Multitenant office vacancy in North Idaho ended 2023 at 10.7%. Total office vacancy in the area (includes single-tenant buildings) ended the year at 4.4 ..read more

The strong organic growth the area has seen will likely continue to drive the demand for future office space. Over half of transactions in 2023 were with tenants opening additional locations, expanding their space, or local tenants starting new businesses ..read more

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Despite other markets seeing vacancy soaring and significantly reduced demand for space, the office sector in the Boise MSA continues to see healthy fundamentals. Overall net absorption remains positive totaling 313,000 square feet and ended the year with the strongest quarter in two years ..read more

It was another banner year for retail development with 303,500 square feet of new construction, up slightly from 2022. The biggest project delivered was D&B Supply’s new store in Caldwell, while the rest of the construction was attributed to multiple single tenant and strip center projects under 15,000 square feet ..read more

Compared to 2022, commercial construction slowed considerably in 2023. The number of commercial permits pulled in the Boise MSA were down 30 percent and saw the lowest number of permits since 2011. Several factors impacted commercial development such as high construction costs, shortage of skilled labor coupled with rising labor costs, and the financial sector making it difficult for builders to secure financing ..read more

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