Compare CRE "Owner/User" Sale Trends in Markets Across Idaho
Owner-user pricing for all commercial real estate property sectors is up year-over-year in the Boise MSA, a trend that has been present over the past 5 years, beginning in 2017. Office properties' median price per square foot has risen $23.16 or 14% over the past year. Industrial properties have followed a similar trend with 2021's median price per square foot standing at $159.31 which is a gain of $15.69/SF or 9.8%. Retail properties' median valuation currently commands the highest prices in the market but has risen by the smallest percentage (5.4%) at $11.36/SF.
The pricing for owner-user commercial properties in the Magic Valley offers a mix of asset classes that are increasing in value and also some which are slightly down. Office properties' valuation lost 16% in 2021 compared with 2020. 2020's values skyrocketed 65% from the previous year (2019). Current availabilities could indicate that there are market opportunities present for office users looking for commercial buildings to purchase. Industrial properties pricing is down $16.67/SF when compared with 2020 to $104.16 and also offers industrial users the ability to pick up industrial space at very competitive pricing. Industrial properties are still trying to climb back to their peak market valuation in 2018 of $74.69/SF. Retail property valuations have surged by $51.82/SF or 8% in the past year. A large amount of the activity in the retail market is attributable to businesses that are new to the area.
Eastern Idaho's owner-user asset pricing gains have been led by office properties which are up 2.6% over 2020's valuations by $34.05/SF. Industrial properties' median price per square foot dipped by $6.03/SF and could be a result of inventory issues where supply has been lagging behind demand leaving less desirable properties as the only warehouse product available for sale. Retail properties gained $18.66/SF or 2% in comparison with 2020 values.
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