Total vacancy increased from 12.3% to 12.5% in January. Multi-tenant vacancy also month from 17.4% to 17.9%. A technology company downsized in Downtown Boise, placing 20,900 SF of space on the market. This vacancy is greater than the largest move out from 2012. As a result, Downtown’s vacancy rate rose from 6.4% to 7.0%. Nampa’s vacancy also increased in January when multiple tenants vacated space in South Nampa. Vacancy in the Nampa submarket has risen nearly 200 basis points in the past 5 months. Southeast Boise has had 3 months of improving vacancy (8.3%) and currently has 21 months of projected supply. Overall net absorption at the end of January was -22,000 SF. Eagle had the highest absorption (+11,600 SF) though none of the deals were over 5,000 SF.
Industrial Review
Total vacancy remained flat in January at 9.7%. Multi-
Retail Review
Total vacancy increased slightly from 8.7% to 8.8% in January. Unanchored vacancy also increased from 17.4% to 17.6%. Southwest Boise had two large move outs occur last month: Honk’s vacated 14,800 SF on Overland and Game World vacated 9,700 SF at the Boise Spectrum. As a result, vacancy in this submarket increased from 8.8% to 10.9%. A home store in Eagle vacated 5,200 SF near Chinden & Eagle pushing vacancy in this submarket to 13.8%. Meridian has had 4 consecutive months of improving vacancy with much of the activity in this submarket along Eagle Road. Chipotle Mexican Grill leased 2,600 SF in one of the shops buildings located at The Village at Meridian. Net absorption at the end of January is -29,100 SF. Projected supply is 19 months.
This article was originally posted on http://www.tokcommercial.com. For more information on the Commercial Real Estate market in Boise, Idaho and the surrounding area, please contact Thornton Oliver Keller!
