Vacancy has been declining in Central Boise (9.5%), where 9,200 SF leased to Todd’s Heating & Cooling on Curtis Road.
Office Real Estate Review: Total vacancy decreased slightly from 15.6% to 15.5% and Multi-tenant vacancy decreased from 20.7% to 20.3% in April. This marks the fourth consecutive month that Multi-tenant vacancy has declined. 17,700 SF leased to Simplot at the CSC Building on Orchard Street. The 16,000 SF former VengaWorks building in Meridian sold and South Meridian vacancy (16.4%) is now at its lowest point since the end of 2009. Net absorption has been positive year-to-date (103,000 SF). South Meridian has seen the strongest absorption (55,000 SF), while Nampa has seen the lowest absorption (-31,000 SF). Transaction volume has increased 25%, but the average lease size has decreased from 2,600 SF in 2010 to 2,100 square feet this year.
Industrial Real Estate Review: Vacancy increased from 11.2% to 11.4% in April, but Multi-tenant vacancy decreased from 20.5% to 20.0%. Multi-tenant vacancy is at its lowest point since late 2008. A number of small industrial units have been vacated in Garden City, pushing its vacancy to 8.0%. Vacancy has been declining in Central Boise (9.5%), where 9,200 SF leased to Todd’s Heating & Cooling on Curtis Road. Vacancy is also declining in Caldwell (14.4%), where vacancy has reached its lowest point since mid-2007. Although transaction volume has increased by 25% this year, net absorption has been negative year-to-date (-100,000 SF). Caldwell has seen the strongest net absorption (34,000 SF), while South Nampa has the lowest absorption (-52,000 SF).
Retail Real Estate Review: Total vacancy increased slightly from 12.5% to 12.6%, while Unanchored vacancy rose from 21.3% to 21.5% in April. 14,000 SF was vacated at Hillcrest Shopping Center, pushing vacancy in Central Boise (13.3%) to its highest level in over a year. Vacancy in Southeast Boise (15.9%) has also been on the rise. A new Hastings (22,5000 SF) opened at Canyon Plaza in Nampa, where vacancy has declined to its lowest point since mid-2009 (14.2%). Net absorption has been positive year-to-date at 76,000 SF. West Boise has seen the strongest absorption (116,000 SF), while North/Garden City has been the lowest (-59,000 SF). Transaction volume has been at the same pace as 2010, but some large spaces have been leased, resulting in a 25% increase in gross absorption.
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