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Boise Office Five Fast Facts | Q2 2023

Chris Ison • 7/19/2023
The Boise market’s overall vacancy increased in Q2 2023 to 10.2%, up 200 basis points quarter-over-quarter (QOQ), but continued to perform well below the national vacancy rate of 19.2%.
  1. Office Demand Outperforms Most Markets 
    The Boise market’s overall vacancy increased in Q2 2023 to 10.2%, up 200 basis points quarter-over-quarter (QOQ), but continued to perform well below the national vacancy rate of 19.2%.  

  2. Competitive Rents 
    The national average rent of $37.31 price per-square-foot (psf) represents a 62.8% premium over the Boise market average rent of $22.91 psf. 

  3. More Sublease Space 
    Available sublease space jumped 22.7% QOQ and 60.2% year-over-year (YOY). 

  4. Strong Population Growth & Low Unemployment 
    Boise was ranked No. 3 in annual population growth nationwide at 2.2% and is projected to increase further, while its economy expanded at a rate of 3.4% YOY. 

  5. Sales Volume & Price On Rebound 
    Sales Volume and prices were down YOY, but are both up QOQ. 


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