Nordstrom Rack finalized plans to lease the 37,400 SF former Linens & Things space near Boise Towne Square Mall off of Milwaukee Avenue in Boise.
Retail Real Estate Review: Total vacancy dropped from 11.8% to 11.4%, while Unanchored vacancy fell from 21.1% to 20.6% in June. Total vacancy is at its lowest level since the end of 2008. Retail vacancy varies significantly by location, with the highest vacancy rates at the east end of the market and lower rates in Meridian and Canyon County. Vacancy in Nampa has continued to improve and is now 10.3%. Vacancy has also declined in West Boise, where Carter’s Children Wear leased 6,400 SF and Nordstrom Rack finalized plans to lease the 37,400 SF former Linens ‘N Things space. Nordstrom Rack plans to open in February 2012. West Boise vacancy is currently 7.9%, its lowest level since the end of 2008. 2nd Quarter net absorption was 230,000 SF, the highest quarterly absorption since 4th Quarter 2007.
Industrial Real Estate Review: Total vacancy decreased from 11.2% to 11.0% in June, while Multi-tenant vacancy declined slightly from 19.7% to 19.6%. This is the sixth consecutive month that Multi-tenant vacancy has decreased and Total vacancy is at its lowest point since early 2009. SpiderTech leased 10,000 SF at 27th & Idaho and Tuff Sheds leased 13,200 SF on Eagleson Street. Central Boise’s vacancy has decreased to 8.9%, its lowest level since mid-2008. Following negative absorption in the 1st Quarter, 2nd Quarter net absorption was 113,000 SF. Year-to-date absorption is 94,000 SF. Most absorption has occurred in Meridian (126,000 SF), where vacancy is only 7.4%. The submarket with the next highest absorption is Caldwell (27,000 SF).
Boise Real Estate Review: Total vacancy decreased from 15.6% to 15.2% and Multi-tenant vacancy fell from 20.7% to 20.3% in June. Total vacancy is at its lowest level since August 2009. Power Engineers expanded into an additional 13,000 SF at Silverstone Business Park in Meridian, while Concordia University completed a 33,000 SF expansion at 5th & Front in Downtown Boise. Vacancy in Downtown has decreased to 8.2%, its lowest point since mid-2009. Transaction volume has increased recently with the 2nd Quarter seeing the most quarterly transactions since 2007. Subsequently, net absorption was also strong in the 2nd Quarter, surpassing 100,000 SF. Midway through the year, Office net absorption is 180,000 SF, on pace for its best year since 2007.
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