The Office market slowed in Q1 with the number of transactions down 4 percent from Q1 2023. Lease rates and vacancy remained healthy in the first quarter of the year. Overall average lease rates held at $20.50 per square foot (FLSV, Annual) while average Class A rates jumped 3 percent from Q4 to $24.75.
Sublease space has continued to fall from the historic highs of the latter half of 2022 and early 2023. Available sublease space was down to its lowest level since Q2 2022, falling below 480,000 square feet in January and ending the quarter down 4 percent from the end of 2023.
Office Transactions by Square Feet // Boise MSA Q2 2024
Subscribe to TOK Commercial's Boise MSA Office Market updates, here.