Commercial real estate transactions across Idaho's Treasure Valley continued at a steady pace in May 2026, with industrial leases, retail expansions, and property purchases spanning Boise, Meridian, Caldwell, and surrounding communities.
The Idaho Business Review's May 22 roundup documented more than two dozen transactions involving office renewals, industrial space commitments, retail leases, and land purchases. The deals reflect ongoing demand across property types despite broader national headwinds in commercial real estate.
Industrial Activity Dominates Transaction Volume
Industrial space accounted for several of the month's largest transactions by square footage. Liberty Cabinetry, LLC, leased 56,160 square feet of industrial space at 1220 Smeed Parkway, Building 1, Suite 6 and Yard, in Caldwell. Devin Ogden and Michael McNeight of Colliers Paragon facilitated the transaction.
Apria Healthcare, LLC, renewed a lease on 3,750 square feet of industrial space at 11800 W President Drive, Suites E and F, in Boise. Steve Foster and Michael McNeight of Colliers Paragon represented the landlord.
Idaho Survey Group, LLC, leased 4,965 square feet at 9955 W Emerald Street in Boise. Lance Hendricks of TOK Commercial represented the landlord and Greg Gaddis of Tenant Realty Advisors represented the tenant.
Ikaku, LLC, leased 2,470 square feet of industrial space at 204-212 Happy Day Boulevard in Caldwell. Mike Arnold and Sean Edwards of TOK Commercial represented the landlord and Shari Minton of Silvercreek Realty Group represented the tenant.
The industrial activity aligns with broader regional trends. According to Calibre Commercial Inspections' Q1 2026 Idaho CRE report, Eastern Idaho continues to see new commercial development in Idaho Falls and Twin Falls, with institutional investment at Idaho National Laboratory supporting steady growth.
Office Market Shows Renewal Strength
Office space renewals made up a significant portion of May's transactions, suggesting existing tenants are staying put rather than relocating or downsizing.
ISucceed Virtual High School, Inc., renewed a lease on 8,503 square feet of office space at 6148 N Discovery Way in Boise. Patrick Shalz of TOK Commercial facilitated the transaction.
Integrative Medicine of Idaho renewed a lease on 3,107 square feet of office space at 250 Bobwhite Court in Boise. Patrick Shalz of TOK Commercial also facilitated that transaction.
Alliant Insurance Services, Inc., renewed 1,536 square feet at 1649 W Shoreline Drive in Boise. Jen McEntee, Bree Wells and Braydon Torres of Cushman & Wakefield represented the tenant and Greg Dunn represented the landlord.
Office Evolution renewed a lease on 5,741 square feet at 999 W Main Street in Boise. Jen McEntee, Bree Wells and Braydon Torres of Cushman & Wakefield facilitated the transaction.
Osprey Counseling renewed a lease on 744 square feet of office space at 5481-5505 Kendall Street in Boise. Chris Pearson, Gavin Phillips and Mike Arnold of TOK Commercial facilitated the transaction.
Insight Pest Solutions Idaho, LLC, renewed a lease on 220 square feet of office space at 1525 Addison Avenue E, Suite 102-104, in Nampa. The transaction details were included in the Idaho Business Review roundup.
Cushman & Wakefield's Q4 2025 Boise MarketBeat report noted that Boise maintained an office vacancy rate of 11.5 percent, unchanged quarter-over-quarter but up 200 basis points year-over-year. That figure remains roughly half the national average of 21 percent, according to Calibre's Q1 2026 report.
Retail and Restaurant Leases Signal Consumer Confidence
Restaurant and retail tenants secured space across the Treasure Valley, with several transactions in high-traffic corridors.
Cactus Southwest Kitchen + Bar leased 6,980 square feet of retail space at 391 S 8th Street in Boise. Sherry Schoen of CornerPoint Commercial Real Estate represented the tenant and Mike Christensen and Kelly Schnebly of Colliers Paragon represented the landlord.
Mo' Bettahs leased 2,450 square feet in The District at Ten Mile at 3249 W Cobalt Drive in Meridian. LeAnn Hume, Andrea Nilson and Julie Kissler of Summit Commercial Real Estate Group facilitated the transaction.
Limitless Lifestyles, LLC, leased 1,560 square feet of retail space in the Family Center at Federal Way at 3548-3668 Federal Way in Boise. JP Green and Moses Mukengezi of TOK Commercial represented the landlord and Michael Gioioso of Homes of Idaho, Inc., represented the tenant.
Freedom Academy leased 1,350 square feet of retail space at 1201-1225 E Winding Creek Drive in Eagle. Holly Chetwood of TOK Commercial represented the landlord and Jim Hosac of Intermountain Commercial Real Estate represented the tenant.
