Despite record high vacancy rates, the industrial market has continued to perform well, with total number of transactions up over 28 percent from this time last year. In addition, net absorption levels are currently positive in 77 percent of submarkets. Canyon County has seen the highest level of absorption so far in 2024 with 378,000 square feet absorbed. However, activity has been strong among large industrial users in Ada County with the Airport submarket currently at almost 183,000 square feet absorbed.

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The Commercial land market in the Boise MSA has benefitted from the stabilization of economic conditions and is faring better in 2024 than it was a year ago when uncertainty caused developers to put a pause on acquisitions. The number of reported commercial land transactions was up over 50 percent from the first four months of 2023. Industrial land continues to be of particular interest with consideration from the last 12 months up over 65 percent from the previous 12 months. Consideration for retail land increased during this time as well, up 28 percent. As for the office sector, land consideration has remained relatively flat with most interest by owner users.

High economic uncertainty resulted in the multifamily investment market seeing a major shift in 2023 compared to previous record breaking years. Based on disclosed transactions, only 10 multifamily properties traded in 2023 which is down 55 percent from 2022. Prices were up slightly from 2022, with the median price per door in Ada County reaching $288,798 and $251,902 in Canyon County. Three of the six transactions in Ada County sold above $300,000 per door. Two of these deals went under contract during the peak of 2022, but extended due diligence pushed the closings into 2023. Based on available listings, the start of 2024 has seen a significant decline in pricing with the median price per door in both Ada and Canyon County at $200,000.