The Boise MSA's total retail vacancy ticked-up slightly from 8.1% to 8.3% in February however unanchored vacancy decreased from 12.1% to 11.9%. The local retail market is considerably stronger than other markets across the nation where retail product has struggled and vacancies are much higher.
We are excited to welcome Chris Baird to our Industrial brokerage team. Chris has been selected to participate in the firm’s 12 month brokerage training program, specializing in Industrial commercial real estate and will be mentored by Devin Pierce. Devin joined Thornton Oliver Keller in 2007, became a partner in the firm in 2015, and holds the Society of Office and Industrial Realtor (SIOR) designation where he is currently Vice President of the Idaho SIOR Chapter.
Overall vacancy in the Boise Valley's Industrial market dipped from 3.3% to 3.1% in February while multitenant vacancy actually increased from 8.1% to 8.8%. Industrial's overall vacancy fell for the 6th consecutive month, hitting the most recent low of 3.1%. Notable market movement, included:
Our local economy continues to show no sign of weakening. The commercial real estate office market, a key indicator of business confidence, posted strong numbers in February. Of note, the office market's vacancy rate in the Southwest Boise submarket fell to 4.1%, the lowest point in over 15 years.
DC Trading leased office space in One Front Street located at 251 E. Front Street in Boise, ID. Gavin Phillips and Patrick Shalz, SIOR and Partner of Thornton Oliver Keller Commercial Real Estate represented the landlord. Michael Bergmann of Lee & Associates represented the tenant.
The retail market is very competitive in several submarkets throughout the Boise Valley, but none can beat South Meridian. An area of growth which has seen impressive residential real estate activity, new community amenities, and public works projects, South Meridian's total retail vacancy declined to 4.6%, the lowest point on record.
The office market's total vacancy stayed flat at 8.8% in January 2018 while multi-tenant office vacancy decreased from 13.5% to 13.4%. Vacancy in Downtown Boise continued to post decreasing numbers for the third consecutive month, reaching 6.6%, the lowest rate since 2015.
The notable market movement included:
Xenicus, LLC leased office space in Lakeharbor located at 3050-3250 N. Lakeharbor Lane in Boise, ID. Xenicus, LLC is a management consulting and service company focused on helping businesses and individuals manage their success. Al Marino, SIOR and Karena Gilbert of Thornton Oliver Keller facilitated the transaction.
JB Ventures, LLC just renewed their lease for 8,750 square feet of industrial space at 2701 Saturn Way. JB Ventures, LLC provides laser cutting services. Chris Pearson, SIOR, and Peter Oliver, SIOR, CCIM of Thornton Oliver Keller facilitated the transaction.
Whole Brain Photo and Shook Ideas, LLC each leased industrial space in Boise's Flex Work Space.
Boise Office
250 S 5th Street, Suite 200
Boise, Idaho 83702
Main Phone: 208.378.4600
Nampa Office
16150 N. High Desert Street, Suite 200
Nampa, Idaho 83687
Main Phone: 208.378.4600
Twin Falls Office
195 River Vista Place, Suite 204
Twin Falls, Idaho 83301
Main Phone: 208.944.9694
Idaho Falls Office
1135 Pier View Drive, Suite 120
Idaho Falls, Idaho 83402
Main Phone: 208.227.8148
Coeur d'Alene Office
3322 N. Grandmill Lane
Coeur d'Alene, Idaho 83814
Main Phone: 208.449.1908
Spokane Office
717 W. Sprague Ave. Suite 1202
Spokane, Washington 99201
Main Phone: 509.606.5090