Selway Apartments - Thornton Oliver Keller

171 Unit Apartment Community
2552 W. Selway Rapids
Meridian, ID
Presented By:
Mike Greene, CCIM
Mike Keller, CCIM, SIOR
2
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OF 15
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Selway Apartments
E
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Investment Offering
Table of Contents
Confidentiality Agreement
Call For Offers - Instructions
Section 1
Offering Description1
Executive Summary2
Property Summary3
Section 2
Financial Analysis
4
Section 3
Property Overview
5
Property Site Plan
9
Building Floor Plans
10
Section 4
Demographics12
Boise Area Metro Information
14
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
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Confidentiality Agreement
SIGN AND RETURN VIA EMAL OR FAX TO:
Thornton Oliver Keller Commercial, 250 S. 5th – 2nd Floor, Boise, ID 83702
Mike Greene ▪ mikeg@tokcommercial ▪ Phone: 208.947.0835 ▪ Fax: 208.947.0869
Mike Keller ▪ mtk@tokcommercial ▪ Phone: 208.947.0544 ▪ Fax: 208.947.0869
In connection with the offering of the 171 unit apartment community located at 2552 W. Selway Rapids, Meridian, ID (the “Property”) for sale by
Thornton Oliver Keller, the undersigned has requested copies of the investment offering package for the Property (such package, together with any
other documents or information provided through Thornton Oliver Keller Commercial [its “Agent”] regarding the Property being referred to
collectively below as the “Information”).
Thornton Oliver Keller Commercial is or will be furnishing the Information to the undersigned on the condition that the undersigned will keep the
information confidential.
In consideration of the foregoing and other good and valuable consideration, the undersigned hereby agrees that it will keep the Information
confidential, and the Information shall not be disclosed to anyone other than the Potential Purchaser’s partners, employees, legal counsel and
institutional lender (who the undersigned shall require to keep the Information confidential, “Related Parties”), for the purpose of evaluating the
potential purchase of the property. The undersigned further agrees to promptly return all original copies of the documents included in the
Information received by the undersigned, and all photocopies of such documents made by the undersigned and its Related Parties, to Thornton
Oliver Keller Commercial if requested to do so in writing.
Potential Purchaser hereby indemnifies and holds harmless Thornton Oliver Keller Commercial, Mike Greene, Mike Keller and Owner and their
respective affiliates and successors and assigns against and from any damage, loss, liability or expense, including attorney’s fees, arising out of
any breach of any of the terms of this agreement.
The undersigned certifies that all information relative to this offering will not be disseminated to or used by any principals, agents or parties other
than those stated hereunder. Your signature below confirms that you have accepted this registration.
POTENTIAL PURCHASER:
By:
Address:
Print Name:
Title:
Telephone:
Date:
Fax:
Company:
Email:
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
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Call for Offers - Instructions
1. You are hereby invited to submit a bid for the purchase of the Selway Apartments located at 252 W. Selway Rapids, in Meridian, ID.
2. Letters of Intent need to be received by Thornton Oliver Keller on or before November 15, 2012.
3. All Letters of Intent are to be clearly marked “BID FOR PURCHASE OF SELWAY APARTMENTS” in the subject line of the email, or on the envelope and shall be
accompanied with evidence of Buyer’s proof of funds, showing Buyer’s ability to close the sale.
Email to:
Mike Greene / mikeG@tokcommercial.com
or
Mike Keller / mikeg@tokcommercial.com
Or mail hard copy to:
Thornton Oliver Keller Commercial Real Estate
Attention: Mike Greene / Mike Keller
250 S. Fifth Street, 2nd Floor
Boise, ID 83702
4. Due Diligence materials will be provided by submitting an executed Confidentiality Agreement.
5. Purchase and Sale Agreement shall be drafted on Seller’s form. Seller to provide form upon acceptance of bid.
6. Earnest money made payable to _____________ is due upon signing of the Purchase and Sale Agreement. Earnest money must be at least 10% of the bid amount.
7. Terms of Sale: Cash on closing, which shall be within thirty (30) days from the expiration of the buyer’s due diligence period. If the bidder is unable to close within thirty
(30) days, his earnest money will be forfeited and retained by the Seller and the sale may be awarded to another bidder. Conveyance will be by warranty deed, and subject
to existing liens, assessments, and easement of record.
