What are the current office sublease market trends in the Boise Valley?
Office sublease space has increased 50% from Q1 2022. The Boise MSA currently has 626,000 SF of office sublease space on the market. Meridian and Downtown Boise submarkets both have approximately 650,000 SF of office lease and sublease space available.
Transaction volume picked up significantly in the second quarter, with an increase of over 50 percent in the amount of office square footage absorbed. Midway through the year, net absorption in the Office market already outpaced the amount seen at the end of 2020. Meridian and Downtown Boise have had the most net absorption occur, 192,000 square feet and 105,000 square feet, respectively. Projected supply for Meridian, the market’s second-largest submarket, is currently 10 months.