According to Realtor.com, Boise topped the national list for housing markets positioned for growth in 2020. This is up from the #8 spot in the 2019 rankings. Realtor.com polls the top 100 largest metropolitan markets in order to set their annual list. Salt Lake City (#10) and Spokane (#15) are nearby metros also making the top list.
The month of October saw the delivery of nearly 140,000 SF of spec construction, the highest amount delivered all year. All of the completed spec buildings were in Canyon County, including the Keystone Building (60,000 SF) in Caldwell and 16400 Norco Way (67,500 SF) in Nampa.
Over 1 million square feet of new construction has been completed so far in 2019, and vacancy currently sits at 3.0%.
As retailers continue to adjust marketing strategies in order to find the optimal balance between online and brick-and-mortar points of sale, North Face has launched a new strategy designed to "facilitate stronger connections with consumers and create a retail environment that focuses on brand identity as much as it does on merchandise." To learn more about North Face's experiential marketing focus and it's emphasis on design, click here.
The multifamily development market is posting strong numbers locally as well as nationally. As developers (and investors) ponder what it will take to position projects for success, market research always comes in handy. A recent article by the National Real Estate Investor (NREI) offers insight into prospective tenants' motivations. You can read the piece in its entirety, here.
The Situation: Health Foods Franchise Targets the Treasure Valley
- Clean Juice, a national smoothie, juice and health foods restaurant franchise, was seeking a space to expand the brand into the Treasure Valley.
- The client had been assigned to a national broker for over 90 days with no success in finding a suitable location in the Boise market. After being referred to Thornton Oliver Keller, JP Green eagerly took on the client confident that he could find the right space to expand Clean Juice.
The Los Angeles Daily News wrote an interesting article evaluating Census Bureau migration data for 2018 as it applies to California's population trends. The article shared stats regarding out-flow: 691,145 Californians left the state last year. It also evaluated California's in-flow: 501,023 arrived from other states in 2018.
Our key takeway was one important statistic included in the piece: 497 Californians come to Idaho for every 100 that leave Idaho to go to California.
Reed Cycle, family-owned and operated Full Service bicycle shop and exclusive southern Idaho retailer of YETI Cycles, opened their second location on Bogus Basin Road.
After 19 years in business at their first location in Eagle, Idaho, Reed Cycle has expanded into Boise with their second storefront. The former Car Tub car wash has been transformed into a modern, industrial-style bike shop with little resemblance of the former car wash aside from the brick structure that now accompanies metal and wood detailing. Their new location places them strategically at the heart of some of the Treasure Valley's most popular mountain biking trailheads.
Thornton Oliver Keller Commercial Real Estate is pleased to announce that it has been selected as the exclusive leasing firm for The Knolls.
The new three-story office building is currently under construction at Snake River Landing.
Idaho continues to gain recognition as one of the fastest growing states, with the Boise MSA receiving a significant proportion of that population growth.
Ada County alone grew nearly 5 percent between 2017 to 2018. This compares to Idaho’s growth of nearly 2 percent and the national average growth of less than 1 percent.
As the population grows, new construction for multifamily product has seen strong absorption, keeping occupancy levels flat despite the increase in supply.
The Situation: New Idaho community bank plans first location in downtown Boise
- A new Idaho community bank decided to launch operations in the Treasure Valley by targeting Boise as their first Alpine State Bank location.
- The bank, hoping to open in the market as soon as possible, reached out to Thornton Oliver Keller to identify temporary space, since they had already identified a location which required a lengthy remodel.
Our Response: Market knowledge aids the perfect opportunity