The Boise Commercial Real Estate Market

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Crexi connects commercial real estate professionals in Boise, Idaho, and throughout the Treasure Valley with the tools they need to transact and thrive. Buyers, tenants, and investors nationwide look to Boise as an active marketplace with plentiful growth potential. Crexi offers these parties a high-powered focus on the market and a thriving marketplace of available Boise commercial properties.

Nearly 92% of Crexi’s virtual traffic are buyers and tenants seeking the perfect property for their needs. 

Brokers use Crexi’s robust listing, lead management, and digital marketing platform to connect with buyers and tenants exploring Treasure Valley commercial real estate as a potential investment opportunity in Boise and beyond.

Today, Crexi has simplified and accelerated CRE transactions representing over $330 billion in property transactions and marketed assets worth over $2 trillion in value. 

Crexi is proud to serve Boise and the entirety of Ada County as the nation’s fastest-growing online commercial real estate platform.

The Boise Commercial Real Estate Market

Once regarded as a flyover city, Boise has rapidly grown into the commercial center of southwestern Idaho. The metropolitan area ranks number one in the nation for job growth and has seen its population skyrocket by nearly 15% since 2010.

Located along the Boise River, Boise is the capital of Idaho and the largest city in the state. The town is surrounded by stunning foothills and pristine mountains and is home to a vibrant commercial real estate market. 

An influx of residents and businesses keeps office and retail leasing activity strong. In addition, the industrial market in Boise is benefitting from the city’s strategic location midway between Sacramento, Salt Lake, and Seattle, with the vacancy rate for industrial space down to just 1.1%.

Boise Regional Breakdown

Boise is seeing a surge of population growth, along with the entire state of Idaho. Over the last ten years, the population of Boise grew by nearly 15%, with an ever-increasing number of residents and businesses relocating to the metropolitan area:

  • Boise is home to almost 236,000 in the city and more than 730,000 in the metropolitan area.
  • Boise is the capital of Idaho and the most populous city in the state.
  • Over the past ten years, the population of Boise surged 14.6%, while the state of Idaho grew by 17.4%.
  • Metropolitan Boise encompasses Ada, Boise, Canyon, Gem, and Owyhee counties.
  • The largest cities in the metro area are Boise, Caldwell, Meridian, and Nampa.
  • The median age in Boise is 36.6 years, a little less than the figure in the US.
  • Boise’s per capita income is $32,704, and the median household income is $64,717.
  • Over the past year, median household incomes in Boise increased by 5.7%, while property values grew by 9.8%.

Boise Job Market

Although an increasing number of Americans are leaving the labor force, Boise is bucking the trend. The city is ranked number one for fastest job growth, with strong demand for employment in the software development, logistics support, and human resource sectors:

  • GDP for Boise is $37.9 billion and has grown by more than 60% over the past ten years.
  • The unemployment rate in Boise is 3.0% as of February 2022.
  • Boise’s fastest-growing employment sectors include information services, trade and transportation, financial activities, and leisure and hospitality.
  • Boise’s largest private-sector employers are St. Luke’s, Micron, Saint Alphonsus, Albertsons, Walmart, Simplot, and HP.
  • Target industries in the Boise metropolitan area are food-processing and agribusiness, manufacturing, professional services, and technology.
  • Meta (formerly Facebook) is building an $800 million data center in the City of Kuna (one of the fastest-growing cities in Idaho). Too, the Stow Company recently announced the construction of a new $143 million investment in Adler Industrial Nampa Park.
  • More than 14 higher education institutions are located in the Boise metropolitan area, including Boise State University and the Boise campuses of the University of Idaho and Idaho State University.
  • Over 92% of the residents are high school graduates or higher, while more than 33% hold a bachelor’s or advanced degree.

The transportation infrastructure of Boise includes freight rail service from Union Pacific and Burlington Northern Santa Fe, 50 motor freight companies, interstate highway 84, six federal and state highways, and commercial and passenger service provided at the Boise Airport.

Boise Industrial Market

The industrial vacancy in the Boise MSA saw declining vacancy rates throughout 2021, with current vacancy rates barely above 1%. The need for industrial space increased even more during the pandemic as E-commerce and consumer demand grew. While inventory is currently low, developers have more than 2 million square feet under construction this year, helping to keep up with the demand for industrial space in Boise:

  • Total industrial inventory: 38,563,797 SF
  • Average asking rent: $0.90/SF/month, NNN
  • Vacancy rate: 1.1%
  • Absorption: 954,000 SF in 2021
  • Key lease transactions by tenant: Federated Ordinance/Nemo Arms for 265,200/SF, I/D/E/A Inc. for 53,080/SF, House of Design LLC for 43,570 RSF
  • New construction: 521,982 SF completed in 2021, with over 2.4 million SF currently under construction
  • Largest industrial submarkets: Nampa, Caldwell, Airport, Southeast Boise, West Boise

Learn more about industrial properties for lease in Boise.