8. All questions regarding these properties should be directed to Mike Greene or Mike Keller at Thornton Oliver Keller Commercial Real Estate. The telephone number is
(208) 378-4600.
9. The Seller reserves the right to reject any and all bids.
10. Representations and warranties of Seller: Buyer acknowledges and agrees that Buyer is acquiring property in an “As Is” condition and solely in reliance on Buyer’s
own inspection; and that other than as set forth in this agreement, neither Seller nor any agents, representative or employees of Seller, has made any representations or
warranties, express or implied, verbal or written, with respect to any aspect of the property including without limitation the physical and environmental condition of the
property (and the subsurface conditions of the soil and water) or its fitness for any particular use.
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
Offering Description
Selway Apartments
Property Narrative
Lifestyle Amenities
•
•
•
•
•
Garden-style, luxurious 171 unit apartment community.
Constructed in 2009.
Situated on 10.10 acres that is beautifully landscaped and professionally maintained.
Comprised of 161,108 square feet of residential living space.
Luxurious club house with flat screen TV, Wi-Fi access, state of the art fitness center,
resort style pool and soothing spa.
• Paved walking paths wind throughout the community which also includes a picnic
and play area.
• 30 garages, 283 carports and 55 surface parking spaces.
• Located in the city of Meridian, the fastest-growing city in the state of Idaho.
Selway is the area’s newest full amenity apartment community.
• Located within the Meridian School District, known as the largest district statewide
and recognized for excellence in academics and sports as well as various educational
opportunities that includes several magnet schools. The neighborhood includes an
elementary school, middle school and major high school within walking distance.
• Unique blend of retailers located nearby that include a future Walmart Supercenter,
the new Eagle Island shopping center, Treasure Valley Marketplace and the upcoming
Meridian Town Center.
• Spurwing Country Club & Golf Course located within a half mile.
• Settlers Park, located within a mile, includes walking paths, a fishing pond, horseshoe
pit, tennis courts, picnic shelters and baseball/softball fields. The park also features
an outdoor Movie Night during the summer months.
• Roaring Springs Water Park and Boondocks Fun Center located within 6 miles.
Prime Location
• Conveniently located near major access roads including the Ten Mile Interchange and
Eagle Road, which provides direct access to the cities of Eagle and Garden City, as
well as downtown Boise.
• Located near the population center of the valley and major employers including St.
Luke’s Regional Medical Center, Hewlett Packard, T-Mobile, Citi Group,
Bodybuilding.com and a variety of others.
This real estate investment offers an investor an excellent opportunity to acquire
one of the premiere pride-of-ownership irreplaceable apartment communities in
the inland Northwest.
ALL SHOWINGS SHALL BE COORDINATED THROUGH THE LISTING AGENT.
PLEASE DO NOT VISIT THE PROPERTY WITHOUT AN APPOINTMENT.
UNIT MIX
Unit Name
Unit Type
Archer
1 Bed/1 Bath
Greenside
2 Bed/1 Bath
Gedney Carriage
2 Bed/1 Bath
Freeman Carriage
2 Bed/1 Bath
Eagle
2 Bed/1 Bath
Sable
3 Bed/2 Bath
Total # of Units:
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
SF
730-740 SF
884-907 SF
884-907 SF
884-907 SF
949-974 SF
1,120-1,154 SF
tokcommercial.com
# of Units
32
31
4
6
74
24
171
[1]
Executive Summary
Selway Apartments
The Offering
Exclusive Agent
Thornton Oliver Keller Commercial Real Estate is pleased to offer a 100%
fee-simple interest in the Selway Apartments, a 171 unit luxury apartment
community consisting of 161,108 square feet, plus a 3,515 SF clubhouse building
situated on 10.10 acres of land (the “Property”).
Mike Greene, CCIM
250 S. 5th Street, Second Floor
Boise, ID 83702
Phone: 208.947.0835
Fax: 208.947.0869
mikeg@tokcommercial.com
Mike Keller, CCIM, SIOR
250 S. 5th Street, Second Floor
Boise, ID 83702
Phone: 208.947.0544
Fax: 208.947.0869
mtk@tokcommercial.com
Investment Highlights
• The property is being offered with an asking price of $17,500,000.00. The
terms of the sale are: cash at closing.
