September Markets Update
Idaho Commercial Real Estate Markets Update | September 2024
Midyear 2024 Eastern Idaho Market Trends
The number of commercial land transactions in Eastern Idaho surged by 23 percent compared to this time last year. Over the first half of 2024, more than 119 acres of commercial land sold, with total consideration exceeding $8.6 million. Additionally, the number of commercial permits issued has increased by 9 percent, while the total value of these permits has skyrocketed by nearly 140 percent year-over-year. This dramatic uptick in permit value is partly due to a $32 million permit pulled for Idahoan Foods’ new building in the West Idaho Falls submarket.
Eastern Idaho 2024 Commercial Real Estate Market Outlook
TOK's latest outlook for Eastern Idaho's commercial real estate market highlights important trends for office, industrial, retail and investment properties in 2024.
Office
The strong organic growth the area has seen will likely continue to drive the demand for future office space. Over half of transactions in 2023 were with tenants opening additional locations, expanding their space, or local tenants starting new businesses
Industrial
Spec development is expected to slow slightly with only a handful of projects slated to deliver in 2024. One notable construction project is Idaho Falls Business Park, where 122,600 square feet is expected to deliver