Boise Office Figures Q3 2026

Office market conditions remained mixed in Q3 2026. Tenant demand continued to support rent growth and new development, while occupancy gains were tempered by extended leasing and build-out timelines. Net absorption totaled negative 64,000 sq. ft. during the quarter, contributing to a modest increase in vacancy to 8.8%. Sublease availability remained limited at just 1.5%, as the Boise metro continued to avoid the buildup of sublease space that has challenged many larger U.S. office markets. Average direct asking rents increased 1.9% quarter-over-quarter to a cyclical high of $24.14 FSG per sq. ft., reflecting sustained demand for modern, high-quality office product.

Development activity accelerated during the quarter, with the construction pipeline expanding to 311,000 sq. ft., its highest level since 2019. Demand continued to keep pace with new supply, as the 56,000 sq. ft. delivered in 2026 was 95% committed at quarter end, while the remaining pipeline was 71% preleased. Strong preleasing activity underscored Boise's ability to support new development, reflecting sustained tenant demand and confidence in the market's long-term growth.