Q2 2024 Boise MSA Industrial Market Trends

Submitted by Marketing Team on Tue, 05/14/2024 - 20:25

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.

Some notable spec projects delivered in Q1 include Sky Ranch Logistics (396,500 square feet) and Building 3 at Boise Gateway Industrial Park (187,000 square feet). The growth in supply has ultimately resulted in both total and multitenant vacancy rising. Total vacancy increased from 3.8 to 7.4 percent over the past 12 months, while multitenant vacancy reached its highest level since 2011 at 20.3 percent. In addition, months of supply ended Q1 at 16.5 months.



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