Q3 2025 Eastern & Southern Idaho Market Report

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• Office, Retail and Industrial sectors all saw negative absorption in Q3, led by Southern Idaho (–21.7K SF office, –77.4K SF retail, –93.2K SF industrial).

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• Vacancy remains tight across markets—generally lower in Southern Idaho (1.8–3.5%)—while Eastern Idaho posts higher asking rates in office and retail, but lower in industrial.

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• Construction activity is minimal, with limited new space underway—mostly in Southern Idaho’s industrial sector and Eastern Idaho’s retail segment.

Q2 2025 Eastern & Southern Idaho Market Report

• The office sector in Eastern and Southern Idaho continued to show stability in Q2 2025. With consistent population growth and steady economic conditions, the region maintains appeal compared to national averages. Preliminary values for May, according to the U.S. Bureau of Labor Statistics, show growth in labor force and employment for both Eastern and Southern Idaho.

• The retail sector in Eastern and Southern Idaho remained active through Q2 2025, with mixed trends in absorption and vacancy. Eastern Idaho saw an improvement in occupancy with net absorption reaching 26,722 square feet, while Southern Idaho reported modest gains of 7,993 square feet. Although absorption rebounded in both markets compared to the prior quarter, vacancy rates inched upward — rising to 2.4% in Eastern Idaho and 2.7% in Southern Idaho.

• The industrial market across Eastern and Southern Idaho demonstrated a dynamic performance in Q2 2025, with strong absorption in several key counties and moderate construction activity underway. Southern Idaho recorded significant growth in occupancy, particularly in Jerome County, while Eastern Idaho experienced a rebound in net absorption compared to the prior quarter, despite ongoing fluctuations in Bonneville County.

Q1 2025 Eastern & Southern Idaho Market Report

• The economy is stable in Eastern and Southern Idaho. With population growth holding at just over 1%, the labor market in Idaho overall is growing. From February 2024 to February 2025, employment increased by 1.5% in the Idaho Falls MSA and 4.5% in the Twin Falls MSA. Employment dropped in the Pocatello MSA by 9.5%, losing approximately 5000 employees from December 2024 to January 2025.

• The retail market in Eastern and Southern Idaho remains steady, with vacancy slightly up to 2.5% in Eastern Idaho and 2.7% in Southern Idaho. This quarter’s net absorption is down in Eastern Idaho and Southern Idaho. Asking rates are steady in both Southern Idaho and Eastern Idaho.

• With vacancy low, industrial assets in Eastern and Southern Idaho continue to prove to be desirable. Absorption rates rose this quarter in Southern Idaho and dropped in Eastern Idaho, with asking rates remaining steady in Eastern Idaho and increasing in Southern Idaho.

Q4 2024 Eastern & Southern Idaho Market Report

• The economy is stable for the office market in Eastern and Southern Idaho. With population growth holding at just over 1%, the labor market in Idaho overall is growing. From November 2023 to November 2024, employment increased by 3.9% in the Idaho Falls MSA, 5.4% in the Pocatello MSA and 2.4% in the Twin Falls MSA.

• The retail market in Eastern and Southern Idaho remains steady, with vacancy slightly up to just over 2% in Eastern Idaho and just under in Southern Idaho. This quarter’s net absorption is down in Eastern Idaho and flat in Southern Idaho. Asking rates are steady in both Southern and Eastern Idaho.

• With vacancy low, industrial assets in Eastern and Southern Idaho continue to prove to be desirable. Absorption rates dropped this quarter in Southern Idaho and rose in Eastern Idaho, with asking rates increasing slightly in both regions.

Q3 2024 Eastern & Southern Idaho Market Report

• The economy is stable for the office market in Eastern and Southern Idaho. With population growth holding at just over 1%, the labor market in Idaho overall is growing. From August 2023 to August 2024, employment increased by 2.8% in the Idaho Falls MSA, 3.8% in the Pocatello MSA and 3.4% in the Twin Falls MSA.

• The retail market in Eastern and Southern Idaho remains steady, and vacancy is under 2% in both markets. This quarter’s net absorption is slightly down in Eastern Idaho and steady in Southern Idaho. Asking rates are steady in both Southern Idaho and Eastern Idaho.

• With vacancy low, industrial assets in Eastern and Southern Idaho continue to prove to be desirable. Absorption rates dropped this quarter in Southern Idaho and remained steady in Eastern Idaho, with asking rates holding steady in both Eastern Idaho and Southern Idaho.

Q2 2024 Eastern & Southern Idaho Market Report

• The economy is stable for the office market in Eastern and Southern Idaho. With population growth holding at just over 1%, the labor market in Idaho overall is growing. From May 2023 to May 2024, employment increased by 0.3% in the Idaho Falls MSA, 0.7% in the Pocatello MSA and 0.3% in the Twin Falls MSA.

• The retail market in Eastern and Southern Idaho remains steady, and vacancy is under 2% in both markets. This quarter’s net absorption is slightly down in both Eastern Idaho and Southern Idaho. Asking rates are down in Southern Idaho and increasing in Eastern Idaho.

• With vacancy low, industrial assets in Eastern and Southern Idaho continue to prove to be desirable. Absorption rates dropped this quarter in Southern Idaho and remained steady in Eastern Idaho, with asking rates holding steady in Eastern Idaho and falling in Southern Idaho.

Q1 2024 Eastern & Southern Idaho Market Report

• The economy is stable for the office market in Eastern and Southern Idaho. With population growth at just over 1%, the labor market in Idaho overall is growing. From February 2023 to February 2024, employment increased by 1.7% in Idaho Falls and 1.4% in the Pocatello MSA. In Twin Falls, employment decreased by 0.6%.

• The retail market in Eastern and Southern Idaho remains steady, and vacancy is under 2% in both markets. Yearly net absorption is positive in both Eastern Idaho and Southern Idaho. Asking rates are holding steady in Southern Idaho and increasing in Eastern Idaho.

• With vacancy low, industrial assets in Eastern and Southern Idaho continue to prove to be desirable. Absorption rates dropped this quarter in both Eastern and Southern Idaho, with asking rates remaining flat in both markets.