Total retail construction in the Boise MSA reached over 96,000 square feet in the first three months of 2025. Notably, the North Meridian area emerged as the primary development hub, accounting for 36 percent of this total. Significant projects completed during this period include a 7,000-square-foot strip center at 179 Ten Mile and the opening of Idaho Pups & Ales at Ten Mile Crossing.
Average asking lease rates have surged to an all-time high of $23.00 per square foot (NNN, annual), reflecting a 15 percent increase over the past 12 months. All but two submarkets now average at or above $20 per square foot, with South Meridian leading at $30 per square foot. Although lease rates in Boise have risen, they remain more affordable than those in other major Pacific Northwest cities. For instance, average retail lease rates in Seattle are around $35 per square foot, and in Portland, they’re approximately $30. However, Boise rates are beginning to trend closer to the national average which was $23.80 per square foot as of the end of 2024.
Average asking lease rates are at an all-time high of $23.00 per square foot. Class A rates are averaging above $20 in all submarkets with 7 submarkets above $30.
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