Boise Commercial Office Space for Rent

Q3 2026

Q3 2026 Boise Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Boise and the Treasure Valley remain a tight market, with office vacancy at 6.5%, retail vacancy at 3.7%, and record office asking rents. Tenant demand on TenantBase moved decisively toward office in Q3: office space accounted for 65.5% of all Boise tenant searches, more than double its 31.1% share in Q2.

Sector Snapshot

  • Office: Tight. Vacancy was 6.5% in Q2, below 7% for the third straight quarter, with record asking rents.
  • Industrial: Absorbing supply. Vacancy reached 9.9% while absorption jumped to 312,000 SF.
  • Retail: Very tight. Vacancy fell to 3.7% with rents rising to $22.32/SF.

Boise Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across Boise and the Treasure Valley are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 65.5%
  • Retail/Storefront: 20.7%
  • Warehouse/Industrial: 13.8%

Quarter-Over-Quarter Change

  • Office: 31.1% in Q2, 65.5% in Q3
  • Retail/Storefront: 50.5% in Q2, 20.7% in Q3
  • Warehouse/Industrial: 21.4% in Q2, 13.8% in Q3

Key Takeaways

  • Office became Boise's dominant search category, rising from 31.1% to 65.5% of searches and overtaking retail.
  • Office tenants are committing longer. Office searches for 3 to 5 year terms rose from 6.9% in Q2 to 26.3% in Q3, while terms under one year fell from 62.1% to 47.4%.
  • Office tenants need mid-size space. Searches for 2 to 3 year terms averaged 2,667 to 5,333 SF.
  • Meridian and Eagle led location interest, along with West Boise, the Airport area, Caldwell, and Downtown.

Office Market

Key Metrics (Q2 2026)

  • Vacancy: 6.5%, below 7% for the third straight quarter, with multitenant vacancy at 9.5% (TOK Commercial)
  • Net absorption: about 58,000 SF positive (TOK Commercial)
  • Average asking rent: $22.15/SF full service, the highest on record, with Class A at about $25.50/SF (TOK Commercial)
  • North Meridian: about 36,000 SF of positive absorption and just 2.1 months of available supply (TOK Commercial)
  • Eagle: the premium submarket at about $30/SF (TOK Commercial)
  • Sublease space: about 444,000 SF, up 22% year over year, mostly in North Meridian (TOK Commercial)

TenantBase Office Activity

Demand share: 65.5% of Boise tenant searches, up from 31.1% in Q2.

Lease term preferences:

  • Less than one year: 47.4%
  • 3 to 5 years: 26.3%
  • 2 to 3 years: 21.1%
  • 1 to 2 years: 5.3%

Space requirements by term:

  • Less than one year: 1,750 to 3,750 SF
  • 2 to 3 years: 2,667 to 5,333 SF
  • 3 to 5 years: 2,300 to 4,700 SF

Top locations: Meridian was the most requested single area in Q3, often paired with Eagle, West Boise, and the Idaho Center. Many tenants searched broadly across the Airport area, Caldwell, Central Boise, Downtown, and Eagle.

TenantBase data vs. the market: Boise office demand on TenantBase is concentrated in Meridian and Eagle, the same submarkets where space is tightest. North Meridian has just 2.1 months of available direct supply, and Eagle commands premium rents near $30/SF. Tenants needing 2,500 to 5,000 SF should look closely at the 444,000 SF of sublease space, much of it in North Meridian, for faster move-ins and lower costs.

Industrial & Warehouse Market

Key Metrics (Q2 2026)

  • Vacancy: 9.9%, the highest of the current cycle (CBRE)
  • Net absorption: 312,000 SF, up 287% from Q1 (CBRE)
  • Average asking rent: $0.91/SF per month, up 5.8% year over year (CBRE)
  • Under construction: 1.3 million SF (CBRE)

TenantBase Industrial Activity

Demand share: 13.8% of Boise tenant searches, down from 21.4% in Q2.

TenantBase data vs. the market: With vacancy near 10% and new supply still delivering, industrial tenants in the Treasure Valley have more options, even as rents continue to rise.

Retail Market

Key Metrics (Q2 2026)

  • Vacancy: 3.7%, down from 4.0% in Q1 (Lee & Associates)
  • Average asking rent: $22.32/SF NNN, up from $21.24 in Q1 (Lee & Associates)
  • 12-month net absorption: 321,285 SF (Lee & Associates)
  • Under construction: 564,264 SF (Lee & Associates)

TenantBase Retail Activity

Demand share: 20.7% of Boise tenant searches, down from 50.5% in Q2.

Lease term preferences:

  • 5+ years: 50.0%
  • Less than one year: 25.0%
  • 2 to 3 years: 25.0%

Space requirements: Retail tenants seeking 5+ year terms averaged 1,000 to 2,500 SF.

TenantBase data vs. the market: Half of Boise retail searches on TenantBase sought 5+ year terms, a sign tenants are locking in space in a market with just 3.7% vacancy. New construction of more than 560,000 SF will add options, but small-format tenants should still move quickly.

Q4 2026 Outlook

  • Office: Expect vacancy to stay near 6.5% and rents to remain at record levels, with tenant search demand concentrated in Meridian and Eagle.
  • Industrial: Expect vacancy to stabilize as construction slows.
  • Retail: Expect tight conditions with new supply easing pressure modestly.

Frequently Asked Questions

What type of commercial space are Boise tenants searching for in 2026?

In Q3 2026, office space made up 65.5% of Boise tenant searches on TenantBase, followed by retail/storefront at 20.7% and warehouse/industrial at 13.8%. Office share rose from 31.1% in Q2.

Which Boise-area cities are tenants searching most?

Meridian was the most requested area on TenantBase in Q3 2026, followed by Eagle, West Boise, the Airport area, Caldwell, and Downtown Boise.

What lease terms do Boise office tenants want?

47.4% of Boise office tenants on TenantBase sought terms under one year in Q3 2026, and 26.3% sought 3 to 5 year terms, up from 6.9% in Q2.

What is the office vacancy rate in Boise?

Boise office vacancy was 6.5% in Q2 2026, with record average asking rents of $22.15/SF full service, according to TOK Commercial.

What is the retail vacancy rate in Boise?

Boise retail vacancy was 3.7% in Q2 2026, with asking rents of $22.32/SF NNN, according to Lee & Associates.

How can I find commercial space in Boise at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across Boise and the Treasure Valley at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Boise, July 1 to September 30, 2026
  2. TenantBase, Boise Commercial Real Estate Market Report, Q2 2026
  3. TOK Commercial, Boise MSA Office Market Trends, Q2 2026
  4. CBRE, Boise Industrial Figures, Q2 2026
  5. Lee & Associates, Boise Retail Market Report, Q2 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.