Despite the current COVID-19 pandemic, construction in the Treasure Valley has continued as “essential business”.
Months of supply is strong for the industrial sector with current supply at 6.6 months. All but one submarket are in the healthy range (less than 18 months). For the last two years, industrial months of supply has remained below 8 months. Also of note, total vacancy in the industrial sector remains low at 3.0%, while multitenant vacancy is 8.50%.
In the wake of the COVID-19 pandemic, Idaho retailers are feeling the impact personally. Although Idaho hasn’t enacted a shelter-in-place policy at the time of this post, many cities are starting to mandate social distancing orders which directly impacts restaurants, gyms, retail stores, and more.
In response, retailers are becoming resourceful with many restaurants switching to take-out or delivery, fitness centers adding online fitness videos, and retail stores offering online ordering.
On March 17th Rafanelli & Nahas placed the final beam on the 11th & Idaho building, downtown Boise’s much anticipated 10-story office building, marking the completion of a significant phase of construction.
We’ve compiled five frequently asked questions that we hear in our industry, in an effort to provide you with a little more insight into commercial real estate.
The Idaho Falls’ retail market had a tough start to 2019 with three big box stores closing including Shopko, Sears, and Toys-R-Us. However the year ended on a high note with two out of three of these stores backfilling.
Autovol, an automated volumetric modular manufacturing factory, has completed their new 410,000 square foot facility off Star Road in Nampa. The company will focus on using automated modular construction to build affordable housing units.
Ada County Commissioners recently highlighted, at a public meeting on area growth concerns, Ada County's population has grown by nearly 40% in the past 20 years. From about 300,000 people in 2000, Ada County will be pushing toward half a million in the next year.
TOK's Research team just finished publishing commercial real estate market update reports for the Boise MSA and Eastern Idaho markets. You can read about vacancy and lease rate trends, absorption statistics and notable transactions.
According to a recent report by CBRE, 17% of US retail sales come from restaurants.
