The Boise Valley’s industrial market has entered a period of recalibration following two years of unprecedented construction activity. Over the past 12 months, just over 1 million square feet of new industrial space has been delivered, a 63 percent decrease compared to this time last year. The slowdown in speculative construction has been particularly dramatic, with less than a quarter of last year’s spec volume completed, totaling just under 485,000 square feet. This pullback has allowed the market to begin absorbing the substantial inventory added over the previous two years.

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Nearly 68 percent of current industrial listings in the Boise MSA are for Class A space, with the majority of that inventory targeting larger users. As a result, tenants seeking spaces over 10,000 square feet have more options, which gives them greater leverage in negotiations.

Over the past 12 months, the average lease rate for industrial spaces larger than 10,000 square feet was $0.84 per square foot. This is significantly lower than the average rate for smaller spaces, which is $1.01 per square foot. As demand for smaller spaces remains high, lease rates in this segment continue to stay elevated.

Over 1.7 million SF was absorbed by tenants expanding or opening an additional location in the last 12 months. 70% of new to market deals leased to tenants over 7,000 SF.

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Deane Contracting leased 6,292 square feet of industrial space in Newby located at 3606 E Newby St in Nampa. Adam Bledsoe and Erik McNary of TOK Commercial facilitated the transaction.

C-1 Design Group LLC renewed their 6,600 square feet of industrial space in South Cole Industrial Center located at 2756 S. Cole Road in Boise. Chris Pearson of TOK Commercial facilitated the transaction.

Kenworth Sales Company renewed their 64,732 square feet of industrial space located at 3939 Transport Street in Boise. Dan Minnaert and Devin Pierce of TOK Commercial facilitated the transaction.