Boise Office Market

An uptick in new residents and businesses relocating (and expanding) in Boise translated to more office transactions. Boise’s office trends showed that several of the biggest lease transactions came from companies new to Idaho. In fact, new to market tenants leased 15.3% of office space in September 2021 in both Downtown Boise and suburban submarkets:

  • Total office inventory: 16,644,110 SF
  • Average asking rents: $24/SF per year for Class A space and $20/SF per year for Class B office space.
  • Vacancy rate: 7.9%
  • Net Absorption: -178,000 in 2022 year-to-date
  • Leasing activity: 350,000 in Q1 2022
  • Investment sales trends: $16 million sold in Q4 2021, transaction sale price $201/SF, market cap rate 8.6%
  • New construction: 269,000 SF currently under construction
  • Largest office submarkets: Downtown, West Boise, Meridian, Central Boise

Learn more about Boise office properties for lease. 

Boise Retail Market

The retail sector in Boise is enjoying a wave of success with significant activity from both retail and restaurant tenants. Metropolitan Boise is seeing an influx of restaurant leases, with over 950,000 SF leased. Retail expansion in Boise is also helping to keep demand strong, accounting for more than 40% of the new leases signed in 2021, proving that the experience of brick-and-mortar stores can hold up to the convenience of online shopping:

  • Total retail inventory: 40,334,600 SF
  • Average asking rent: $13.82/SF per year, NNN
  • Vacancy rate: 4.6%
  • Absorption: 430,000 in Q4 2021
  • Key leasing activity by tenant: Warehouse Food Hall for 45,000 SF, Mecca Gym for 23,336 SF, Treefort for 19,609 SF  
  • Investment sales trends: $6 million sold in Q4 2021, transaction sale price $177/SF, market cap rate 6.7%
  • New construction: 366,956 SF currently under construction
  • Largest retail submarkets: Nampa, Downtown, Central Boise, West Boise

Learn more about Boise retail properties for lease.

Boise Multifamily Market

The Boise multifamily market benefits from an influx of new residents and people flocking from dense urban areas seeking a better quality of life and more space to work from home. Market asking rents in Boise increased by 13.5% in Q4 2021 compared to the same period the previous year, with investors driving market cap rates down to just 4.7%:

Learn more about Boise multifamily properties for sale.

How Crexi Connects Buyers and Tenants to Boise CRE Properties

Crexi’s free-to-use marketplace allows buyers and tenants nationwide to explore properties throughout Boise, Idaho. Boise and Treasure Valley currently rank as a high-potential, under-the-radar investment sector attracting the attention of commercial property investors across the US. 

Principles and lessees alike can freely browse Boise property for sale and lease on Crexi’s platform. The site’s advanced search functionality allows users to narrow investment properties by price/rate per square footage, asset class, neighborhood, property type, total square footage, and even school district.

Upon finding the perfect listing, buyers and tenants can immediately connect with a Boise commercial real estate broker, download property informational brochures, and even submit an offer letter through Crexi’s secure platform. 

Intelligence Offers Investors Data Insights & Market Knowledge 

Crexi’s Intelligence offering helps investors and tenants make smarter CRE decisions. Interested parties can browse through a database of third-party verified sales comparables and property records, including data on Boise, Idaho. Tenants and buyers use Crexi Intelligence to make the best decisions possible when investing in the Boise commercial property space.

Buyers, sellers, and tenants can access Intelligence on a subscription basis.

How Boise Brokers Win with Crexi

Crexi’s marketplace features over 1000 Boise properties for sale for lease within the wider metro area. Industrial and land parcels are on the rise in the region, followed by multifamily parcels as populations continue to migrate to Boise.

In Boise and throughout Ada County, brokers can list properties and manage transactions across various asset classes, including:

  • Land Parcels
  • Development sites
  • Industrial facilities
  • Multifamily units
  • Office units
  • Hospitality units
  • Non-traditional and mixed-use properties such as medical offices, data centers, etc.

Crexi’s no-cost marketplace empowers brokers to list and manage property transactions online efficiently. Boise brokers can reach out to leads, check out real-time buyer activity insights, manage their deals pipeline, and manage due diligence documentation in Crexi’s encrypted file vault.

Crexi’s broker tools’ real power is unveiled with Sale PRO, Lease PRO, and All PRO. 

Crexi PRO Dashboard 2020

Crexi All PRO

Crexi PRO equips brokers with next-level access to lead contact information, marketing analytics, and fully customized lead reports. PRO listings automatically received preferred tile placement atop Crexi search pages. These listings also get blasted to Crexi’s weekly email subscribers and viewed by thousands of relevant buyers nationwide. Crexi’s email blasts contain highly relevant properties based on buyer searches, earning a click-through rate average of 10-15%.

Crexi PRO subscribers also can browse through the 13 million sales comparables, 40 million property records, and detailed property insights on each page included in Crexi Intelligence at no added cost.

With Crexi PRO, Boise brokers can easily engage with the 85k+ leads looking for local property and the more than 12.5 million leads nationwide who searched using Crexi in 2021. On average, Crexi PRO users successfully win 125% more leads and close up to eight times more deals than non-PRO users. 

Contact to learn more about All PRO. to learn more about All PRO.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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