleges within the region, per REDI. This large student population in Eastern Idaho also plays a major role in multifamily development

Boise, ID – The Northwest’s leading full-service commercial real estate company, TOK Commercial, is pleased to announce the promotion of seven new partners to its ownership group. The group exemplifies the firm’s commitment to creating meaningful career opportunities for TOK’s team of professionals.

Listed in alphabetical order, the new partners include:

We're thrilled to share that three of the cities where our offices are located were recently recognized as 2023's Best Performing Cities by the well-respected Milken Institute. The Milken Institute's BPC rankings offer an objective evaluation of the economic performance of US metropolitan areas based on 12 key measures that cover labor market conditions, high-tech impact, and access to economic opportunities.

Per the report, three trends emerged:

1. The cities’ performance is closely related to growth in jobs and wages and the expansion of high-tech industries drives this growth.  Idaho Falls (the top-ranked small city) stands out in its growth of jobs and wages in high-tech concentration.