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.
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.
The demand for large warehouse and distribution space is greater than ever, with vacancy rates in the Boise MSA continually in the 2.5 to 3.5 percent range and consumer goods companies looking to expand their distribution operations.
Despite the economic conditions the pandemic created both locally and nationally, Boise’s Investment market ended 2020 with the third strongest transaction volume on record. In addition, the number of off-market deals continues to increase, highlighting that the true value is undoubtedly higher than the year-end investment transaction total of $574 million. Many offerings do not make it to market in this environment where the number of buyers far outweighs the number of listings available.
Like most sectors, the uncertainty at the onset of the pandemic resulted in a brief slowdown for the commercial land market in early 2020, however, the sector picked back up in the latter half resulting in a year-end total of 345 acres sold and a total consideration of over $68 million.
Eighth Street is one of the most vibrant areas of downtown Boise. Known as "restaurant row", it includes some of Boise's most frequented restaurants — including Fork, The Matador, Diablo & Sons Saloon, Wild Root Cafe, Juniper, Dawson Taylor Coffee, and many more.
TOK Commercial is pleased to exclusively offer a strong retail investment opportunity for sale in the heart of Meridian.
The industrial market had another banner year in 2020, ending the year with record-breaking absorption, construction, and total number of transactions. The most notable project of the year was the 2.6 million square foot Amazon Distribution Center in Nampa, making the company a dominant player in the local industrial market and ultimately creating more economic growth throughout the Treasure Valley.
A timeless 1910, former Bed and Breakfast, property is now being offered for sale in the heart of downtown Boise.
Downtown Boise is the hub for the Treasure Valley's business, government, culture, and entertainment to over 460,000 people. From local to national, Downtown Boise houses over 700 businesses including some of the area's major employers.