2014 YEAR-END REAL ESTATE MARKET REVIEW COLLIERS IDAHO BOISE & NAMPA
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1 2014 AR-END REAL ESTATE MARKET REVIEW COLLIERS IDAHO BOISE & NAMPA
2 Midway Rd Northside Blvd Black Cat Rd 36th St AR-END 2014 COMMERCIAL COLLIERS IDAHO 2014 AR-END REVIEW 55 Wagner Rd Look Rd Ustick Rd Farmway Rd River Rd S Indiana Ave 19 Cirrus Dr N Kcid Rd Homedale Rd Marble Front Rd Roosevelt Ave Laster Ln Midland Blvd Midland Blvd 9th St S 10th Ave S Madison Rd Railroad St 15 1st St S Roosevelt Ave 14 11th Ave Garrity Blvd 17th Ave N 22nd Ave 11th Ave N Kings Rd Can Ada Rd Can Ada Rd Victory Rd Ustick Rd Star Mccdermott Rd 20 Chinden Blvd Rd Chinden Blvd 10 1 W Victory Rd Taft St 5 S Orchard St 30th St Main St Idaho St 7 19th St 16th St Myrtle St Capitol Blvd Resseguie St Fort St State St S Federal Way 3rd St Broadway Ave 6 Reserve St 2 Shaw Mountain Rd 9 Farmer Rd 16 Mccdermott Rd Rd 3 W Gowen Rd S Pleasant Valley Rd 4 Deer Flat Rd Deer Flat Rd Ada County Submarkets Northwest 4 Airport 7 Peripheral 10 North End 5 Central Bench 8 Garden City 11 6 Boise 9 12 Canyon County Submarkets Idaho Center 16 South Nampa 19 Northside Nampa Karcher Middleton For Questions or Additional Information, Please Contact: GEORGE ILIFF MANAGING OWNER george.iliff@colliers.com CHRISTINA TURNER RESEARCH COORDINATOR christina.turner@colliers.com DAVE FERNANDEZ DIRECTOR OF MARKETING dave.fernandez@colliers.com All information provided in this report is from sources we deemed reliable. Colliers International makes no representation or warranty as to its accuracy.
3 MARKET REVIEW AR-END 2014 COMMERCIAL TABLE OF CONTENTS OFFICE Market Review 4 RETAIL Market Review 7 INDUSTRIAL Market Review 10 INVESTMENT Market Review LAND Market Review 15 P. 3 COLLIERS INTERNATIONAL
4 AR-END 2014 COMMERCIAL COLLIERS IDAHO OFFICE MARKET REVIEW MARKET INDICATORS VACANCY RATES ASKING RATES ADA COUNTY NOTABLE S Alexander Building Sold 22,300 SF 890 N. Main St. CANYON COUNTY OVERVIEW Much like the tenor in the national office market, conditions in the Treasure Valley office segment remained consistent in the fourth quarter of The U.S. office vacancy rate, reported by Reis Inc., was nearly flat at 16.7% in the fourth quarter compared to 16.9% for the same time period in 20. The Reis report also noted that while 2014 saw companies across the country begin increasing their employee numbers in the post-recession climate, they did not readily increase square footage due in part to modern work styles and a reluctance to incur expansion costs. This sentiment was also true at the local level, where owneroccupant acquisition, though clearly on the rise, was limited to the smaller 3,000 to 10,000 square foot product. OFFICE INVENTORY - (AS % OF TOTAL AVAILABLE SPACE) Road Professional Center Leased 7,761 SF 3080 Gentry Way, ID Place Office Condos Sold 4,728 SF 1119 E. State St. Suite A, ID 30% 25% 20% 19% 15% % 10% 5% 0% Central Bench Boise Periphery 3% 4% 3% 4% 1% 28% 17% GC/N.End/NW Nampa 1% 2% Idaho Center Karcher 0% 1% 2% 3% Northside Nampa South Nampa OFFICE VACANCY RATES 90 W. Cottonwood Court, ID 30% 25% 20% 15% 10% 5% 0% 18.9% Central Bench Boise 14.4% 14.4% Periphery 4.2% 4.1% 6.2% 16.5% GC/N.End/NW 12% 27.8% 3.5% Nampa 23.59% Idaho Center 0.52% Karcher Northside Nampa.31% 11.0% South Nampa 20.44%
