The Twin Falls Mall will be opening the doors for its newest retailer, Hobby Lobby, September 24th. The arts and craft store will be taking over the 57,000 square-foot space that previously housed Macy’s. Along with Hobby Lobby, Twin Falls is also welcoming Olive Garden. The Italian restaurant is being built on the south side of the mall and plans to open this winter. MagicValley.com wrote an interesting article covering Hobby Lobby's opening.
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Retail construction spikes with the completion of Albertson’s Market Street store on Broadway
Albertsons completed construction on their new 64,600 SF store on Broadway. YTD, the Boise MSA has seen roughly 160,000 SF of completed construction in the retail sector with a projected total of 242,000 SF to be completed by the end of 2018. Our August CRE market newsletter offers additional insight into the retail sector's latest trends.
The local press has also written extensively about the new Albertsons store. You can read their analysis by utilizing the links found below.
Salle of Boise Inc. Renews Lease
Salle Of Boise Inc. renewed their 5,039 square feet of industrial space in Flex Work Space located at 6149 W. Corporal Lane in Boise, Idaho.
Office Construction Has Outpaced 2017
The Boise Metro’s office construction total for 2018 has surpassed the total amount of office construction for 2017, and it’s only August.
This year the Boise MSA has already seen 356,000 sq. ft. of office space constructed, compared with 242,000 sq. ft. in all of 2017. It is projected that 450,000 sq. ft. will be constructed in the office market by the end of 2018. This growth in construction is certainly one factor in the lower vacancy rates, as well as the increases in total absorption and the average overall asking rate.
Boise Valley Industrial Market Vacancy at All-Time Lows
The Boise Valley's Industrial market is very competitive. In fact, not a single Boise Valley submarket posted an increase in Industrial vacancy for the month of July.
Incredibly, of the 15 Boise submarkets that our team tracks, 11 of them actually saw a further decline in Industrial vacancy (from the previous month) and 4 of those submarkets set all-time lows for the vacancy rates recorded.
Plenty of factors are contributing to these market conditions and we believe that the market will continue to be tight, since projected supply has dropped below the 6 month mark.
Moxie Java in the Midtowne Spectrum Sells to Investor
An investor purchased the 1,500 square foot Moxie Java in the Midtowne Spectrum Shops located at 2201 Cassia Street in Nampa, Idaho.
Investment Group Acquires Retail Property
An out-of-state investment group acquired a single tenant retail property located at 8850 W. Fairview Ave. in Boise, Idaho.
Boise Growth – Our Perspective, Part 3 of our Conversation
Boise’s cost of living is a key driver of growth. Historically, the cost of living in Boise has been considerably lower than other regional metro areas, including Seattle, Portland and Salt Lake City. Fortunately, Boise has been able to maintain this affordable cost of living while experiencing significant growth. Attracting and retaining a skilled work force is crucial for community and commercial success. We believe that Boise’s unique ability to grow its talent base while maintaining its fully vibrant lifestyle, at a fraction of the cost of similar metro areas, should be celebrated.
Twin Falls Land Market Very Healthy
The market for development land in Twin Falls continues to enjoy strong interest. As the entire Magic Valley region has been the subject of attention by national corporations (Chobani, Clif, Jayco, Glanbia...), the demand for development land has risen dramatically. In fact, land prices within the city of Twin Falls seem to be keeping pace with those in the Boise Valley. A combination of factors are contributing to these market conditions, including: scarcity of land, population growth, appraisal values, proximity to new industry and investor interest. The Idaho Business Review recently
Former Kmart space purchased by U-Haul
Two former Kmart buildings (located in Idaho Falls and Ammon) were recently purchased by U-Haul, as the company continues its acquisition of vacant buildings across the U.S., converting the structures into climate-controlled self-storage centers. The Idaho Business Review wrote an interesting article about the Eastern Idaho transactions and U-Haul's plans for the future. Brent Wilson, Brian Wilson, and Bob Mitchell helped to facilitate the transactions.