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Vacant Retail Space - What Does The Future Hold?

Idaho Falls Kmart commercial property

Idaho Falls brokerage services specialist, Brent Wilson was recently interviewed by the Post Register on the future of vacant retail space in the Eastern Idaho commercial real estate market. In the article, Brent mentions that there is interest in Idaho Falls’ vacant retail space. However, he expects the buildings to be reused in new ways.

“It’s what we call adaptive reuse,” Wilson said. “The businesses are going to be the experiential/entertainment-type of uses, golf simulation for one example. There’s also going to be multiple vocational schools occupying big box buildings.” 

Retail Market Trends - Meridian Submarket Leads In Transactions

Retail shopping center in Meridian, Idaho

The Meridian submarket leads the way for the Treasure Valley’s retail market transactions. Net absorption is the strongest at 21,000 SF with 21 deals occurring YTD.

Projected supply is 15 months, which is within the 6-18 month healthy range. The largest deal YTD occurred when Steelz purchased 2150 Fairview Avenue, occupying 13,200 SF of the building.  

Costco is Coming to Idaho Falls

Idaho Falls Costco commercial building

Idaho Falls, the 4th largest city in Idaho, is finally welcoming Costco. Thornton Oliver Keller’s own Brent Wilson is representing the big-box retailer, who plans on building a 150,000 square foot store at the intersection of Lincoln and Hitt Roads. The facility will also include a 15-30 pump fueling station. 

Food For Thought: Part Two

commercial food hall

What drives foot traffic, offers landlords an attractive option for anchoring their buildings and is considered by some to be the ultimate amenity that a mixed-use project can offer?  In this blog post, Holly Chetwood explores the answer to this question - Food halls.   

Food For Thought: Part One

group of people eating at a table

On April 16th -18th, Holly Chetwood, a member of our retail brokerage team attended the ICSC “Food For Thought” conference in New Orleans, LA. 

The conference focused on the evolution of retail real estate and its impact on food and dining.  Holly was able to connect with national thought leaders and industry experts in discussions centered on emerging concepts and trends in this retail sector. 

Food Processing Industry Grows in the Magic Valley

Magic Valley Food Processing

The Magic Valley is becoming a hot spot for food processing technology, as more and more food companies expand in the area. According to the Idaho Business Review, Gem State Dairy Products is building a 200,000 square foot asceptic milk plant in Twin Falls, which is set to be completed in 2020. The plant is expected to be three times the size of an average fluid milk plant.

Unanchored Retail Occupancy Rates Setting Records

Boise MSA Retail Vacancy Dropping

At the close of Q1, unanchored retail vacancy dropped below total vacancy for the first time on record. Unanchored vacancy has been on a downward trend for the last 2 years and is currently the lowest level since 2002.

Total retail vacancy saw an increase in March after the closure of Shopko (95,400 SF) on Fairview Avenue in Boise.  Total vacancy is expected to increase even higher over the next couple of months with the closure of the last two remaining Shopko stores – on Boise's Broadway Ave. and in Nampa.

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