• Continued NOI upside.
• New product with little deferred maintenance.
• In place professional management.
• Attractive financing environment. New debt is required.
• RUBS program (utility billing) launched August, 2012.
Offers
• Bids should be submitted to Thornton Oliver Keller Commercial Real Estate in
a non-binding Letter of Intent.
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[2]
Property Summary
Selway Apartments
Location
Address:
2552 W. Selway Rapids, Meridian, ID
Location:
McMillan Road and Linder Road
Property Description
Type:
Luxury Apartments
Building Area:
161,108 SF of residential living space plus a
3,515 SF recreational/club house
Construction:
2 & 3 story wood frame buildings
Parcel Size:
10.10 Acres
Zoning:
R-4
Completion Date:
2009
Parking:
30 garages / 283 carports with 55 surface parking
On-Site Storage:
16 units (10’ x 8’)
2 units (5’ x 6’)
Leasing Status
Occupancy:
95% as of October 7, 2012
Lease Rates:
$745-$1,095 per month
Current Concessions:
None
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[3]
Financial Analysis
Selway Apartments
Analysis
Selway Analysis
way Analysis
Selway
Analysis
Gross
Scheduled
Rent
ss Scheduled
Rent
Vacancy
ancy
Models
els
Recurring
Concessions
urring Concessions
Gross Scheduled
Rent
Write Off
Write Off Net
Vacancy
(utility bill back)
BS (utility RUBS
bill
back)
Models
Total
Apt
Rental
Income
al Apt Rental
Income
Recurring
Concessions
$
5.00% $
$
1.00% $
0.85% $
$
$
Net Write Off
RUBS (utility bill back)
Total Apt Rental Income
er IncomeOther Income
$
Proforma Proforma
Per Unit
Per Unit
$
1,756,980
1,756,980
Proforma
5.00%
$
(87,849)
(87,849)
$
(10,260)
(10,260)
Per Unit
1.00%
$
(17,570)
$ (17,570)
1,756,980
0.85%
$
(15,000)
5.00%
$ (15,000)
(87,849)
$
65,000
$ 65,000
(10,260)
$
1,691,301
1.00%
$1,691,301
(17,570)
0.85% $
(15,000)
144,132 Actual YTD Annualized
Actual YTD Annualized
$
65,000
$
1,691,301
$
Less
Budgeted
Operating Expenses
s Budgeted
Operating
Expenses
$
$ $ (633,292)
(3,703) $
(633,292)
$
1,835,433
$
$ $ (42,750)
(250) $
(42,750)
Total Revenue
1,835,433
$
Less Budgeted Operating Expenses
Operating Income
OperatingNet
Income
$
$
1,159,391
Per Unit
Per Unit
Price
$ 17,500,000.00
$ 102,339.18
ring PriceOffering
$ 17,500,000.00
$ 102,339.18
Less Operating
Reserves
$
1,159,391.11
orma NOIProforma NOI
$
1,159,391.11
Cap
6.63%
Rate
6.63%
Net Rate
Operating Income
Cash Flow
$
486,235.54
Principal Paydown (Year 1)
Overall Total Return
Overall Yield (Year 1)
$
$
206,921.78
693,157.32
12.05%
(11,676)
2.63% $
(46,408)
$
134,419
134,419
$
Actual YTD Annualized
$
1,619,557
1,619,557
$
943,515
(250)
124
$
1,619,557
(250)
$
(633,292) $
$
(42,750) $
$
943,515
943,515
$
133
(3,703) $
(52
$
81,022.00
$ $8
$81,022.00
85,476.67
(250)
$
81,02
Cash Flow Analysis at Proforma Stabilization
**Loan Amount $11,750,000 @ 4.00%, 30 Year
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
