Report: Population Growth Powers Boise Retail Market in Q4
Boise, ID and Treasure Valley experienced expansive growth in 2022, ranked #1 in the country with a 2.9% annual increase, far outdistancing 2nd place Austin, TX and Fort Myers, FL with 2.1% growth, according to a new report from Cushman & Wakefield. The Boise economy also expanded at a rate of 2.3% year-over-year with the addition of 8,700 jobs.
Retail vacancy rates in the fourth quarter showed the impact of population growth and a strong economy, as lower supply dropped the overall vacancy rate to 3.1%, a 100 bps decrease from the end of 2021. Direct leasing activity was solid in 2022, tallying nearly 570,000 square feet and overall rents rose to $15.52 per square foot NNN, a jump of $1.61 year-over-year.
Mixed use multifamily projects added street retail to the downtown cores of several Treasure Valley cities. Meridian, ID continues to see the most growth, with grocery anchors progressing in outlying markets such as Star and Kuna, Idaho.