What are the current office sublease market trends in the Boise Valley?
Office sublease space has increased 50% from Q1 2022. The Boise MSA currently has 626,000 SF of office sublease space on the market. Meridian and Downtown Boise submarkets both have approximately 650,000 SF of office lease and sublease space available.
What are current office vacancy trends?
Total vacancy has decreased to 4.3 percent which is a record low, for the Boise Valley. Office vacancy in multi-tenant buildings has decreased from 8.6 percent to 8.2 percent. With demand for space remaining high, vacancy rates continue to drop even as lease rates increase.
What are the office net absorption trends?
Current quarter office net absorption totaled 376,000 SF. This is a 20 percent increase from Q1 2022. These net absorption rates are consistent with healthy market conditions and are anticipated to continue.
What is driving office tenant activity?
A majority of office tenant activity in the Boise Valley is due to tenants moving locations. Many office tenants were also expanding or adding additional locations. Q2 2-22 saw 22% of office tenants that were new to the Boise Valley market and 11% of the office tenants were local start-ups.