9
$
**Loan
Amount
$11,750,000
4.00%, 30 Year8.46%
an Amount
$11,750,000
@
4.00%,
30 @
Year
Cash
Yield
(Year
1)
250 S. 5th Street, 2nd Flr
(3
$
(3,703) (52,774)
$
$ $
$ (52,774)
(52,774)
$
(42,750) $
9,126
$
13,152
$ $ (633,292)
$ $
(633,292)
(3,703)
$
$
$
$
$ $
133,796
$ 133,796
138,251
$ $ (42,750)
$
(42,750)
(250)
(3,703)
$
$
134,419
$
(633,292) $
(1
$
$
(250)
1,159,391
$9,126
1,485,139
$
$
$
$
$ $(8
124,671
$ 124,671
$ 125,099
$
(3,703)
$
1,159,391
Per Unit
Cash Flow
AnalysisStabilization
at Proforma Stabilization
Cash Flow Analysis
at Proforma
$ 17,500,000.00 $ 102,339.18
$
1,159,391.11
$
1,159,391.11
1,159,391.11
6.63%
Less Debt Service**
$
(673,155.57)
s Debt Service**
$
(673,155.57)
$
486,235.54
h Flow Cash Flow
$
486,235.54
Cash1)Yield (Year 1)
8.46%
h Yield (Year
8.46%
Principal
Paydown
1)
$
206,921.78
cipal Paydown
(Year
1)
$ (Year 206,921.78
Proforma
NOI
1,159,391.11
Total
Return
$ $ 693,157.32
rall Total Overall
Return
$
693,157.32
Less 1)
Debt
$
(673,155.57)
YieldService**
(Year 1)
12.05%
rall Yield Overall
(Year
12.05%
$
$ 7.03%
1,485,139
1,485,139
$
$
(123,578)
1,835,433
Cash Flow Analysis at Proforma Stabilization
Offering Price
Proforma NOI
orma NOIProforma NOI
$
Cap Rate
$
$
144,132
$
Less
Operating Reserves
s Operating
Reserves
$
$
144,132
Total Revenue
al Revenue
Other Income
$
5.51% $
$
7.03% $
2.63% $
Trailing
90 Days (Annualized)
Trailing 90 Days
(Annualized)
Per September
Unit
September
Actual
Augus
Per Unit
Actual
August
Actual
Jul
$
1,763,560
$
$ $
1,763,560
$
147,785
$ 147,785
146,660
Trailing
90(8,153)
Days
5.51%
$
(96,760)
$
$ (An
(96,760)
$
(10,431)
$ (10,431)
$
$
(11,676)
$
(1,032)
$ Ac
(11,676)
$
(1,032)
$ September
(855)
$
Per Unit
7.03%
$
(123,578)
$
$ 147
(123,578)
$
(8,499)
$ $(8,499)
(9,895)
$
$
1,763,560
2.63%
$ 5.51%(46,408)
$
$ (10
(46,408)
$
(3,153)
$ $(3,153)
(2,658)
$
$
(96,760)
[4]
Property Photographs
Selway Apartments
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[5]
Aerial Photograph
Selway Apartments
Goddard Creek Way
W Selway Rapids
McMillan Rd
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[6]
Aerial Photograph
Selway Apartments
Ten Mile
Linder Rd
Chinden
Rocky Mountain
High School
Heritage
Middle School
McMillan
Hunter
Elementary School
Sawtooth
Middle School
Settlers
Park
Ustick Rd
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[7]
Locator Map
Selway Apartments
Chinden
Ten Mile
McMillan
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[8]
2552 West Selway Lane
Meridian, Idaho 83646
SELWAY
APARTMENTS
Site Plan
Selway Apartments
208.855.5455
208.855.2221 fax
www.selwayapartments.com
Serene. Scenic. Superb.
Site Plan
AVAILABLE UNITS
UNAVAILABLE UNITS
250 S. 5th Street, 2nd Flr
•
CLUBHOUSE & LEASING OFFICE
Boise, Idaho
•
208.378.4600
•
Features fitness facility, pool/spa and picnic/play area.