5 MARKET REVIEW AR-END 2014 COMMERCIAL OFFICE Investors with 1031 exchange money continued to indicate an interest in Boise area office product. According to RC Analytics, while the total sales volume in this segment for 2014 was up 15% over 20, the strong increase was attributed to performance in specific major metropolitan areas. As a whole, the remaining U.S. markets saw only a slight improvement year-to-year; however, the Treasure Valley witnessed a greater number of suburban office sales in 2014 than had been seen in 20. INVENTORY AND VACANCY Since 2010, the live-work-play model has been driving a rise in demand for office space on the national scene faster in cities than in suburbs [Brown, E. The Wall Street Journal, 01/03/2015]. Similarly, the Treasure Valley witnessed localized economic recovery, though lukewarm, in Colliers International tracked 21.3 million square feet in 1,111 office buildings in sixteen different submarkets throughout Ada (5,000 square feet or larger) and Canyon (2,500 square feet or larger) counties. The overall vacancy rate was calculated at 14.7% for the fourth quarter of 2014, up from 10.62% for the fourth quarter of 20. While the year-to-year comparison reflects a net increase in vacancy rates, the rise was realized more heavily in Canyon County (361 basis points) than in Ada County (189 basis points), following the national trend. Due largely to the year s completion of new construction, both the Boise and submarkets showed Ada County s largest annual deltas in vacancy rates, up to 14.39% and 14.36% respectively. Likewise, Canyon County s greatest year-over-year increase was due to the completion of the Saint Alphonsus medical office building, which added 64,000 square feet of inventory and increased the Idaho Center submarket vacancy rate to 18.41%. OFFICE ABSORPTION 60,000 40,000 20,000 0 (20,000) (40,000) (60,000) (80,000) (100,000) $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Central Bench $19.94 Central Bench Periphery Periphery GC/N.End/ NW OFFICE AVERAGE ASKING RATES $14.21 $18.52 $16.69 $18.18 $18.40 GC/N.End/ NW West Bench Canyon County $16.19 $16.43 $15.36 Update - Market Comparisons Office Market SUBMARKET BUILDING COUNT INVENTORY (SF) DIRECT VACANT (SF) SUBLEASE VACANT (SF) TOTAL VACANT VACANCY RATE ABSORPTION 2014 YTD (SF) Central Bench 1 2,239, , , % 51, ,177, , , % 9,771 Periphery 102 2,226,160 93,615 93, % (41,748) , , , % (3,238) 161 3,225, , , % 1,922 N. End/Northwest/Garden City ,158 32,996 32, % (3,734) 54 1,423,104 88,805 88, % (83,333) 56 1,041, , , % (27,082) 162 3,112, , , % 33,895 Ada County Total ,019,739 2,868,850 2,868, % (62,281) Nampa ,571 20,586 20, % (1,414) Idaho Center ,618 53,698 53, % (10,079) Karcher ,403 1,800 1, % 4,474 Northside Nampa 9 196,919 26,215 26,215.31% (200) South Nampa ,853 51,896 51, % 12, , , , % (1,259) Middleton 5 83,997 7,312 7, % 2,912 Canyon County Total 241 2,4, , , % 6,934 Market Total 1,111 21,332,218 3,2,580 3,2, % (156,345) P. 5 COLLIERS INTERNATIONAL
6 MARKET REVIEW AR-END 2014 COMMERCIAL OFFICE AVERAGE ASKING RATES Despite an overall rise in vacancy rates, asking rates in the Treasure Valley for the fourth quarter of 2014 were also up across every submarket. At $14.72 FS/FSEJ (average, all building classes), the overall asking rate rose $1.92 over the fourth quarter of 20 increasing by $1.59 in Ada County and $2.21 in Canyon County. In Canyon County, the Idaho Center submarket showed the greatest increase from $.32 in the fourth quarter of 20 to $18.74 in the fourth quarter of In Ada County, the Boise submarket showed the greatest increase from $11.95 to $16.20 year-to-year, OUTLOOK Update - Average Full Service Asking Rates Office Market SUBMARKET ALL CLASSES A B C ALL CLASSES ALL ASKING RATES Central Bench $10.10 $14.21 $10.25 $8.81 $10.03 $17.78 $19.94 $16.00 $14.55 $17.03 