Key takeaway
The Treasure Valley's office market has made stronger year-over-year gains in occupancy (+820,000 square feet), and vacancy has fallen to a very low 5.1% this quarter. Economic growth has also remained strong: 375,000 people were employed in the Boise MSA in October 2021, an increase of 12,000 since the same time last year. The rise in employment has significantly outpaced the growth of the civilian labor force, which increased by 2,000 people over the same period. As a result, the unemployment rate has fallen by 2.5% to 2.0%, a ten-year low.
