The Boise Commercial Real Estate Market

Shanti Ryle

November 24, 2025

The town of Boise, Idaho, with the sun setting behind it.

Key Takeaways

Boise remains in a growth phase that is earlier than many Western metros, with strong population projections, rising household incomes, and sustained in-migration supporting long-term demand across industrial, multifamily, office, and neighborhood retail assets.
Industrial fundamentals are adjusting as new supply delivers, but positive absorption, active leasing along the I-84 corridor, and major tenant expansions indicate the sector remains one of Boise’s most durable drivers of commercial activity.
Office and retail markets are shifting from rapid expansion to normalization, creating a more selective environment where well-located, high-quality assets in Meridian, Downtown, and West Boise continue to outperform broader market averages.
Multifamily remains one of Boise’s most resilient investment segments, with tight vacancy, positive rent growth, and sustained renter demand fueled by job creation and affordability gaps with larger West Coast markets.

Boise has grown from a quietly emerging market to a nationally recognized destination for businesses, investors, and talent - and commercial real estate activity has followed suit.

As more buyers, tenants, and developers look toward the Treasure Valley for long-term opportunity, Crexi connects them with the tools, data, and listings they need to move with confidence. Our platform supports brokers and owners across Boise and greater Ada County, helping them market properties, manage leads, and reach a nationwide pool of prospects exploring the region’s CRE potential.

Since launching, Crexi has helped simplify and accelerate transactions across the country, representing more than $615 billion in property deals and marketing over $7 trillion in assets. That scale now extends to Boise, where interest continues to rise across office, industrial, retail, multifamily, and land.

As the city welcomes new employers, residents, and development activity, Crexi is proud to play a role in the market’s growth as the nation’s fastest-growing online commercial real estate platform.

Boise Commercial Real Estate Overview

Boise’s quality of life gets a lot of attention, but its economic strength also keeps companies and investors interested. The metro regularly ranks among the nation’s most livable cities, and accolades like #1 Most Livable City and Top U.S. Cities for Job Growth reflect that momentum. With extensive parks and trails, a lower cost of doing business, and a strong entrepreneurial streak, Boise offers a balance of lifestyle and opportunity that’s rare for a midsized market.

That appeal has helped drive steady population and job growth. Major employers such as Micron Technology, HP Inc., St. Luke’s Health System, and Saint Alphonsus remain economic anchors, while startups and remote workers have created new demand for office, industrial, and flex space. Boise’s affordability compared to West Coast cities has also drawn new residents and businesses, expanding interest in commercial real estate across the metro.

For anyone eyeing their next move, Boise offers room to grow and a market that still feels early in its evolution.

Downtown Boise from an angle with a wide street stretching through the city.

Boise Regional Context

Boise’s metro area has grown into one of the Northwest’s standout population centers, drawing new residents from across Idaho and beyond. The city has shifted from a smaller-state capital to a true regional hub, with expanding neighborhoods, new commercial districts, and rising demand for housing and services. Increasing incomes and a well-educated workforce have helped fuel that momentum, giving the region more buying power and economic stability than many other midsized markets.

Boise’s size and continued growth are also influencing long-term planning, including the city’s push toward a more sustainable future. All of these factors shape a metro that’s still growing and changing in ways that matter for businesses and real estate.

The Boise metropolitan area has more than 826,500 residents, with over 235,000 people living within the Boise city limits.
The population of Boise is projected to increase by 16% by 2034.
Boise isn’t just Idaho’s biggest city by population; it also covers more land than any other city in the state.
The median age in Boise is 39, which is a little higher than the figure in the US.
The per capita income in Boise is $48,560, while the median household income is $79,977 - both higher than the overall figures for Idaho.
About 40% of Boise households have an income of $100,000 or more.
The city of Boise has set a goal to be carbon neutral by the year 2050, marking its commitment to sustainability.

A snowcapped mountain with the sign "Boise National Forest" in the foreground

Boise Job Market

The Boise economy has been gaining real momentum, driven by a mix of established employers and big new investments that signal confidence in the region’s future. Micron’s multi-billion-dollar expansion, new commercial development in South Boise, and a major 14-story hotel downtown all point to growth in tech, construction, and tourism - sectors that create long-term jobs and attract additional business activity.

The city’s workforce is anchored by major healthcare, government, and manufacturing employers, while Boise State University and other regional institutions continue to supply a steady flow of talented professionals. With a diverse employment base and development still moving forward, Boise’s job market feels exceptionally well-positioned for the years ahead.

Data from the St. Louis Fed totals the Boise GDP at nearly $45 billion, an increase of more than 20% since 2020.
The Boise City-Nampa, ID metro area unemployment rate is 3.6%, as reported by the US Bureau of Labor Statistics (August 2025).
The largest industries in Boise include healthcare and social assistance, government, retail trade, construction, accommodation and food services, and manufacturing. Currently, the city is targeting growth in food processing and agribusiness, technology, and professional services.
Boise has made an impressive post-pandemic recovery, especially in the construction, warehousing, and manufacturing sectors.
Major employers in Boise include St. Luke’s Health Systems, Micron Technologies, Saint Alphonsus Health System, Albertsons, and J.R. Simplot Company.
There are more than a dozen public and private educational institutions in the Boise area, including Boise State University, the College of Idaho, Idaho State University, and University of Idaho.
About 48% of Boise residents hold a bachelor’s degree or higher, a number that is far higher than that of the overall rate in Idaho and the U.S. alike.
Boise’s transportation network centers around I-84 and I-184, providing direct regional connectivity for freight, commuters, and commercial activity. The Boise Airport also plays a growing role in business travel and cargo movement.