Periphery $16.87 $18.52 $16.70 $11.48 $16.66 $16.74 $16.69 $.33 - $16.37 $17.45 $18.18 $ $15.78 N. End/Northwest/Garden City $15.23 $18.40 $10.00 $.50 $.94 $15.82 $16.19 $ $14.54 $16.20 $ $15.00 $12.32 $15.36 $11.41 $11.98 $11.79 Canyon County $.50 $17.98 $.76 $10.42 $11.24 Averages $14.72 $17.26 $.68 $11.59 $.11 AR-END OFFICE VACANCY & ASKING RATES The Treasure Valley is still feeling the effects of the recent Office Asking Rate Office Vacancy recession with plenty of office product on the market $ % below replacement value. However, tenants coming out $16.00 of long-term leases in competitive submarkets are likely to find better pricing elsewhere, and will not renew at bargain rates. $14.00 $12.00 $ % $ $6.00 $ % $2.00 $ Bavaria Street ID P. 6 COLLIERS INTERNATIONAL
7 AR-END 2014 COMMERCIAL COLLIERS IDAHO RETAIL MARKET REVIEW MARKET INDICATORS VACANCY RATES ASKING RATES ADA COUNTY CANYON COUNTY OVERVIEW On the national level, vacancies fell substantially in Business and consumer confidence indexes were at their highest levels since 2008, and consumer spending in the fourth quarter of 2014 grew at the fastest rate in more than eight years. Factors such as low unemployment, the availability of more jobs, and lower energy prices translated into better retail performance. [The Conference Board; Kiplinger] NOTABLE S RETAIL INVENTORY Harbor Freight Tools USA Leased 20,114 SF 25.0% % 18.9% 1611 Blvd. Nampa, ID 15.0% Boise Valley Habitat for Humanity Leased 11,683 SF 4714 W. State St. Dollar Tree Leased 11,250 SF 410 Cleveland Blvd., ID Chick-Fil-A Sale 5,530 SF 8000 W. Franklin Rd % Central Bench 7.9% 8.6% 8.7% Boise Periphery 4.4% 3.4% 2.3% Garden City RETAIL VACANCY RATES 12.0% 1 4.0% 2.0% 6.5% Central Bench 8.5% 8.6% Boise Periphery 4.5% 4.4% 3.7% Garden City 7.9% 0.4% North End 2.6% North End 6.6% Northwest 1 Northwest 6.7% 5.9% 4.7% Nampa 7.7% 2.5% 3.4% 3.5% Idaho Center 3.7% Nampa 3.1% Idaho Center Karcher Northside Nampa 1.6% Karcher South Nampa Northside Nampa South Nampa 2.8% 3.6% 4.7% 4.5% 0.1% Middleton 1.9% Middleton Vista Village Shopping Center
8 MARKET REVIEW AR-END 2014 COMMERCIAL RETAIL The Treasure Valley retail market continued positive growth and reached an overall vacancy rate of 5.5%, down from the 7.7% reported in the fourth quarter of 20. The low overall vacancy rate pushed average asking rates to $14.51, up from the $12.67 reached in the fourth quarter of 20 and the $.38 seen at the end of With low vacancy rates and increased asking rates, development in the retail segment continued the momentum that began last year. INVENTORY AND VACANCY Colliers International tracks roughly 20 million square feet of retail inventory in the Treasure Valley. Vacancy rates for the eleven submarkets in Ada County ranged from a low 3.7% in Garden City to a high of 1 in Northwest Boise, due largely to the 14,550 square foot former Walgreen s building and to continued vacancy at Lake Harbor. Overall, the fourth quarter 2014 Ada County vacancy rate dropped 0 basis points compared to Fourth Quarter 20. While the rate in the North End actually increased to 1.8% the most significant drop was seen in Garden City, down from 6.8% in the fourth quarter of 20 to 3.7% in In Canyon County, the overall rate dropped from 5.5% to 2.5% over the same period. Significant absorption occurred in the Karcher submarket, where retail development is active. AVERAGE ASKING RATES Triple Net asking rates in Ada County averaged $.60, making the year-to-year increase $0.86. While submarkets such as Northwest Boise and Boise were both down by over $1.00 