- Continued Growth
The Boise industrial market continued its high velocity growth pattern, with over one million square feet (msf) delivered in Q2 2023 and over 1.8 msf delivered year-to-date (YTD).
While developers have met and exceeded demand for warehouse/distribution space, office service/flex space continued to be in short supply.
- Rising Rents
Industrial rents climbed in all U.S. regions and jumped $0.04 price per-square-foot (psf) quarter-over-quarter (QOQ) in the West Region and $0.14 psf year-over-year (YOY) on a monthly basis.
- Strong Population Growth & Low Unemployment
Boise was ranked No. 3 in annual population growth nationwide at 2.2% and is projected to increase further, while its economy expanded at a rate of 3.4% YOY.
- Supply & Demand
The market should yield a steady increase in vacancy as supply is expected to outpace demand in the coming quarters.