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Boise Commercial Real Estate Review for January 2013
Boise Commercial Real Estate Review for January from TOK Commercial Real Estate
Total vacancy declined from 12.4% to 12.3% in December, marking its lowest point since the 3rd quarter of 2008. Multi-tenant vacancy also declined last month to 17.4%, nearly 400 basis points below its peak of 21.2% in 2010. Apex Marketing leased 10,600 SF and Berkley North Pacific leased 18,400 SF in Meridian, near the intersection of Franklin & Stratford. These two large deals returned vacancy in Meridian to single digits for the first time since 2005 (9.8%). North Boise has had 4 consecutive months of vacancy improvement and is at its lowest point since Q2 2007 (15.3%). This is a marked improvement from the high of 22.3% in late 2008. Meanwhile Nampa has had 4 months of increasing vacancy, pushing this submarket to its highest point in the past year (13.7%).
Total vacancy and multi-tenant vacancy declined in December to 9.6% and 17.2% respectively. A 33,000 SF building sold last month in Southwest Boise, dropping vacancy in this submarket to 9.1%. The Meridian submarket’s vacancy dropped to 4.7% after a 13,000 SF tenant leased space near Franklin & Linder. This is the lowest vacancy has been in Meridian since mid-2008. Eddy’s Bakery, a subsidiary of the now bankrupt Hostess Company, vacated multiple spaces in the market last month, two of which were 10,800 SF off Caldwell Blvd and 21,300 SF on Federal Way. West Boise’s vacancy continues to improve with a 10,500 SF space leased along Emerald. This dropped West Boise’s vacancy to 12.3%, its lowest point since early 2010 and well below its high of 17.7% in the 3rd quarter of 2011.
Total vacancy declined in December from 8.7% to 8.6%. Unanchored vacancy declined for a 7th consecutive month to end the year at 17.0%. This is the lowest unanchored vacancy has been since mid 2007. The Pursuit Church leased the 16,000 SF former Ridley’s in the North End dropping North’s vacancy rate to 12.6%. The Meridian submarket continues to see new construction delivered with the 18,000 SF shops space now complete at the Eagle Island Marketplace near Chinden & Linder. Other submarkets with improving vacancy are Southwest (8.8%), Eagle (12.2%) and Caldwell (6.9%). Nampa has had 3 consecutive months of increasing vacancy, however still remains below the overall market at 8.5%.
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!