Q3 Office Market Report

Submitted by Marketing Team on Mon, 09/12/2022 - 09:44
Boise MSA Office Market Report Q3 2022

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.

Graph showing office sublease activity Boise MSA Q3 2022What 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.

For more information on the current state of the office market, you can read our current quarter's Office Market Report or subscribe to receive quarterly updates.

Four Locations to Serve You

Boise Office
250 S 5th Street, 2nd Floor
Boise, Idaho 83702
Main Phone: 208.378.4600
Main Fax: 208.947.0869

Twin Falls Office
195 River Vista Place, Suite 204
Twin Falls, Idaho 83301
Main Phone: 208.944.9694

Idaho Falls Office
1135 Pier View Drive, Suite 140
Idaho Falls, Idaho 83402
Main Phone: 208.227.8148

Coeur d'Alene Office
PO Box 663
Coeur d'Alene, Idaho 83816
Main Phone: 208.378.4600