North Idaho's Industrial market saw over 630,000 square feet of new Class A space come online with over 90 percent delivering in Post Falls. A large portion of this is attributed to the buildings at 140 & 150 Beck Road that completed earlier this year and added more than 400,000 square feet of space to the market. All the new space has pushed total vacancy up to 19.5 percent.
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Midyear 2024 Eastern Idaho Market Trends
The number of commercial land transactions in Eastern Idaho surged by 23 percent compared to this time last year. Over the first half of 2024, more than 119 acres of commercial land sold, with total consideration exceeding $8.6 million. Additionally, the number of commercial permits issued has increased by 9 percent, while the total value of these permits has skyrocketed by nearly 140 percent year-over-year.
Q3 2024 Boise MSA Office Market Trends
Though slowing, the Boise Office market continued to show positive fundamentals in the second quarter of 2024. The number of transactions were down over 10 percent from this time last year as economic struggles continue to affect tenants. Nevertheless, overall and multitenant vacancy are down from Q1 of this year. Overall vacancy decreased to 6.9 percent while multitenant vacancy fell by 100 basis points to 10.1 percent, the lowest it has been since the end of 2022.
Q3 2024 Boise MSA Investment Market Trends
Capitalization rates have remained relatively flat from the end of 2023, with cap rates in the office, retail, and industrial sectors averaging at or near six percent. Multifamily cap rates have seen a significant jump, averaging 5.9 percent, the highest multifamily cap rates have been since 2016. Average cap rates are anticipated to stay near six percent in all sectors, though more deals are trading in the high six to low seven percent range, most notably in the office and industrial sectors.
Q3 2024 Boise MSA Industrial Market Trends
Despite record high vacancy rates, the industrial market has continued to perform well, with total number of transactions up over 28 percent from this time last year. In addition, net absorption levels are currently positive in 77 percent of submarkets. Canyon County has seen the highest level of absorption so far in 2024 with 378,000 square feet absorbed.
Q3 2024 Boise MSA Retail Market Trends
Unanchored vacancy increased 100 basis points compared to the end of Q1, rising from 4.7 to 5.7 percent. This is the highest level unanchored vacancy has been in nearly two years. The uptick in unanchored vacancy is due to a rise in supply considering over 50,000 square feet of speculative product came online in Q2. This brought the mid-year spec total to 99,800 square feet.
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"Industrial development will continue to flourish across Idaho with much industrial space currently under construction and expected to deliver before the end of 2024. The rise in quality space in the market has ultimately kept lease rates at record highs."
- Chris Pearson
Q2 2024 Boise MSA Land Market Trends
The Commercial land market in the Boise MSA has benefitted from the stabilization of economic conditions and is faring better in 2024 than it was a year ago when uncertainty caused developers to put a pause on acquisitions. The number of reported commercial land transactions was up over 50 percent from the first four months of 2023.