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. Since 2020, six spec buildings have delivered over 80,000 square feet with an additional 22 buildings currently under construction or planned to be complete by 2023.

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.

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.

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. Currently, there is 417,000 square feet of sublease space on the market, down slightly from the peak of 466,000 square feet. Downtown Boise and Meridian comprise over 50 percent of the total on the market.