TOK Commercial

With significant projects coming online, including large-scale retail spaces, total construction in 2024 has already outpaced last year’s figures. Here's an overview of the Q3 Retail landscape. Unanchored vacancy increased 100 basis points compared to the end of Q1, rising from 4.7 to 5.7 percent. This is the highest-level unanchored vacancy has been in nearly two years. The uptick in unanchored vacancy is due to a rise in supply, considering over 50,000 square feet of speculative product came online in Q2. This brought the mid-year spec total to 99,800 square feet. Notable spec projects that were delivered recently include two 6,000 square foot pads at Pine 43 in Meridian and multiple new ground-floor spaces at the Boardwalk Apartments in Garden City. Along with the high amount of spec space coming online, the delivery of Scheel’s 315,700 square foot store earlier this year has resulted in total construction surpassing 2023’s total with over 501,000 square feet delivered. For more market updates, please visit the link below. https://lnkd.in/gYpGDMm #cre #retail #markettrends2024 #itstok

Premier Boise Redevelopment Opportunity! Call For Offers Due Sept. 20th at 5:00 PM 304 Americana delivers a hard-to-come-by opportunity to purchase a prime redevelopment property directly outside the downtown core and off Boise’s I-184 connector. The prominent, 1.73-acre parcel has unique visibility to traffic inbound to Boise’s downtown amenities, major employers, and educational institutions. It is positioned ideally between the downtown core and the West Boise wave of development. It is also easily accessed and interconnected with the most populous areas of the Treasure Valley, within minutes of Boise State University, the Boise River and Greenbelt, I-84, and more. Zoned for Mixed-Use Downtown Design and Development (MX-5DD), this property is primed for a large-scale office, commercial, institutional, or residential development. Visit the link below to find out more or submit your offer! https://lnkd.in/gFajrVWw #cre #boise #development #mixeduse #forsale

Here’s a closer look at the trends shaping the office market for Q3 2024... Though slowing, the Boise Office market continued to show positive fundamentals in the second quarter of 2024. The number of transactions were down over 10 percent from this time last year as economic struggles continue to affect tenants. Nevertheless, overall and multitenant vacancy are down from Q1 of this year. Overall vacancy decreased to 6.9 percent while multitenant vacancy fell by 100 basis points to 10.1 percent, the lowest it has been since the end of 2022. Available sublease space continues its downward trend, staying well below 500,000 square feet in Q2. With this latest reduction, it has fallen back to levels that existed in the market over two years ago. However, high costs and persistent inflation continue to push tenants to reassess their overhead, as was highlighted by the recent closure of Intuit’s Eagle location and Intermountain Health‘s decision to close all Saltzer locations. These closures call attention to the choices businesses are making and are a likely indication that vacancy may begin to rise and absorption slow in the latter half of the year. For more market updates, visit the link below! https://lnkd.in/gYpGDMm #cre #office #markettrends2024 #itstok

Curious about the latest trends in cap rates and the Fed's next move? Here’s a quick snapshot of what happened in the Boise Investment market during Q3. Capitalization rates have remained relatively flat from the end of 2023, with cap rates in the office, retail, and industrial sectors averaging at or near six percent. Multifamily cap rates have seen a significant jump, averaging 5.9 percent, the highest multifamily cap rates have been since 2016. Average cap rates are anticipated to stay near six percent in all sectors, though more deals are trading in the high six to low seven percent range, most notably in the office and industrial sectors. Over the next few months, most investors will continue to hold capital as they patiently wait to see the outcome of the Fed’s meeting in September. The Federal funds rate has remained unchanged since July 2023 with the benchmark interest rate range currently between 5.25 and 5.5 percent. Inflation still remains somewhat elevated, but it is easing considering the consumer price index was 3.3 percent in June compared to 4.9 percent a year ago. This is a good indication that the Fed is preparing to make a rate cut in September, which would be the first cut in four years. For more market updates, visit the link below! https://lnkd.in/gYpGDMm #cre #investment #markettrends2024 #itstok

