Boise Industrial Figures Q1 2025

In Q1 2025, the Boise Industrial market experienced a slight increase in the vacancy rate to 7.4%, up from 7.2% in Q4 2024. Quarterly net absorption saw a positive shift, with 191,524 sq. ft. absorbed compared to 131,919 sq. ft. in the previous quarter. The average direct lease rate remained relatively stable growing by $0.04 quarter-over-quarter to $0.86. Under construction surged significantly to 1.36 million sq. ft., a notable increase from 220,376 sq. ft. in the prior quarter. This surge is primarily due to two new projects breaking ground in the Airport submarket to support Micron’s sizable investment into the area. Additionally, area delivered saw a substantial rise quarter-over-quarter, with 220,376 sq. ft. delivered in Q1 2025 compared to just 32,200 sq. ft. in Q4 2024.