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Treasure Valley commercial vacancies fall, but rents still at ‘05 levels

The market for Treasure Valley retail space has struggled to recover from the recession. For a complete set of charts with this story, click on the PDF link under “Related Content” below.
The market for Treasure Valley retail space has struggled to recover from the recession. For a complete set of charts with this story, click on the PDF link under “Related Content” below.

Rents are rising and vacancies falling across all commercial real estate classes in the Treasure Valley. But office and industrial rents barely top 2005 levels — not enough to cover inflation — and retail rents fall short of those of a decade ago, and sharply below the 2007 peak.

Still, business has been good lately for commercial real estate brokers, says Nancy Lemas, owner of The Lemas Team brokerage and its property management arm, Northwest Commercial Property Management.

“Things are very good,” Lemas says. “All of us commercial agents in the Valley are very busy. Business was booming last year.”

The market could use more inventory across all classes, Lemas says, particularly in industrial, where developers are more apt to wait for projects to come to them rather than to build on spec.

The retail market has tightened after struggling through the recession. “Retailers continue to flock to the area,” she says. “They like the demographics we have. But anchored shopping centers are always a challenge to fill.”

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