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Idaho's Role in California's Migration Trends

Migration Map evaluating California's trends in 2018

The Los Angeles Daily News wrote an interesting article evaluating Census Bureau migration data for 2018 as it applies to California's population trends.  The article shared stats regarding out-flow: 691,145 Californians left the state last year.  It also evaluated California's in-flow: 501,023 arrived from other states in 2018.

Our key takeway was one important statistic included in the piece: 497 Californians come to Idaho for every 100 that leave Idaho to go to California.

Reed Cycle Finds New Opportunity on Bogus Basin Road

Reed Cycle After Completion Photo

Reed Cycle, family-owned and operated Full Service bicycle shop and exclusive southern Idaho retailer of YETI Cycles, opened their second location on Bogus Basin Road.

After 19 years in business at their first location in Eagle, Idaho, Reed Cycle has expanded into Boise with their second storefront.  The former Car Tub car wash has been transformed into a modern, industrial-style bike shop with little resemblance of the former car wash aside from the brick structure that now accompanies metal and wood detailing.  Their new location places them strategically at the heart of some of the Treasure Valley's most popular mountain biking trailheads.

Multifamily Absorption Keeps Pace with Population Growth

Graph of Boise's multifamily projects compared with population growth

Idaho continues to gain recognition as one of the fastest growing states, with the Boise MSA receiving a significant proportion of that population growth.

Ada County alone grew nearly 5 percent between 2017 to 2018. This compares to Idaho’s growth of nearly 2 percent and the national average growth of less than 1 percent.

As the population grows, new construction for multifamily product has seen strong absorption, keeping occupancy levels flat despite the increase in supply. 

Alpine State Bank Identifies First Location, in Downtown Boise

Alpine State Bank plans new location in downtown Boise

The Situation: New Idaho community bank plans first location in downtown Boise

  • A new Idaho community bank decided to launch operations in the Treasure Valley by targeting Boise as their first Alpine State Bank location.
  • The bank, hoping to open in the market as soon as possible, reached out to Thornton Oliver Keller to identify temporary space, since they had already identified a location which required a lengthy remodel.

Our Response: Market knowledge aids the perfect opportunity

Industrial Vacancy Hits Historical Low in Airport Submarket

Former Shopko Distribution Facility Boise Idaho

Industrial vacancy in the Airport submarket, one of the most active industrial areas in Boise, hit 1.04% in August. This is the submarket’s lowest vacancy rate on record.

Along with low vacancy, the submarket has only 1.4 months of supply and has reached nearly 300,000 square feet of net absorption so far this year.

Most of 2019’s largest industrial deals have occurred in the Airport submarket, including Solitco's leasing of the former Shopko distribution center (347,000 SF) and Western Power Sports' expansion of their facility by 105,000 SF.

J. Oates Portrait Design Selects New, Optimal Location

J Oates Photography opens new location in Boise

The Situation: Rebranded company seeks greater exposure

  • After calling on one of JP Green’s listed properties, the owner of J.Oates Portrait Design expressed interest in engaging JP as a tenant rep in the company’s search for a high visibility retail location.
  • As a result of an extensive rebranding initiative, J.Oates was seeking to expand the physical size of their studio while also garnering critical exposure for their new brand which was strategically positioned as a high-end professional portrait studio.

Kohl's Announces Twin Falls Store

Kohls storefront mall

The Magic Valley Mall is welcoming national retailer Kohl’s. The department store will be taking over the 68,700 square foot space that previously housed Sears. The parking lot and interior of the space are currently under construction. With Shopko’s recent closure, Kohl’s announcement signals a bright future for the mall and is expected to attract more shoppers. 

Retail Market Exhibits Varied Dynamics

Retail space at The Village at Meridian

Unsurprisingly, 2019 Retail net absorption has been heavily impacted by the three Shopko (285,400 SF total) and one Sears (120,800 SF) store closures.  These combined closures have put the Retail market on pace for its lowest absorption since 2009 and net absorption could remain negative throughout 2019 unless some of these recent big-box vacancies are able to backfill. Additional big-box closures have not been announced, so total vacancy will likely remain steady throughout the remainder of the year.

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