each, increases in the and Garden City submarkets buoyed the average. In Canyon County the fourth quarter average asking rates were up by $2.58 over the same time last year, due largely to the extraordinary $32.00 asking rate at Ridgecrest Plaza, the $27.00 asking rate at Middleton Marketplace, and the $26.00 asking rate at Treasure Valley Pointe. RETAIL ABSORPTION 200, , ,000 50,000 RETAIL ASKING RATES $25.00 $20.00 $15.00 $11.56 $10.00 $5.00 $ (50,000) (100,000) Central Bench Periphery $15.03 $.59 $10.19 $14.10 $21.17 $10.56 $14.57 $11.91 $.38 $7.42 $23.79 $16.71 $0.00 $0.00 Central Bench Boise Periphery Garden City Garden City North End North End Northwest Nampa Update - Average Full Service Asking Rates Retail Market Northwest West Bench $12.94 Idaho Center Karcher Northside Nampa South Nampa $9.55 $17.93 Middleton SUBMARKET ALL CLASSES ANCHORED UNANCHORED FREE STANDING Central Bench $11.56 $.99 $10.48 $6.35 $15.03 $14.99 $15.25 Periphery $.59 $.24 Garden City $10.19 $10.67 $8.75 $14.10 $17.74 $.59 $12.46 North End $ Northwest $10.56 $10.70 $10.38 $14.57 $9.48 $14.83 $11.91 $11.50 $12.12 $.38 $14.60 $11.31 $9.80 Canyon County $14.72 $15.33 $.50 $8.00 Averages $14.16 $15.24 $.22 $9.26 Shops at Ustick Marketplace, ID P. 8 COLLIERS INTERNATIONAL
9 MARKET REVIEW AR-END 2014 COMMERCIAL RETAIL OUTLOOK With strong economic momentum from the end of 2014, the U.S. economy is expected to continue expanding. In 2015, look for speculative development and more retailers expanding in the Boise metro area. Rental rates are also likely to continue rising, and landlord concessions may decline. Creative reuse of old restaurant concepts on well-located pad sites are likely to flourish. More new national tenants are anticipated, particularly retail spin-offs such at Forever 21 s F21 and Chico s Boston Proper in niche markets. AR-END RETAIL VACANCY & ASKING RATES Retail Asking Rate Retail Vacancy $ $ % $ % $ $10.00 $8.00 $6.00 $ % $ % $ Elms Park Shopping Center Update - Market Comparisons Retail Market SUBMARKET BUILDING COUNT INVENTORY (SF) DIRECT VACANT (SF) SUBLEASE VACANT (SF) TOTAL VACANT VACANCY RATE ABSORPTION 2014 YTD (SF) Central Bench 61 1,477,031 96,585 96, % 28,4 52 1,254,180 96,315 9, , % 41,393 Periphery , ,140 41,806 41, % 550 Garden City ,910 28,050 28, % 23, ,584, , , % 73,738 North End 8 179,720 4,672 4, % (3,323) Northwest ,804 80,433 80,433 1 (8,028) 39 1,238,070 73,390 73, % ,724,473 81,140 81, % 11, ,990, , , % 28,391 Ada County Total ,927,7 1,0,511 9,800 1,023, % 196,896 Nampa ,928 30,212 30, % 14,923 Idaho Center 22 1,322,811 40,781 40, % (5,047) Karcher 51 2,662,981 42,091 42, % 141,986 Northside Nampa 4 392,841 South Nampa ,417 33,855 33, % 11, ,450 43,755 43, % 19,346 Middleton 10 73,571 1,432 1, % 6,449 Canyon County Total 168 6,964, , , % 189,187 Market Total ,892,712 1,205,637 9,800 1,215, % 386,083 P. 9 COLLIERS INTERNATIONAL
10 AR-END 2014 COMMERCIAL COLLIERS IDAHO INDUSTRIAL MARKET REVIEW MARKET INDICATORS VACANCY RATES ASKING RATES NOTABLE S ADA COUNTY Boise Slam Basketball Leased 12,000 SF 3670 E. Lanark Dr. CANYON COUNTY OVERVIEW The Treasure Valley industrial market remained consistent throughout The year-end overall vacancy rate was lower than the rate at the end of 20, which led landlords to grant fewer concessions to attract and retain tenants. However, average lease asking rates did not fluctuate much, and in fact have been between $0.44 and $0.49 per square foot per month since Generally, lease rates rise when inventory levels drop, but the Treasure Valley has witnessed level asking rates despite dwindling