Net absorption in Q3 totaled 167,000 square feet, the strongest quarterly net absorption in over a year. Vacancy in the office sector has been steadily rising since last year. Multitenant vacancy rose two percent from the beginning of the year reaching 11.9 percent, the highest it has been since Q1 2021.
With Micron’s new $15 billion expansion breaking ground, the area has already started to attract semiconductor and electronic manufacturing companies needing both warehouse and office space. As the Boise MSA continues to draw national and international attention, strong in-migration and continued growth should keep office activity healthy for the remainder of the year.
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