Q2 2024 Boise MSA Industrial Market Trends

Development remains a key highlight for the industrial sector with over 822,500 square feet of new construction completed in Q1. This is a 13.7 percent increase from construction delivered in Q1 of 2023. The majority of development has occurred in Canyon County, accounting for over 59 percent of total construction. In addition, 84 percent of total construction in the Boise MSA is speculative space.

Eastern Idaho 2024 Commercial Real Estate Market Outlook

TOK's latest outlook for Eastern Idaho's commercial real estate market highlights important trends for office, industrial, retail and investment properties in 2024. 


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



Q1 2024 North Idaho Office Vacancy Trends

Multitenant office vacancy in North Idaho ended 2023 at 10.7%. Total office vacancy in the area (includes single-tenant buildings) ended the year at 4.4%.


Q1 2024 Boise MSA Land Market Trends

Compared to 2022, commercial construction slowed considerably in 2023. The number of commercial permits pulled in the Boise MSA were down 30 percent and saw the lowest number of permits since 2011. Several factors impacted commercial development such as high construction costs, shortage of skilled labor coupled with rising labor costs, and the financial sector making it difficult for builders to secure financing.

Q1 2024 Boise MSA Retail Market Trends

It was another banner year for retail development with 303,500 square feet of new construction, up slightly from 2022. The biggest project delivered was D&B Supply’s new store in Caldwell, while the rest of the construction was attributed to multiple single tenant and strip center projects under 15,000 square feet.

Q1 2024 Boise MSA Office Market Trends

Despite other markets seeing vacancy soaring and significantly reduced demand for space, the office sector in the Boise MSA continues to see healthy fundamentals. Overall net absorption remains positive totaling 313,000 square feet and ended the year with the strongest quarter in two years.

Q1 2024 Boise MSA Investment Market Trends

Rising interest rates and high economic uncertainty resulted in the Boise Investment market seeing a major shift in sales activity in 2023 compared to the two previous record breaking years. Based on disclosed transactions, sales volume ended the year at $416 million. This is down 70 percent from 2022 and the lowest level transaction volume has reached in eight years. Fewer high priced deals traded in 2023 with only six deals over $10 million recorded.

Q1 2024 Boise MSA Industrial Market Trends

2023 was a banner year for industrial development with almost 4.5 million square feet of new construction completed. This is especially true in Canyon County, where 3.1 million square feet of new construction delivered, a record high for the area. It was also a historic year for speculative construction which surpassed 3 million square feet, comprising 70 percent of total construction.

2023 Multifamily Report Eastern Idaho

Eastern Idaho Multifamily Report 2023

According to the US Census Bureau, the majority of Eastern Idaho cities saw population grow by over two percent from 2020. The strongest growth happened in the cities of Rigby and Ammon, with an 8.2 percent increase and a 7.3 increase, respectively. This growth continues to drive multifamily development in Eastern Idaho, as demonstrated by a 62 percent increase in multifamily unit permits from the end of 2022.

Five Locations to Serve You

Boise Office
250 S 5th Street, 2nd Floor
Boise, Idaho 83702
Main Phone: 208.378.4600

Nampa Office
16150 N. High Desert Street, Suite 200
Nampa, Idaho 83687
Main Phone: 208.378.4600

Twin Falls Office
195 River Vista Place, Suite 204
Twin Falls, Idaho 83301
Main Phone: 208.944.9694

Idaho Falls Office
1135 Pier View Drive, Suite 120
Idaho Falls, Idaho 83402
Main Phone: 208.227.8148

Coeur d'Alene Office
3322 N. Grand Mill Lane
Coeur d'Alene, Idaho 83814
Main Phone: 208.449.1908