Rust never sleeps, but our amazing teachers are fighting back! Day 3 of the ASM Teacher Camp at Boise State University had our educators unraveling the mysteries of rust and decay. From creating the iconic "Mr. Copper & Ms. Sulfate" to mastering the art of electroplating, these passionate teachers are turning corrosion into classroom gold! 🥇 They're gaining invaluable insights and hands-on experience to inspire the next generation of scientists and engineers. Thank you to ASM Materials Education Foundation , Idaho STEM Ecosystem, National Science Foundation (NSF) , TOK Commercial, POWER Engineers, The Coca-Cola Company , and Boise State University for supporting this camp!

Join us in welcoming Bradley Nicoll to TOK’s Eastern Idaho Brokerage Team! Bradley boasts a strong foundation in commercial real estate bringing a deep skill set in project management and a detail-oriented mindset that cultivates a seamless representation process, driving transactions forward with efficiency and accuracy. He provides his clients with unique, in-depth knowledge of the market leveraging his extensive background and network of connections in the commercial development, home construction, and mortgage lending industries. Mentored by the most accomplished and respected brokerage specialists in Eastern Idaho, he represents landlords and tenants, offering advisory services in market conditions, pricing guidance, site selection, and contract negotiations for sales contracts and lease agreements. Outside of work, Bradley can’t get enough of Idaho’s great outdoors—from mountaineering and rock climbing to hiking and mountain biking. He and his wife look forward to hiking to the top of many of Idaho’s mountains with their three kids as they get older. Visit the link below to find out more about Bradley or connect with him on your Eastern Idaho commercial real estate needs! https://lnkd.in/exjaXqbt #itstok #easternidaho #brokerage #cre

The full Eastern Idaho Market Forecast Event panel discussion is now live on our YouTube channel! With Idaho Falls maintaining its top spot ranking for the second year in a row as the No. 1 Best-Performing Small City in the nation, by Milken Institute, you won’t want to miss the insights and forecasts from our team of industry experts on this market! https://lnkd.in/gW4W4jrv #itstok #cre #marketforecast #easternidaho #toprankedcity #milkeninstitute

Our listings and team have been making headlines this month!! 📰👏 Have you been reading? Visit the link below to catch up! https://lnkd.in/gxrJt5Aa If you’re interested in the properties mentioned, you can also find links to the listings there. | Whitewater + Main | 1,635 - 32,183 SF Retail Spaces For Lease In Downtown Mixed-Use Development | Former Sears at Boise Towne Square | 119,400 SF Retail Space For Sale or Lease (Divisible Leasing Options Available) At Former Big Box Department Store at Regional Mall | 304 Americana Boulevard | Call For Offers Due Sept. 20th at 5:00 PM Premier Downtown Boise Redevelopment Opportunity #cre #idaho #itstok #realestate #inthenews

Did you tune in to hear Moses Mukengezi featured on Idaho Office For Refugees' podcast, on Radio Boise KRBX 89.9 / 93.5 FM? If you missed it, you can catch the recording here: https://lnkd.in/gBSqVTrQ In honor of World Refugee Day this month, they are sharing stories of Idahoans with refugee backgrounds every Wednesday afternoon on the MOSAICS podcast! #itstok #idaho #refugees #cre

FOR SALE | Vista Terrace Apartments | 1905 S. Vista Ave | Boise, ID Located in a sought-after area of Central Boise, this property is an ideally positioned multifamily investment opportunity. Just moments away, residents can explore the scenic parks, dine at an abundance of eateries, shop at charming local retail shops, and find their everyday essentials along the bustling Vista corridor. This 1970’s vintage garden-style multifamily property on the Boise Bench includes 1 and 2-bedroom floorplans with renovated interiors and significant rent upside! Contact listing agents Andrew Boespflug and Mike Greene for more information, or visit the link below: https://lnkd.in/gbZkAyHX #cre #investment #multifamily #itstok