ABEL Corporation USA leased 11,250 square feet of industrial space in Airport Distribution Center, located at 1049-1077 Boeing Street in Boise. Mike Greene, Peter Oliver, Dan Minnaert, and Devin Pierce of TOK Commercial facilitated the transaction.
Ancestor Investments, LLC purchased a 29,055 square foot industrial building located at 330 N. Ancestor Place in Boise. Gavin Phillips of TOK Commercial facilitated the transaction.
208 Moving, LLC renewed their 1,008 square feet of office space in Flex Work Space, located at 6052 W. Corporal Lane in Boise. Chris Pearson and Nick Schuitemaker of TOK Commercial facilitated the transaction.
Spikes in sublease space are occurring in metros from New York City to Chicago, Seattle, San Francisco and now, Boise. While retail, flex and industrial sublease space is being delivered to the market, much of the Boise MSA sublease space is located in office properties.
The retail industry saw the largest impact from COVID-19, but in the Boise MSA that impact is still only minimal thus far.
Net absorption decreased in Q2 but still ended the quarter in positive territory (131,000 square feet), compared to negative absorption (-320,000 square feet) a year ago.
Despite a worldwide pandemic, the Boise MSA’s office market has thus far experienced a milder impact than expected.
Net absorption ended Q2 at 243,000 square feet, a moderate decrease compared to 12 months ago (290,000 square feet), but still higher than the first half of both 2016 & 2017. Overall vacancy decreased from 5.8 percent at the end of 2019 to a current all-time low of 5.2 percent.
Although retail vacancy has seen a slight up-tick since Idaho’s economic shutdown, Total Vacancy (8.4%) in the Boise MSA is still lower than it was this time last year and Unanchored Vacancy (7.23%) is just slightly above the 20-year record low of 6.2% reached this March.
Happy Teriyaki, Inc. renewed their 1,386 square feet of retail space in Majestic Marketplace East, located at 2310 E. Overland Road in Meridian. Brianna Miller of TOK Commercial facilitated the transaction.
Bennett Industries, Inc. purchased three industrial buildings totaling 93,511 square feet located in the Maple Grove Center in Boise. Gavin Phillips of TOK Commercial facilitated the transaction.
Bennett Industries, Inc. purchased a 39,380 square foot industrial building in the South Cole Business Park, located at 7418 W. Mossy Cup in Boise. Gavin Phillips of TOK Commercial facilitated the transaction.