- Office Demand Outperforms Most Markets
The Boise market’s overall vacancy increased in Q2 2023 to 10.2%, up 200 basis points quarter-over-quarter (QOQ), but continued to perform well below the national vacancy rate of 19.2%.
- Competitive Rents
The national average rent of $37.31 price per-square-foot (psf) represents a 62.8% premium over the Boise market average rent of $22.91 psf.
- More Sublease Space
Available sublease space jumped 22.7% QOQ and 60.2% year-over-year (YOY).
- 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.
- Sales Volume & Price On Rebound
Sales Volume and prices were down YOY, but are both up QOQ.