In the Treasure Valley, 12.55 percent of office space is now vacant, according to a new report from Thornton Oliver Keller. That represents a historic high for the area and puts inventory at an 18-month supply.
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- Category: Market Updates Market Updates
- Published: 06 December 2008 06 December 2008
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Office vacancies reach historic high in Treasure Valley
By ibrealestate, Idaho Business ReviewThe report says construction has slowed in 2008, though in Meridian “a significant amount” of speculative office space is under way. It sites The Portico at Eagle and Franklin roads, saying it will add a significant amount of new medical and office space to the market in the coming months. And activity in the medical office market has slowed in recent months.
The highest vacancy rate in the area is in the southwest Boise submarket at 22.6 percent. North Boise, Eagle and Meridian all have rates higher than 20 percent. The lowest vacancy rate is in the airport submarket at 2.4 percent. Downtown Boise and southeast Boise each have rates lower than 10 percent.
Those investors who were thinking commercial real estate is where it's at, might take another look at the residential real estate market. There are some tremendous buys on single-family homes as well as multi-family dwellings.
Now is the time to take a look at homes in Nampa, homes in Boise, homes in Meridian and Idaho residential real estate in general. With interest rates dropping and prices at the lowest they've been in years, smart investors with cash are putting their money into real estate that will cash flow by renting the units out. When you're ready to get serious about protecting your investments and procuring smart real estate, contact Nampa real estate agent, Don Wixom. He's looking out for your next move....