inventory. The result was a lack of speculative development in Instead, industrial construction activity was strong in tenant improvements and owner-user expansions or relocations. INDUSTRIAL INVENTORY The Stradix Group 2 Leased 10,500 SF 361 N. Steelhead Way % 11.8% Rise Volleyball Academy Leased 12,750 SF 719 N. Principle Place, ID Fluid Control Company Leased,000 SF 4.0% 3.9% 2.7% Airport Central Bench 0.4% 0.4% Periphery 4.3% GC/N.End/NW 2.6% 2.3% 6.3% 5253 Kendall St. INDUSTRIAL VACANCY % 11.8% 90 N. son Road 4.0% 3.3% 3.7% Airport Central Bench 1.7% 0% Periphery 4.4% 3.8% 4.3% GC/N.End/NW 1.4% 5.8%
11 MARKET REVIEW AR-END 2014 COMMERCIAL INDUSTRIAL INVENTORY AND VACANCY Colliers International tracks approximately 45.5 million square feet of industrial space in the Treasure Valley. The overall vacancy rate across the Treasure Valley in 2014 ended at 4.2%, a one basis point INDUSTRIAL ABSORPTION 250, ,000 decrease from the previous quarter with very little fluctuation in 150,000 vacancy rates among the various submarkets. The largest deltas were witnessed in the Northside Nampa submarket with a quarterto-quarter 480 basis point increase and Boise with a 360 basis point decrease. AVERAGE ASKING RATES 100,000 50,000 0 (50,000) (100,000) Central Bench Airport Periphery GC/N. End/NW Canyon County The average asking rate in the Treasure Valley at the end of the 2014 was $0.47. In Ada County the average was slightly higher, at $0.49, while in Canyon County it was slightly lower, at $0.46. The,, and Idaho Center submarkets demanded the highest rents for Flex space; in the mid sixty cent range, while industrial/manufacturing and Airport warehouse space INDUSTRIAL AVERAGE ASKING RATES $0.70 $0.63 $0.60 $0.50 $0.52 $0.50 $0.48 $0.48 $0.40 $0.39 $0.44 $0.46 $0.55 garnered the lowest rates, both at $0.32. $0.30 $0.20 $0.10 $0.00 Airport Central Bench $0.00 Periphery GC/N.End/ NW West Bench Update - Market Comparisons Industrial Market SUBMARKET PROPERTY COUNT INVENTORY (SF) DIRECT VACANT (SF) SUBLEASE (SF) TOTAL VACANT VACANCY RATE ABSORPTION 2014 YTD (SF) Airport 112 4,297, , , % (15,410) Central Bench 85 2,630,435 98,922 98, % 12, , Periphery ,663,339, % (8,833) ,896 15,488 15, % (450) 157 4,102, , , % 140,929 N.End/Northwest/Garden City 142 2,191,634 94,072 94, % (5,345) 97 5,891,114 83,5 83,5 1.4% 214, ,843, , , % (238) 201 7,458, , , % (30,293) Ada County Total ,768,826 1,260,887 1,260, % 307,776 Nampa ,293 Idaho Center 72 2,040,907 39,607 39, % (28,402) Karcher 42 2,051,079 21,205 21, % 11,340 Northside Nampa 123 6,051, , , % (288,329) South Nampa ,751 9,864 9, % ,951,252 64,151 64, % (2,464) Middleton 2 89,824 Canyon County Total ,472, , , % (307,855) Market Total 1,4 46,241,707 1,961,873-1,961, % 1,226 P. 11 COLLIERS INTERNATIONAL
12 MARKET REVIEW AR-END 2014 COMMERCIAL INDUSTRIAL Update - Average Full Service Asking Rates Industrial Market SUBMARKET ALL FLEX INDUSTRIAL/ MANUFACTURING WAREHOUSE Airport $ $0.57 $0.37 Central Bench $0.48 $0.50 $0.51 $ Periphery $0.50 $ $0.63 $ $0.52 $0.64 $0.42 $0.47 N.End/Northwest/Garden City $0.39 $0.37 $ $0.44 $0.57 $0.37 $0.32 $0.46 $0.47 $0.44 $0.39 $0.55 $0.66 $0.48 $0.50 Canyon County $0.46 $0.55 $0.42 $0.434 Averages $0.47 $0.54 $0.43 $0.42 OUTLOOK Industrial vacancy rates in the Treasure Valley further decreased due to minimal new construction and continued tenant placement, while asking rates remained the same. The demand for industrial space should persist as residential construction and commercial development activity remains strong. Expect more growth through owner-user expansions or