Cushman & Wakefield | Commerce Reports High Confidence in Boise Commercial Real Estate Market
BOISE, IDAHO—Feb. 17, 2015—Commercial real estate in the Boise area had a strong 2014 according to new data from the Boise office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in Boise for Q4, 2014.
“Confident optimism is a pervasive sentiment among owners, occupiers, and investors in the Boise commercial real estate market,” said Tim Reid, Market Leader for the Boise office of Cushman & Wakefield | Commerce. “Vacancy rates are on the downward slope and while that is putting some slight upward pressure on asking rates. The office market of downtown Boise was very active in 2014. We anticipate that will continue along with a strong advancement in the retail market, which will lead the way in Idaho to a full economic recovery with expansion to follow.”
Boise Office Snapshot
The overall office vacancy rate was down slightly, ending the year at 16.2 percent. The downtown Boise office market saw an upswing in investment as well as number of developments completed in 2014. Activity was strong outside of downtown as well. 30th and Main was completed, and other areas also saw robust leasing as other new projects came online. Looking forward, low interest in 2015 will drive some established businesses to look at purchasing their own properties. Demand will continue to dominate supply as there is limited product available for sale in the market, especially in prime locations.
Boise Retail Snapshot
2014 was an active year for retail market in the Boise area. The overall vacancy rate declined by 1.3 percentage points on a year-over-year basis as average asking rents continued to climb. Rents vary widely depending on co-tenancy, location and landlord contribution. Unanchored strip centers struggled slightly, while the frontrunners in 2014 retail were build-to-suits, fast casual and fast food tenants and there are no signs of this segment slowing down in 2015.
The full reports for each of these markets, as well as historical reports are available for download at: http://www.comre.com/research and interested individuals can subscribe on the page to receive the reports automatically as soon as they are made available.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. C&W | Commerce and C&W | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm with 248 offices in 58 countries globally.www.cushmanwakefield.com.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.