Boise-area commercial office-space rents rose by more than a dollar per square foot per year during the first three quarters of 2016 despite double-digit vacancy rates in some areas, according to Thornton Oliver Keller.
Downtown Boise and Meridian are driving rate increases, says Al Marino, a partner at Thornton Oliver Keller and an office-space specialist. Space in newer buildings with high lease rates, including Eighth & Main, has filled up quickly.
Marino says Meridian is attractive to businesses seeking to control costs including parking, which can cost more than $100 per employee per month in Downtown Boise.
“Companies choose Downtown because of the vibrancy and close proximity to services and entertainment,” he says. “But offices at the Village at Meridian hit a nerve. Even though it’s in a suburban setting, it’s got the same urban vibe you get in Downtown.”