TOK's latest outlook for Eastern Idaho's commercial real estate market highlights important trends for office, industrial, retail and investment properties in 2024.
Office
The strong organic growth the area has seen will likely continue to drive the demand for future office space. Over half of transactions in 2023 were with tenants opening additional locations, expanding their space, or local tenants starting new businesses
Industrial
Spec development is expected to slow slightly with only a handful of projects slated to deliver in 2024. One notable construction project is Idaho Falls Business Park, where 122,600 square feet is expected to deliver
Retail
Retail demand is anticipated to remain high with supply limited, though more product did come online in 2023 compared to 2022. Nearly 95,000 square feet delivered with speculative space accounting for 20 percent
Investment
Since March 2022, the Federal Reserve raised its benchmark rate 11 times in an effort to cool inflation. However March was the fifth consecutive meeting that resulted in a rate-hike pause, keeping the benchmark interest rate range between 5.25 and 5.5 percent
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