October 6, 2025

BOISE VALLEY
G Brothers Machinery, LLC leased 3,000 square feet of industrial space in North Ranch Industrial, located at 3902-3924 Muller Drive in Caldwell. Sean Edwards, Dan Minnaert, and Devin Pierce of TOK Commercial represented the landlord and tenant. 

Solace Pediatric Healthcare Nursing Services Idaho, LLC leased 3,010 square feet of office space in the Greystone Building in Boise. Patrick Shalz of TOK Commercial represented the landlord. Kyle Uhlenkott of CBRE represented the tenant. 

Idaho Gold Exchange Network, LLC leased 837 square feet of retail space in Harks Corner, located at 1625-1767 W. Franklin Road in Meridian. Brianna Miller and Moses Mukengezi of TOK Commercial represented the landlord. Kekaula Kaniho of TOK Commercial represented the tenant. 

The Boise investment market continues to operate within a challenging interest rate environment, with the 10-year Treasury rate maintaining elevated levels around 4.3 to 4.5 percent throughout the first half of 2025. Multifamily maintained the lowest cap rates at 5.3 percent, followed by retail at 5.8 percent, while both industrial and office properties reached 6.0 percent. A notable divide remains between asking and closing cap rates, as many sellers continue to anchor to the record lows of recent years, creating friction with today’s market realities.

The Boise MSA Office market is navigating a complex landscape shaped by persistent inflation, elevated interest rates, and broader economic uncertainty. These factors have created a more cautious business climate, influencing tenant decision-making and leasing activity. Despite these headwinds, Q1 2025 saw a 5 percent increase in the number of transactions compared to the same period last year—marking more first-quarter transactions than the past two years. The number of deals involving businesses expanding or adding locations was up 10 percent from Q1 2024 as organic growth continues to drive leasing activity.