Boise Office Report Q1 2019
The Boise office market experienced positive net absorption in the first quarter. In the CBD submarket, the large negative absorption reflects the approximate 135,000 s.f. (square feet) newly available at the River Shore Development. Net leasing activity amounted to approx. 421,000 s.f., with a large portion occurring in Central Boise and the CBD. Quarter-to-quarter change in asking rates for the Boise MSA saw ¾ of a percent increase to $17.59 on a per square foot (psf) full service basis for all classes. Downtown rates for class A full service leases are at an average of $21.48, and monthly parking averages are $120 per month. Market wide office vacancies remain low, but increased to 7.34% over the first quarter. Central Boise had the highest net absorption and most leasing activity in the first quarter, thus resulting in a 4% increase in full service asking rates from Q1 2018.