relocations. Low vacancy rates may cause asking lease rates to climb; speculative construction will follow. Look for renewed interest in renovation activity and re-purpose construction on older properties in AR-END INDUSTRIAL VACANCY & ASKING RATES Industrial Asking Rate Industrial Vacancy $ % $ % $ $0.30 $ % $ % $ Franklin, ID INDUSTRIAL ASKING RATES INDUSTRIAL VACANCY INDUSTRIAL INVENTORY $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 $0.54 Idaho Center $0.42 Karcher $0.44 Northside Nampa $0.40 South Nampa $ % 7.0% 5.0% 4.0% 3.0% 2.0% 1.0% 1.9% Idaho Center 1.0% Karcher 9.4% Northside Nampa 1.2% 1.3% South Nampa % 12.0% 1 4.0% 2.0% 1.1% Idaho Center 0.6% 15.6% Karcher Northside Nampa 0.3% South Nampa 1.8% P. 12 COLLIERS INTERNATIONAL
13 AR-END 2014 COMMERCIAL COLLIERS IDAHO INVESTMENT MARKET REVIEW NOTABLE S Boise Hotel & Convention Center Sold 153,264 SF 3300 S. Vista Ave. OVERVIEW Driven by investor demand for yield and historically low interest rates, real estate investment prices continued to increase in Capitalization rates in primary markets compressed to be near levels witnessed in 2007 and 2008, and were actually slightly below those rates in some multi-family instances. Investment prices continued to improve across the country. Interest rates dipped at the end of 2014, adding momentum to the wave of increasing prices and helped investors justify acquisitions at lower cap rates. Clearwater Sold 6 Units 660 S. Clearwater Ln. Reflections Sold 324 Units 365 N. 30th St. Nampa, ID Redwood Building Sold 10,958 SF 901 Wainwright Dr., ID Fidelity Building Sold 27,450 SF 242 N. 8th St. One indicator of commercial lending activity is the CMBS loan issuance, which according to CIRE Magazine, increased from $84 billion to approximately $100 billion in (For reference, CMBS loan activity peaked in 2007 at $230 billion). The rise indicated a strengthening of the investor market. However, with cap rates near historic lows, the potential for upside in the future rests largely on rental growth. Rental rates have not yet fully recovered from 2007 levels in many market s product types, and construction costs have increased. As rental rates rise, existing inventory owners will expect to see improvements in return. THE TREASURE VALLEY Higher pricing in primary and secondary markets motivated out-of-state investors to look closer at Boise as an alternative. As a result, 2014 saw an increase in activity and the number of transactions involving such buyers, many of whom were further motivated by the need to complete a 1031 exchange. Positive factors that contributed to Boise as an out-of-state option to investors were the market s growth potential, quality of life, low unemployment rate, and reasonable regulatory environment. Local transaction volume increased in Cap rates compressed in every product type, and were led by multi-family and retail. The number of net-leased single tenant retail properties brought to market increased over the course of the year, with a number of new additions in the fourth quarter itself also saw a ANNUAL UNEMPLOYMENT AR-END Year-Over-Year Unemployment Change National Unemployment Rate (Dec) Idaho Unemployment Rate (Dec) , ,000 18,000, ,000 Mesh Tech Center, ID ,000-2,000-7, ,000 Source: U.S. Department of Labor - Bureau of Labor Statistics
