Boise Office Figures Q1 2026

Office fundamentals in the Boise metro remained stable in Q1 2026, with modest improvement supported by steady tenant demand and balanced supply dynamics. Net absorption totaled 12,000 sq. ft. during the quarter, while overall vacancy held flat at 7.8%, unchanged quarter‑over‑quarter and down 90 basis points year‑over‑year. Total availability increased marginally, rising 20 basis points quarter‑over‑quarter, but remained 100 basis points lower year‑over‑year. In contrast, availability within Class A product declined 60 basis points quarter‑over‑quarter and 150 basis points year‑over‑year, as tenant interest continued to favor modern, high‑quality space. Direct asking rents remained steady, edging up to $23.76 per sq. ft. FSG, following modest declines through 2025.

Supply conditions remained measured despite increased development activity over the past year. Space under construction eased to 212,000 sq. ft. in Q1 2026, following the delivery of approximately 32,000 sq. ft. across two small‑scale projects. New development activity remained limited and largely concentrated in owner‑user projects. Looking ahead, stable vacancy, modest demand, and limited near‑term supply position the market well to absorb recent gains and maintain steady fundamentals through the remainder of 2026.