Commercial Real Estate Update for December 2016

BOISE, Idaho - Dec. 19, 2016 - PRLog -- Office Update

• Total vacancy increased from 9.7% to 10.2% in November. Multitenant vacancy decreased from 14.8% to 15.0%.
• Simplot will occupy 351,000 SF of their newly constructed 364,000 SF headquarters in Downtown Boise where vacancy reached its highest point since July 2014 (8.7%).
• Simplot's move to Downtown will leave behind 68,100 SF on Federal Way. This will increase vacancy in Southeast Boise 12.3%, the highest it has been since August 2011.
• Primary Health completed construction on 6,300 SF in Meridian, where vacancy is 5.1%.
• Caldwell's Urban Renewal Agency purchased 11,800 SF on Main Street, reducing vacancy to 10.2%.

Industrial Update

• Overall vacancy decreased for the fourth consecutive month to 4.4%, a 15 year low. Multitenant increased from 9.6% to 9.8% in November.
• American Food Equipment moved into their newly construction 67,400 SF building in Caldwell, where vacancy dropped to 6.5%.
• A logistics company vacated 22,800 SF, increasing vacancy in the Airport submarket to 6.4%.
• ThyssenKrupp leased 15,000 SF in Southwest Boise driving vacancy to its lowest point since the recession (5.4%).
• Vacancy in West Boise fell to 3.3%, the lowest it has been in over ten years.

Retail Update

• Total vacancy increased from 8.1% to 8.6% in November. Unanchored vacancy decreased from 11.6% to 11.3%.
• The closure of five Hastings locations (107,000 SF) played a significant role in overall vacancy increasing for a fifth consecutive month (8.6%).
• In addition to the closure of a Hastings, a 22,500 SF store on Fairview closed in West Boise, where vacancy rose to 9.2%.
• City Buffet leased 12,400 SF in the Caldwell Boulevard submarket (5.4%), offsetting some of the vacant space created by a nearby Hastings.
• Twice Sold Tales in downtown Nampa closed its doors. As a result, vacancy in the South Nampa submarket reached 11.4%.