BOISE, IDAHO—Mar. 31, 2014—Commercial real estate in the Boise metro area had a strong Q4 in 2013 according to a new report from the Boise office of Cushman & Wakefield | Commerce. The Boise area continued to outperform the U.S. economy during the latter part of 2013 and with incomes rising and a stable job market, the market is in a good position for growth.
Cushman & Wakefield | Commerce released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate for the Boise office and retail markets for Q4, 2013.
“The retail market in Boise saw a lot of activity in Q4—in fact, it was one of the best years since the downturn in the market,” said LeAnn Hume, Managing Director/Retail Specialist with the Boise office of Cushman & Wakefield | Commerce. “Retail vacancy ended down for the quarter even as several new entrants joined or expanded in the market. In the office sector some high-profile construction completions including The Eight & Main Tower pushed the vacancy rate up slightly. This rise in vacancy was anticipated and will linger in the short term but continued job growth is expected to drive leasing activity.”
Boise Office Snapshot
Vacancy rates for the Boise office market ended the year at 16.6 percent. Although the overall vacancy rate increased slightly over the previous quarter, the average asking price increased by 2.7 percent. Additionally, concessions such as free rent and tenant improvements are decreasing. Meridian saw the highest level of office construction completions in the latter half of 2013, particularly the office portion of the Village at Meridian, but several other projects are also underway across the Treasure
Valley. For more details the full Office report may be accessed here: http://www.comre.com/uploads/reports/p18ip1bkqe155npkou3g1job18du3.pdf
Boise Retail Snapshot
Overall vacancy rates trended downward and ended Q4 at 8.1 percent. Several big-box grocery and soft goods stores entered the market and even more will follow throughout 2014. Additionally, many new brewery/restaurants opened their doors. The lifestyle portion of the Village at Meridian was completed in October2013 comprising approximately 430,000 sf of retail space. An additional 170,000 sf of retail space is expected to be built over the next couple of years at the center. For more details the full Retail report may be accessed here:
Historical reports are available for download at: http://www.comre.com/research
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.