14 MARKET REVIEW AR-END 2014 COMMERCIAL INVESTMENT greater number of sales involving stabilized suburban office buildings than had been seen since the previous cycle. With higher cap rates than either retail or multi-family, and the potential for profit through future rent growth, further growth in the office segment can be expected in SEGMENT TREASURE VALLEY CAPITALIZATION RATES Industrial: Very little activity. Averages around 7.5% Office: Relatively high averages, around 7.75% Retail: Strong retail centers average in the mid 6% range. The lowest single tenant NNN national credit was at 6% or lower Multi-Family: Average for the period was 6.2% Synergy Building, ID AR-END AVERAGE CAP RATES CONSTRUCTION Major construction projects planned or underway in 2014 included Jump!, City Center Plaza, and The Owyhee building, all of which are located in Boise s downtown core. Outside of downtown Boise, new commercial development in the Treasure Valley largely consisted of single tenant retail, such as Mattress Firms, and more notably, apartments. APARTMENTS 9.0% 7.0% RETAIL 1 9.0% 7.0% Apartment construction was strong in 2014, and additional supply is slated for The Treasure Valley added roughly 4.5% inventory to the market during 20 and 2014, and absorption was steady should see another 3%-4% of additional inventory come online. Student housing construction also saw a marked increase in activity. Four new projects broke ground on the west end of the Boise State campus, and once complete will add an additional 1,500 beds to the market. 5.0% OFFICE 1 9.0% 7.0% INDUSTRIAL 1 9.0% 7.0% Source: RC Analytics 5.0% The Redwood Building P. 14 COLLIERS INTERNATIONAL
15 AR-END 2014 COMMERCIAL COLLIERS IDAHO LAND MARKET REVIEW NOTABLE S Sold 61 Acres 9369 Riverside, ID Sold 33 Acres On Hwy 55 Horseshoe Bend, ID DEVELOPMENT RESIDENTIAL The fourth quarter 2014 total number of single family home sales, including both new construction and existing home resale in the Treasure Valley rose 4.5% over the fourth quarter of 20. Canyon County* jumped from 651 to 697, whereas Ada County* rose from 1752 to 1814, a 7.1% and 3.5% increase respectively. The total number of single family home sales trend has risen year-to-year since During the housing downturn, building permits for new home construction reached a low in the first quarter of Between then and 20 that number steadily increased however, saw the construction of new residential homes slow. In Ada County, the total number of building permits for new single family homes at the end of 2014 was 282 less than at the end of 20. In Canyon County it was 30 less, making it a 9.1% decrease overall for the year in the Treasure Valley as a whole. The new construction decline was attributed to an increase in the number of resale homes on the market, the continued increase of construction costs, the limited number of building sites available, and supply not matching demand where builders exceeded the $200,000-$400,000 range in which approximately 70% of the Treasure Valley homes are transacted. Home values in the Treasure Valley residential market remain favorable. The median new home price in Ada Swan Valley Bonneville County, ID County rose to $299,900 in December of 2014; up from $276,490 in December 20 an 8.5% improvement, versus the 15.7% increase witnessed between the same time period of 2012 and 20. In Canyon County, the median new home price went from $176,014 in December of 20 to $193,308 in December of 2014 a 9.8% increase compared to the.5% rise between 2012 and 20. Update - Median Home Price by Selected Cities Land Market ADA COUNTY CANYON COUNTY TREASURE VALLEY MEDIAN % CHANGE Boise Garden City Star Kuna Nampa Middleton 2006 $228,672 $208,948 $342,000 $267,500 $202,282 $256,987 $169,700 $155,319 $189,900 $218, $228,718 $193,963 $305,000 $255,000 $185,000 $248,608 $158,293 $146,531 $200,000 $211, % 2008 $199,458 $180,861 $310,000 $235,000 $145,000 $199,961 $0,549 $115,688 $145,782 $190, $169,430 $154,559 $295,000 $185,000 $124,000 $165,440 $109,179 $91,184 $0,000 $159, % 2010 $153,955 $1,884 $280,000 $151,900 $102,900 $160,274 $83,242 $75,826 $105,000 $141, % 2011 $162,882 $125,320 $274,500 $150,000 $106,900 $166,738 $85,596 $70,247 $120,000 $7, % 2012 $181,628 $148,563 $280,000 $181,900 $125,750 $192,065 $108,3 $92,328 $149,900 $165, % 20 $209,224 $171,360 $344,000 $273,504 $150,745 $212,814 $6,594 $117,073 $173,000 $190, % 2014 $219,828 $180,143 $345,000 $257,900 $149,017 $220,077 $6,967 $117,490 $175,392 $199, %
16 MARKET REVIEW AR-END 2014 COMMERCIAL LAND COMMERCIAL Permit activity for commercial development in the Treasure Valley increased from a total of 1,238 permits issued in 20 to 1,326 in Ada County witnessed a 3.8% rise, while Canyon County increased 21.6%. Ada County s greatest change in activity was seen in office product, while Canyon County s largest increase was in the industrial sector. There was also a notable surge in hospital and public building permits issued. OUTLOOK Challenges facing both residential and commercial developers will continue to keep growth in check. These challenges remain: a lack of credit for land and construction loans; labor shortages in key trades; and elevated construction costs. While pricing pressure from the inventory of foreclosure properties was once a key factor, it no longer plays the same role. Buyers continue relocating to the Treasure Valley, and the risk of developers over-building in new subdivisions remains low. Residential lot prices peaked in A decrease in price per acre could drive new home construction back up in While the median existing home price remained flat, and has been increasing incrementally compared to the rate at which the median new home price has risen since 2010, expect to see the median new home price plateau in *Includes the cities of Nampa,, and Middleton only **Includes the cities of Boise, Garden City,, and, as well as Star and Kuna HOME SALES VS. MEDIAN HOME PRICE $240,000 $220,000 $200, $180,000 $160,000 $140,000 $120,000 $100,000 AR-END NEW HOME PERMITS VS. MEDIAN HOME PRICES Ada County Permits Canyon County Permits 2008 Number of Homes Sold Median Home Price Ada County 2011 Median Home Price Median Home Price Canyon County $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50, $0 Rustic Ranch Bonneville County, ID P. 16 COLLIERS INTERNATIONAL
17 MARKET REVIEW AR-END 2014 COMMERCIAL COLLIERS IDAHO MANAGEMENT INVESTMENT BROKERAGE CANYON COUNTY BROKERAGE GEORGE ILIFF Managing Owner & Office CLAY ANDERSON CPA,MBA MIKE PEÑA OFFICE BROKERAGE SCOTT FEIGHNER LEW MANGLOS MBA,CCIM,SIOR LINCOLN HAGOOD MATT PALMER GREG MACMILLAN, MBA BRYANT JONES PG. 17 JAMIE ANDERSON SHANNA RONDEAU Transaction Coordinator MARKETING & RESEARCH DAVE FERNANDEZ Director of Marketing SCOTT RAEBER, MBA,CCIM STEVE WINGER INDUSTRIAL BROKERAGE STEVE FOSTER CHRISTINA TURNER Research Coordinator RETAIL BROKERAGE MIKE CHRISTENSEN Retail LEW GOLDMAN Retail DEVIN OGDEN, CCIM RICK SCRUTON TRACIE HOLSTINE Graphic Designer LINDA KING Broker Assistant BROOK BLAKESLEE Retail JAKE TUCKER ALEXA SAKOLSKY-BASQUILL Broker Assistant LAND BROKERAGE JOHN STARR PROPERTY MANAGEMENT MIKE ATTIANI, CPA,CCIM Director of Property Services JULIE CULVER Broker Assistant VALUATION & ADVISORY SERVICES JIM ROUMANIS PETER DRAPER Sr. Project Manager ANDREW BOESPFLUG Sr. Valuation Services Director P. 17 COLLIERS INTERNATIONAL
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