While the past 11 quarters saw positive absorption levels, net absorption ended the third quarter negative for the first time in three years as a number of large retailers went out of business or closed locations. Some of these companies include Reel Theater in North Boise, Rite Aid closing a location in South Meridian, and Trade Viet Grocery going out of business in Southwest Boise. In addition, a limited number of large spaces leased in Q3 with only one transaction absorbed above 10,000 square feet. Net absorption’s annual total still remains positive, but is likely to end lower than both 2022 and 2021’s totals.
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