Tyler Industries LLC leased 6,635 square feet of industrial space in Victory Building II in Boise (2941 S. Featherly Way).
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Local retail market continues to post strong numbers despite national slump
The Boise MSA's total retail vacancy ticked-up slightly from 8.1% to 8.3% in February however unanchored vacancy decreased from 12.1% to 11.9%. The local retail market is considerably stronger than other markets across the nation where retail product has struggled and vacancies are much higher.
Welcome, Chris!
We are excited to welcome Chris Baird to our Industrial brokerage team. Chris has been selected to participate in the firm’s 12 month brokerage training program, specializing in Industrial commercial real estate and will be mentored by Devin Pierce. Devin joined Thornton Oliver Keller in 2007, became a partner in the firm in 2015, and holds the Society of Office and Industrial Realtor (SIOR) designation where he is currently Vice President of the Idaho SIOR Chapter.
Industrial market in Boise's MSA posts record-breaking results
Overall vacancy in the Boise Valley's Industrial market dipped from 3.3% to 3.1% in February while multitenant vacancy actually increased from 8.1% to 8.8%. Industrial's overall vacancy fell for the 6th consecutive month, hitting the most recent low of 3.1%. Notable market movement, included:
Office vacancy rate remains low
Our local economy continues to show no sign of weakening. The commercial real estate office market, a key indicator of business confidence, posted strong numbers in February. Of note, the office market's vacancy rate in the Southwest Boise submarket fell to 4.1%, the lowest point in over 15 years.
Office Space Leased at One Front Street
DC Trading leased office space in One Front Street located at 251 E. Front Street in Boise, ID. Gavin Phillips and Patrick Shalz, SIOR and Partner of Thornton Oliver Keller Commercial Real Estate represented the landlord. Michael Bergmann of Lee & Associates represented the tenant.
South Meridian's Retail Vacancy Hits Record Low
The retail market is very competitive in several submarkets throughout the Boise Valley, but none can beat South Meridian. An area of growth which has seen impressive residential real estate activity, new community amenities, and public works projects, South Meridian's total retail vacancy declined to 4.6%, the lowest point on record.
The Office Market Continues Strong Showing
The office market's total vacancy stayed flat at 8.8% in January 2018 while multi-tenant office vacancy decreased from 13.5% to 13.4%. Vacancy in Downtown Boise continued to post decreasing numbers for the third consecutive month, reaching 6.6%, the lowest rate since 2015.
The notable market movement included:
LakeHarbor Welcomes New Tenant, Xenicus
Xenicus, LLC leased office space in Lakeharbor located at 3050-3250 N. Lakeharbor Lane in Boise, ID. Xenicus, LLC is a management consulting and service company focused on helping businesses and individuals manage their success. Al Marino, SIOR and Karena Gilbert of Thornton Oliver Keller facilitated the transaction.
JB Ventures Renews their lease
JB Ventures, LLC just renewed their lease for 8,750 square feet of industrial space at 2701 Saturn Way. JB Ventures, LLC provides laser cutting services. Chris Pearson, SIOR, and Peter Oliver, SIOR, CCIM of Thornton Oliver Keller facilitated the transaction.