Boise Industrial Figures Q1 2026

The Boise industrial market shifted into a clearly supply‑driven phase over the last three years. Vacancy climbed 6.8 percentage points between Q1 2023 and Q1 2026, as approximately 7.5 million sq. ft. delivered against 4.1 million sq. ft. of net absorption, leaving a sizable overhang of new space. Despite these conditions, demand remained broadly positive, with only two quarters of decline recorded in 2025. Pricing also held firm, as average asking rents in Q1 2026 were 2.7% higher than a year earlier, even though they edged down 2.2% quarter-over-quarter.

In Q1 2026, conditions softened at the margin. Net absorption dropped 74.1% quarter‑over‑quarter to 167,000 sq. ft. Consequently, vacancy rose to 9.2%, a 90-basis-point (bps) increase quarter-over-quarter and 110-bps increase year‑over‑year. Availability followed a similar path, up 130 bps quarter-over-quarter and 140 bps year-over-year to 9.9%. While market conditions softened, construction activity remained an integral part of the story. Driven by project completions, space under construction declined to 1.4 million sq. ft. from 2.1 million sq. ft. during the quarter, representing a reduction of 21.1% quarter‑over‑quarter and 19.3% year‑over‑year. These completions pushed quarterly deliveries to 700,000 sq. ft., nearly three times higher than a year earlier.