2020 began with a strong start for the Retail market, posting 166,000 square feet of positive net absorption in the first 90 days. However, along with the pandemic came many business closures and the subsequent two quarters posted negative net absorption. However, a rebound began in Q4, where the market saw over 400,000 square feet of gross absorption, the strongest quarterly activity since 2013. As a result, net absorption finished the year at 191,000 square feet. The number of transactions completed in Q4 was also up 28 percent from its lowest point in Q2.
Meridian's primary corridor for shopping, entertainment, restaurants, services, and more surrounds Eagle Road. Notable employers — such as Blue Cross of Idaho, Scentsy, and St. Luke's — as well as major shopping destinations — such as The Village at Meridian and Meridian Crossroads — also lie along this corridor making it one of the most vibrant areas of Meridian.
TOK Commercial is pleased to offer prime retail space on "Retail Row" serving the Idaho Falls trade area of over 250,000 people.
While the impact of COVID-19 on Idaho's commercial real estate markets continues to play out, as we enter 2021, it's very helpful to consider a few key metrics which we believe best highlight the overall condition of individual product sectors.
The demand for large warehouse and distribution space is greater than ever, with vacancy rates in the Boise MSA continually in the 2.5 to 3.5 percent range and consumer goods companies looking to expand their distribution operations.
TOK Commercial is pleased to offer office space for lease at Idaho Falls' Snake River Landing. The Snake River Landing development is Idaho Falls' newest 450+ acre master-planned community, prominently positioned between the Snake River and Interstate 15. Upon completion, the development will boast energy of new retailers, commercial and office users, new residents, an event center, and open green areas with water features.
Despite the economic conditions the pandemic created both locally and nationally, Boise’s Investment market ended 2020 with the third strongest transaction volume on record. In addition, the number of off-market deals continues to increase, highlighting that the true value is undoubtedly higher than the year-end investment transaction total of $574 million. Many offerings do not make it to market in this environment where the number of buyers far outweighs the number of listings available.