Nearly 68 percent of current industrial listings in the Boise MSA are for Class A space, with the majority of that inventory targeting larger users. As a result, tenants seeking spaces over 10,000 square feet have more options, which gives them greater leverage in negotiations.
Over the past 12 months, the average lease rate for industrial spaces larger than 10,000 square feet was $0.84 per square foot. This is significantly lower than the average rate for smaller spaces, which is $1.01 per square foot. As demand for smaller spaces remains high, lease rates in this segment continue to stay elevated.
Over 1.7 million SF was absorbed by tenants expanding or opening an additional location in the last 12 months. 70% of new to market deals leased to tenants over 7,000 SF.