Commercial Real Estate Update for June 2017

BOISE, Idaho - June 27, 2017 - PRLog -- Office Update

• Total vacancy decreased from 9.6% to 9.5% in May. Multitenant vacancy decreased from 14.8% to 14.0%.
• Construction completed on TSheets new 65,100 SF building in Eagle where vacancy is 6.3%.
• Overall vacancy is at 9.5%, the lowest it has been in over 10 years.
• Vacancy in Downtown decreased to 8.0%, largely due to Cradlepoint expanding into 60,000 SF at the Boise Plaza Building.
• A new 16,000 SF St. Alphonsus medical office building was completed in the Idaho Center submarket where vacancy is 14.9%.

Industrial Update

• Overall vacancy remained flat at 3.5% in May. Multitenant vacancy increased from 7.9% to 8.0%.
• Vacancy in Caldwell fell to just below 4.0% partly due to Quality Machine occupying a new 30,000 SF building.
• 22,800 SF was leased to Premier Product Management. Net absorption in the Airport submarket is nearly 117,000 SF year to date.
• Independence Indoor Shooting Range opened in South Meridian where vacancy is now 13.2%.
• Vacancy in Southwest Boise fell to 3.0%, the lowest seen in the submarket in 10 years.

Retail Update

• Total vacancy remained flat at 9.5% in May. Unanchored vacancy decreased from 12.4% to 12.2%.
• Vitamin Shoppe and Aspen Dental opened in a new 11,500 SF retail center near the Karcher Interchange in Nampa.
• Vacancy in the Central submarket hit 9.4%, the highest point since Fall 2014.
• The West Boise submarket has the highest net absorption at over 39,000 SF.
• Vacancy in Downtown is at its highest point of the year, 7.9%.