The Boise area market is growing rapidly. Superior quality of life, an affordable cost of living and a diverse economy are the primary factors driving population and economic growth. As with all real estate markets, Boise has unique characteristics and performance history. Our Boise market profile will help you develop an understanding of the Boise market and its offerings. Our statistics and analyses are updated monthly.

Falling inventory levels

Home values have dropped sharply over the past five years from a median sold price of $187,500 in 2006 to a median sold price of $117,667 in 2011, representing a total loss in value of more than 37%. As of Q2 2012, however, the market appears to be in recovery. Inventory levels are at five-year lows and sales volume is double that of a year ago. Homes priced from $100,000 to $150,000 are receiving multiple offers and selling immediately. Prices have begun to climb but are still near their lows. Our guidance at this time is to accumulate and hold.

Active residential listings, Ada County

Leasing - Office, Retail and Industrial

Office market vacancy is currently at 16.5%. This is the lowest level since 2009 and down 0.7% since the close of 2011. Office rents have fallen to an average of $15.58 full service, down $0.21 from the close of 2011.

Retail vacancy is currently at 11.8%. This is down 0.5% from the close of 2011. Retail rents average $13.25 NNN PSF, down $0.38 from the close of 2011.

Industrial vacancy remains stable at 11.6% vacancy. This is up 0.2% from the end of 2011. Industrial rents remain stable at an average of $0.48 NNN PSF where they have remained since the close of 2010.

Commercial Investment

The health of the retail market at 11.8% vacancy makes this segment of the market attractive. However, better buys can currently be had in the office segment. Although office vacancy sits at 16.5%, fully occupied office properties with quality multi-year leases can be had in the 8.0 CAP to 8.5 CAP range for properties ranging from $250,000 to $10,000,000. For the long term focused investor, vacant industrial assets can currently be had at a significant discount to value.

Boise MSA Demographics

2010 Population 616,561
2000 Population 464,840
2000-2010 Growth 151,721 32.6% over ten years
Estimated 2013 Population 716,575
Estimated 2010-2013 Growth 100,014 16.2% over three years
2010 Average Household Income $50,402
Number of Businesses 15,134
Average Employees per Business 12.3
2010 Median Age 45
Estimated 2013 Median Age 45

Population by Race
White Population 83.1%
Hispanic Population 11.2%
Black Population 1.2%
Native American Population 0.9%
Asian Population 1.6%
Pacific Islander Population 0.1%
Two or More Races Population 1.8%

Education Attainment
Elementary 12,904 4.2%
Some High School No Diploma 28,607 9.3%
High School Graduate 79,660 25.9%
Some College 86,483 28.1%
Associate Degree 21,291 6.9%
Bachelor Degree 53,116 17.3%
Masters Degree 16,016 5.2%
Professional Degree 5,115 1.7%
Doctorate Degree 2,111 .07%

Local Employers
Boise Cascade
Clearwater Analytics
ConAgra Foods
Hewlett Packard
Micron Technology
WinCo Foods

National Media Recognition

Boise second best city in the nation for raising a family
Forbes Magazine
April 2012

Boise third best city in the nation to retire
Money Magazine
September 2011

Boise best overall town in western United States
Outside Magazine
July 2010

Boise sixth best city in the nation for business
Wall Street Journal
December 2009

Boise fourth best city in the nation to live, work and play
July 2008

No end in sight for Idaho's growth
USA Today
September 2007

Boise top adventure town
National Geographic
September 2006

Boise best city in the nation for business and careers
Forbes Magazine
May 2005

Photos of the Boise area

Boise skyline
Ann Morrison Park
Eagle foothills house
Downtown Boise condos
Typical office in Boise
Quality craftsmanship
Edwards Spectrum
Ann Morrison Park
Quality craftsmanship
Edwards Spectrum