Boise Office Figures Q4 2025

Office fundamentals in the Boise metro demonstrated resilience and modest improvement in 2025, driven by steady demand and strong underlying economic drivers. The overall vacancy rate ticked up to 7.7% in Q4 2025 but remained 140 basis points below prior-year levels, underscoring competitive market conditions. Most submarkets recorded vacancy declines in 2025, with only the Bench, Caldwell, and Downtown posting annual increases. Tenant demand in 2025 remained concentrated on modern, high-quality space; however, Class A vacancy stayed elevated relative to the market average for the third consecutive year, driven by new supply and several years of occupiers delaying long-term leasing decisions.
 
Supply-side pressures remained minimal in 2025, even as a handful of new projects broke ground, bringing year-end construction volume to 243,581 sq. ft. across five projects. Office construction had slowed significantly over the past few years, with owner-user and medical office projects serving as the primary drivers of limited new development. No new deliveries occurred during the year, and by year-end, inventory was projected to expand by just 1.3% in 2026, signaling limited near-term oversupply risk. Looking ahead, tightening availability combined with steady demand position the market for continued momentum heading into 2026.