Boise Idaho Real Estate Review for December

BOISE, Idaho - Jan. 6, 2015 - PRLog -- Office Review
Total vacancy decreased from 11.9% to 11.6% in November. Multitenant vacancy decreased from 18.6% to 18.4%. Vacancy in Southeast Boise decreased for the fourth consecutive month to 10.9%. Multiple tenants leased a combined 11,000 SF in the Owyhee Building in Downtown Boise where vacancy fell to 7.7%. 7,400 SF at The Village in Meridian leased to First American Title. Vacancy in Meridian decreased to 12.0%. Eason Enterprises leased 7,000 SF in the View Pointe Building in Central Boise. Lease rates continue to climb, with Class A asking rates reaching $18 per square foot (annual full service), and Overall asking rates rising to $15.50 per square foot (annual full service). Months of supply is 24 months, which is considered above the healthy range (6-18 months).

Industrial Review
Total vacancy remained flat at 6.8% in November, and Multitenant vacancy increased from 14.1% to 14.3%. Vacancy in West Boise dropped for the eighth consecutive month (9.2%) when 35,200 SF was absorbed on the Emerald Corridor in three transactions. Mean’s Company leased 6,000 SF on President,  Tek Hut purchased an 8,000 SF building on Emerald, and HD Supply Power Solutions leased 21,000 SF on Executive. HD Supply relocated from 16,500 SF in Southwest Boise where vacancy rose to 9.0%. 12,800 SF on Principle Place leased to Rise Volleyball Academy in Meridian. Overall asking ($.45 per square foot NNN) and actual ($.42 per square foot NNN) lease rates remain flat from 2013 Year End. Months of supply is 17 months, which is considered in the healthy range (6-18 months).

Retail Review
Total vacancy remained flat at 8.4% through November. Unanchored vacancy increased from 15.2% to 15.6%. New construction of an 11,500 SF shops building was delivered at Gateway Marketplace in Meridian where vacancy rose slightly to 14.3%. Paul Mitchell Studios leased 6,100 SF at Treasure Valley Crossing in Nampa, where vacancy decreased to 9.1%. Vacancy in Eagle decreased for the fifth consecutive month when National Veterinary Associates leased 5,100 SF at Eagle Towne Plaza. Year End lease rates have increased from one year ago. Class A asking lease rates are $15.25 per square foot NNN, and asking rates for the Overall market are $13.50 per square foot NNN. Months of supply is 21 months, which is considered above the healthy range (6-18 months)