Boise Office Figures Q4 2023

January 24, 2024 4 Minute Read

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The Boise office market maintained stable vacancy and availability rates in Q4 2023, concluding the year at 10.4% and 10.9%, respectively
The average direct asking rent held steady in Q4 2023, increasing by 0.3% quarter-over-quarter and 2.4% year-over-year, reaching $23.84 FSG per sq. ft. per year.
Class A rents in the Boise office market reached a historic high, increasing by 5.5% from year-end 2022, reaching $27.20 FSG per sq. ft. per year.
Sublease availability softened in Q4 2023, decreasing by 6.2% quarter-over-quarter. The year concluded with just 370,328 sq. ft. of available sublease space, making up 2.5% of the total market’s net rentable area.
Despite heightened vacancy rates and challenging macroeconomic conditions, 161,405 sq. ft. of office space was under construction in the Downtown submarket in Q4 2023. Additionally, two new properties were completed in 2023, including the Power Engineers Headquarters in the Eagle View Landing business park, adding 223,386 sq. ft. to the South Meridian submarket.