November's commercial real estate update for the office market in the Boise area has just been released by our research team. Our team of analysts note several interesting items in this month's data, including: an overall uptick in market vacancy, new office construction in South Meridian, and Canyon County's office absorption being led by the Idaho Center submarket.
- Total vacancy increased from 8.9% to 9.2% in October. Multitenant vacancy increased from 13.3% to 13.7%.
- Vacancy in the Southwest submarket has decreased for the fifth consecutive month, reaching 6.0% in October.
- Construction completed on a new 18,500 SF office building in South Meridian where vacancy is 14.1%.
- The Idaho Center submarket has had 45,100 SF of net absorption in 2017, the highest among Canyon County submarkets.