Over Under Title, LLC, leased 1,246 square feet of retail space at 295 N 2nd Street in Mountain Home. Holly Chetwood and Moses Mukengezi of TOK Commercial represented the landlord.
Calibré's Q1 2026 report noted that Boise retail vacancy stood at 4.2 percent, and the Village at Meridian's expansion is attracting first-to-Idaho national brands.
Property Sales and Land Acquisitions
Several property purchases closed in May, including owner-user acquisitions and investment sales.
Payette River Financial Advisors, LLC, purchased the United Heritage Building at 704 E United Heritage Circle in Meridian. Nick Schuitemaker, Mike Greene and Peter Oliver of TOK Commercial represented the seller and Jen McEntee of Cushman Wakefield represented the buyer.
Black Bear Diner purchased the property at 1731 S Entertainment Avenue in Boise. Nick Schuitemaker, Mike Greene and Peter Oliver of TOK Commercial facilitated the transaction.
BRC State Street, LLC, purchased the property at 480 N State Street in Shelley. Lance Hendricks, Mike Greene, Nick Schuitemaker and Peter Oliver of TOK Commercial facilitated the transaction.
NE Ventres, LLC, purchased 1,225 square feet at 3752 E Amity Avenue in Nampa. Jen McEntee, Bree Wells and Braydon Torres of Cushman & Wakefield represented the buyer and Jason Knorpp of KW Commercial Real Estate represented the seller.
Susak & Company LLC purchased 0.92 acres at 1451 N Hartman Street in Boise. Mallisa Jackson and Daniella Devine of MJPCRE Group Brokered by EXP Commercial and Julia Jones of Michener Investment represented the seller and Sawyer Price of Stark Accelerators Commercial Real Estate represented the buyer.
An undisclosed buyer purchased the net-leased Panera & Pacific Dental building in the Paul Bunyan Plaza at 1500 E Deer Flat Road in Kuna. Andrea Nilson, LeAnn Hume and Julie Kisser of Summit Commercial Real Estate Group represented the seller and Leo Notar of Century 21 Beutier & Associates represented the buyer.
Additional Office and Service Leases
Other May transactions included office and service-sector leases across the region.
Lido Advisors leased 1,200 square feet at 999 W Main Street in Boise. Jen McEntee, Bree Wells and Braydon Torres of Cushman & Wakefield represented the landlord and River Curtis and Michael Arnold of Lee & Associates represented the tenant.
Waterstone Mortgage Company leased 3,000 square feet of office space at 460 S Fitness Place, Suite A, in Eagle. Tanya Ranger of Tanya Ranger Real Estate represented the tenant and Lew Manglos of Colliers Paragon represented the landlord.
Infraxis, LLC, leased 2,503 square feet of office space at 5660 E Franklin Road, Suite 100, in Nampa. Holly Chetwood and Sean Edwards of TOK represented the tenant and Lincoln Hagood, Mike Pena, Bryant Jones and Nate Mack of Colliers Paragon represented the landlord.
Sarita Pineda renewed a lease on 145 square feet of retail space at 1525 Addison Avenue E, Suite 102-104, in Nampa. Transaction details were included in the Idaho Business Review roundup.
Market Context and Outlook
The May transaction volume comes as Idaho's commercial real estate market navigates a complex national environment. Calibre's Q1 2026 report noted that the Federal Reserve held rates at 3.50 to 3.75 percent and signaled only one more cut for the year. Construction input prices were running at a 12.6 percent annualized rate through January and February, with materials costs 44 percent above 2020 levels.
Despite those headwinds, Idaho's local fundamentals remain relatively strong. Boise office vacancy at 11.5 percent is roughly half the national 21 percent average. Retail vacancy is tight at 4.2 percent. Eastern Idaho continues to grow steadily, with new commercial development in Idaho Falls and Twin Falls and institutional investment at Idaho National Laboratory.
CMBS delinquencies hit 7.55 percent in March, with office delinquencies at record highs and more than $100 billion in securitized loans maturing in 2026, according to Calibre. The firm advised that in an environment where input prices are moving quickly, thorough property condition assessments are essential to anchor capital expenditure assumptions.
Idaho's economy has been steadily expanding, and with it, the demand for commercial properties, according to Latah Realty. Communities across Northern Idaho, including Moscow, are seeing growth fueled by the University of Idaho, local businesses, and regional development initiatives.
JVM Lending's Idaho real estate market forecast for 2026 projected statewide home price appreciation in the 3 to 5 percent range, with steady job creation, continued population growth, and a business-friendly climate keeping the state attractive for both residents and newcomers. Idaho's unemployment rate is projected to stay near the low 3 percent range, supporting consistent housing demand.
The May roundup reflects a market where tenants and buyers are moving forward with commitments, brokers are facilitating deals across property types, and fundamentals remain supportive despite national uncertainty.