Labor Shortages Impact the Retail Market, However, the Past Quarter Still Saw Strong Gains

TOK Commercial's Retail Report for Q3 2021 in the Boise MSA

The Retail market experienced a boost in activity during the second quarter, with both gross and net absorption rising dramatically versus Q1 and overall transaction volume up over 60 percent (by number of deals).  As a result of this strong market activity, overall vacancy has declined from 8.6 percent to 7.2 percent. 

Retail 2021 Trends — New Construction, New to Boise Tenants, & Tenant Expansion

TOK Commercial's Retail Report for Q1 2021 in the Boise MSA

2020 began with a strong start for the Retail market, posting 166,000 square feet of positive net absorption in the first 90 days. However, along with the pandemic came many business closures and the subsequent two quarters posted negative net absorption. However, a rebound began in Q4, where the market saw over 400,000 square feet of gross absorption, the strongest quarterly activity since 2013. As a result, net absorption finished the year at 191,000 square feet. The number of transactions completed in Q4 was also up 28 percent from its lowest point in Q2.

Beautiful, Well-Lit Professional Office Space for Lease off Eagle Road

Photo of Rosario Place at 1097 N. Rosario Street in Meridian, Idaho

Meridian's primary corridor for shopping, entertainment, restaurants, services, and more surrounds Eagle Road.  Notable employers — such as Blue Cross of Idaho, Scentsy, and St. Luke's — as well as major shopping destinations — such as The Village at Meridian and Meridian Crossroads — also lie along this corridor making it one of the most vibrant areas of Meridian.

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