A timelapsed photo of downtown Boise at night with car headlines streaking down the main streets

Boise Industrial Market

Boise’s industrial market is in a transition phase, shaped by a wave of new development and steady user interest. A surge of new buildings has opened up more space, which pushed vacancies higher, but companies are still active in the market and signing meaningful leases.

Big moves from tenants like Corey Barton Homes and Mondelez suggest businesses are growing, not stepping back. And with a sizable construction pipeline and strong activity along the I-84 corridor, industrial real estate continues to be one of the metro’s most important - and most watched - segments going forward.

Market overview (Cushman & Wakefield Q3 2025)

Inventory: 57,374,348 SF
Vacancy rate: 8.9%
Absorption: 237,798 SF (YTD)
Key leases by tenant: Corey Barton Homes (214,120 SF), Mondelez Global (36,200 SF), Saalt LLC (27,000)
Under construction: 8,563,329 SF
Largest submarkets: Nampa, Airport, Meridian, Caldwell

Crexi Insights

Crexi Insights reports the most recent lease and sales trends for industrial property in Boise (as of November 2025):

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 9,882
Days on market: 190
Total listings on Crexi: 117 spaces

For Sale (active)

Median asking price: $1.5 million
Price/SqFt: $217
Asking cap rate: 6%
Days on market: 169
Total listings on Crexi: 16 listings totaling 282,500 SF

Sales Comps (past 12 months)

Median sold price: $2.7 million
Sold price/SqFt: $231
Total sales volume: $239.6 million
Median SqFt sold/transaction: 14,000
Total SqFt sold: 200,700 SF

Find Boise industrial space for rent.

A view of downtown Boise's city hall, with offices and shops lining the shot from the street

Boise Office Market

The office market in Boise is adjusting to a new rhythm. Demand has cooled from the rapid expansion seen a few years ago, and companies are taking more time to decide how much space they really need. Even so, Boise is still faring better than many major U.S. office markets, with vacancy levels that sit well below the national average.

Lease activity is being driven by sectors like healthcare, professional services, and tech, and tenants are gravitating toward high-quality space in walkable areas and growing suburban hubs. With a modest construction pipeline and a business community that continues to expand, the office market is sailing into a steadier, more intentional phase of growth.

Market overview (Cushman & Wakefield Q3 2025)

Inventory: 17,502,809 SF
Vacancy rate: 11.8%
Absorption: -378,884 SF (YTD)
Key leases by tenant: Marvell Semiconductor (29,282 SF), Republic Services (14,635 SF), Full Circle Health (13,047 SF)
Under construction: 193,493 SF
Largest submarkets: Downtown, West Boise, Meridian, South Meridian

Crexi Insights

Crexi provides data in real-time for the Boise office market. Here are the latest leasing and sales trends as of November 2025:

For Lease (active)

Asking rate/SqFt (median): $19 per year
Median SqFt/listing: 2,267 SF
Days on market: 243
Total listings on Crexi: 458 spaces

For Sale (active)

Median asking price: $1.4 million
Price/SqFt: $294
Asking cap rate: 0%
Days on market: 196
Total listings on Crexi: 16 listings totaling 79,800 SF

Sales Comps (past 12 months)

Median sold price: $925,700
Sold price/SqFt: $246
Total sales volume: $108.6 million
Median SqFt sold/transaction: 3,672 SF

Find Boise office space for rent.

Dozens of hot air balloons float over a green area near Boise, part of the city's retail and tourists attractions

Boise Retail Market

Boise’s retail landscape is entering a cautious stretch after several years of rapid growth. Vacancy has inched up as some tenants consolidate space and consumer habits continue to shift, but demand hasn’t disappeared. National fitness brands, local entertainment concepts, and service-oriented retailers are still signing leases in key submarkets.

Well-located centers in areas like Meridian and West Boise are holding interest thanks to steady population growth and strong household incomes, which help support daily-needs retail. With limited new construction and a growing residential base, the retail market is recalibrating rather than retreating, setting the stage for a more measured phase of activity.

Market overview (Cushman & Wakefield Q3 2025)

Inventory: 25,655,754 SF
Vacancy rate: 4.4%
Absorption: -20,356 SF (YTD)
Key leases by tenant: The Flying Pickle (50,000 SF), Planet Fitness (26,000 SF), Idaho Fitness Factory (7,700 SF)
Largest submarkets: Nampa, Meridian, West Boise, Central Boise

Crexi Insights

Crexi Insights into Boise retail lease and sales trends (as of November 2025):

For Lease (active)

Asking rate/SqFt (median): $25 per year
Median SqFt/listing: 2,300 SF
Days on market: 292
Total listings on Crexi: 137 spaces

For Sale (active)

Median asking price: $2.5 million
Price/SqFt: $366
Asking cap rate: 5.5%
Days on market: 146
Total listings on Crexi: 9 listings for a total of 111,500 SF

Sales Comps (past 12 months)

Median sold price: $1.7 million
Sold price/SqFt: $239
Total sales volume: $74.4 million
Median SqFt sold/transaction: 9,963 SF

Find Boise retail space for rent.

Downtown Boise with fall leaves in the foreground and a hot air balloon floating above the city.

Boise Multifamily Market

The multifamily market is being shaped by Boise’s steady growth and a continued wave of residents relocating from higher-cost western cities. New jobs in tech, manufacturing, and healthcare are drawing more workers into the region, which keeps demand for rentals healthy even as construction activity slows from its recent peak.

Rents are still trending upward and vacancy remains relatively tight, highlighting a market that’s normalizing rather than cooling off. With major employers expanding, multifamily housing remains a key component in Boise’s CRE future.