Markets in View: Boise

Boise is rapidly emerging as a compelling market for commercial real estate and economic development. The city’s affordable, pro-business environment, high-quality of life, and beautiful natural surroundings are increasingly attracting new companies and residents alike.

Idaho has capitalized on large amounts of net migration over the past several years. From 2010 to 2020, it was the second-fastest-growing state in the nation, with a 17.3 percent increase in population. Boise consistently ranks among the top locations in the United States for economic growth, job growth safety, and local governance.

Boise has a rich offering of outdoor amenities, including hundreds of miles of hiking trails, thousands of acres of parks, and numerous ski resorts. This has increasingly attracted young, highly educated residents. 

Robust job creation has resulted in the market’s overall office vacancy rate of just 8.2 percent, well below the 19.1 percent national average. In turn, the average office rent has grown by 3.9 percent annually over the past five years.

Boise benefits from a diverse demographic, supported by robust in-migration as individuals seek a market that offers low costs, along with unparalleled recreational and cultural amenities. In 2021, Business Facilities magazine named Boise one of the country’s top three “millennial magnets,” citing the region’s status as a rising tech hub.

Like many rapidly growing markets, Boise faces challenges related to affordability, infrastructure strain, and maintaining its unique character. However, these challenges also present opportunities for innovative solutions and sustainable growth strategies. Boise is emerging as a compelling market for commercial real estate development. Its combination of economic growth, quality of life, skilled workforce, and positive real estate market trends position it for continued success. 

—CBRE