Boise Office Figures Q1 2023

The average direct asking rent in Q1 2023 increased by 2.3% quarter-over-quarter, reaching $23.82 per sq. ft—demonstrating a continued trend of rising asking rents in the Boise metro.

The South Meridian and Meridian submarkets continue to command top-tier rental rates, with the South Meridian submarket demanding rents that are 9% above the metro average.

Rising office availabilities continue to challenge market dynamics for landlords but present more opportunities for tenants searching for space.

Q1 2023 saw the availability rate increase by 70 basis points quarter-over-quarter and 480 basis points year-over-year. The South Meridian submarket had the highest availability rate at 32.5%, while Airport, Caldwell, and Nampa submarkets had minimal availability.

Although the Boise metro continues to face economic headwinds, 149,652 sq. ft. of construction is currently underway in the South Meridian submarket. In addition, the Sundance Company delivered Veranda Plaza, a 73,734 sq. ft. office in the South Meridian submarket, in Q1 2023.