'Boise is beginning to see tremendous interest from larger tenants due to its educated work force, high quality of life, and new, aggressive tax incentives,' said Tim Reid, Managing Director of the Boise office of Cushman & Wakefield Commerce.
Boise, Idaho (PRWEB) August 27, 2014
The Boise office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports for Q2 of 2014. The reports detail the commercial real estate activity for the office and retail markets in the Boise area.
“Boise is beginning to see tremendous interest from larger tenants due to its educated work force, high quality of life, and new, aggressive tax incentives,” said Tim Reid, Managing Director of the Boise office of Cushman & Wakefield Commerce and Office / Investment Specialist. “Looking forward, we expect continued job growth in the Boise market, which will fuel the office market and increased revenues will also drive the retail market, which should continue to see a drop in vacancy rates through the end of the year.”
Boise Office Snapshot
The office market saw a slight increase in the vacancy rate in Q2, increasing by 0.4 percentage points (pps) on a year-over-year basis. Looking forward, absorption is expected to be positive through the end of the year; however, the vacancy rate is not expected to drop due to new construction.
For more details, see the full office report here: http://www.comre.com/uploads/reports/p18v5n81p978016fe1n67kcv1j9h3.pdf.
Boise Retail Snapshot
The retail market in Boise continued to impress by adding inventory and decreasing in vacancy. The overall vacancy rate went down by 2.1 pps on a year-over-year basis. Despite a downward trend in the vacancy rate, leases rates actually drifted slightly lower by 1.8%. This is not indicative of a weakening retail market, but rather the result of higher quality space leasing faster than lower quality space. For more details, see the full retail report here: http://www.comre.com/uploads/reports/p18v5n9hi51khqd9417bbi1m1osp3.pdf.
The full reports for each of these markets, as well as historical reports are available for download at: comre.com/research.
Additionally, the Boise Office of Cushman & Wakefield | Commerce has produced a series of videos recapping the state of the market. These videos can be found at the following:
- C&W | Commerce Boise Market Update: https://www.youtube.com/watch?v=tdvCb1eTV9k
- Q2 2014 Boise Retail Update: https://www.youtube.com/watch?v=yc59f8p6JXM
- Q2 2014 Boise Office Update: https://www.youtube.com/watch?v=TDRxrBedJu0
- Q2 2014 Boise Industrial Update: https://www.youtube.com/watch?v=OEEqMMum2Y4
- Q2 2014 Boise Investment Update: https://www.youtube.com/watch?v=ThaP7r3Dqzs
Social Links Connect with Cushman & Wakefield | Commerce:
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 comre.com; 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 250 offices in 60 countries globally. cushmanwakefield.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 250 offices in 60 countries, employing more than 16,000 professionals. 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. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at cushmanwakefield.com/knowledge.