tokcommercial.com
[9]
Floor Plans
Selway Apartments
Greenside Building
2 Bed / 1 Bath
Archer Building
1 Bed / 1 Bath
Gedney Carriage House
2 Bed / 1 Bath
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[10]
Floor Plans
Selway Apartments
Freeman Carriage House
2 Bed / 1 Bath
Eagle Building
2 Bed / 2 Bath
Sable Building
3 Bed / 2 Bath
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[11]
Demographics
Site Map
Selway Apartments
Prepared by Michael Ballantyne
2552 W Selway Rapids Ln, Meridian, ID 83646, United States
Ring: 1, 3, 5 Miles
CENTER POINT: Selway Apartments
Latitude: 43.650219
Longitude: -116.426529
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[12]
Demographics
Selway Apartments
Demographic and Income Profile
Demographic and Income Profile
2010
2011
2016
100,777
103,338
113,377
Households
34,163
35,042
38,333
Families
26,981
27,708
30,085
Average Household Size
2.94
2.94
2.95
Owner Occupied Housing Units
26,581
26,625
29,275
Renter Occupied Housing Units
7,582
8,417
9,058
33.5
33.6
33.9
Median Age
Trends: 2011 - 2016 Annual Rate
Area
State
National
Population
Households
1.87%
1.81%
1.15%
1.22%
0.67%
0.71%
Families
Owner HHs
1.66%
1.92%
1.06%
1.27%
0.57%
0.91%
Median Household Income
2.66%
3.65%
<$15,000
$15,000 - $24,999
Percent
Number
Percent
2,471
7.1%
2,328
6.1%
6.7%
1,678
3,456
9.9%
2,145
5.6%
4,555
13.0%
4,095
10.7%
$50,000 - $74,999
8,215
23.4%
10,270
26.8%
$75,000 - $99,999
5,983
17.1%
8,134
21.2%
$100,000 - $149,999
5,148
14.7%
6,117
16.0%
$150,000 - $199,999
1,526
4.4%
2,044
5.3%
$200,000+
1,353
3.9%
1,521
4.0%
$61,622
$76,994
$26,083
2010
Population by Age
0-4
5-9
Number
Percent
Number
Percent
8.4%
8,564
8.3%
9,470
8.4%
9.8%
10,100
9.8%
10,976
9,499
9.4%
9,724
9.4%
10,693
9.4%
7,448
7.4%
7,594
7.3%
7,761
6.8%
20 - 24
4,411
4.4%
4,555
4.4%
4,809
4.2%
12,760
12.7%
13,138
12.7%
14,745
13.0%
35 - 44
15,816
15.7%
16,141
15.6%
17,051
15.0%
45 - 54
13,438
13.3%
13,677
13.2%
13,694
12.1%
55 - 64
9,671
9.6%
10,048
9.7%
11,843
10.4%
65 - 74
5,447
5.4%
5,741
5.6%
7,716
6.8%
Race and Ethnicity
2,828
2.8%
2,908
2.8%
3,275
2.9%
1,114
1.1%
1,148
1.1%
1,345
1.2%
2011
Number
Percent
Number
Percent
Number
Percent
92,540
91.8%
94,802
91.7%
102,757
90.6%
Black Alone
791
0.8%
813
0.8%
1,069
0.9%
American Indian Alone
Pacific Islander Alone
Some Other Race Alone
Owner HHs
Median HH Income
12
10
8
6
2011
2016
0
0-4
5-9
10-14
15-19
503
0.5%
518
0.5%
609
0.5%
2,114
2.1%
2,170
2.1%
2,641
2.3%
150
0.1%
152
0.1%
192
0.2%
1,848
1.8%
1,957
1.9%
2,565
2.3%
Two or More Races
2,831
2.8%
2,927
2.8%
3,545
3.1%
Hispanic Origin (Any Race)
6,577
6.5%
6,970
6.7%
9,346
8.2%
20-24
25-34
35-44
45-54
55-64
$35K - $49K
13.0%
75-84
85+
90
$25K - $34K
9.9%
80
$15K - $24K
6.7%
<$15K
7.1%
$50K - $74K
23.4%
$200K+
3.9%
70
60
$150K - $199K
4.4%
$100K - $149K
14.7%
$75K - $99K
17.1%
50
40
30
20
10
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
2011 Percent Hispanic Origin: 6.7%
Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2011 and 2016.
Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2011 and 2016.
July 24, 2012
©2012 Esri
July 24, 2012
Page 5 of 6
250 S. 5th Street, 2nd Flr
65-74
2011 Population by Race
2011 Household Income
2016
White Alone
Asian Alone
Families
14
9.7%
25 - 34
2010
Households
2016
Percent
8,465
10 - 14
85+
Population
2
15 - 19
75 - 84
Area
State
USA
4
Number
9,878
1
0.5
Population by Age
$70,276
$86,250
$29,120
2011
2
1.5
4.4%
$25,000 - $34,999
$35,000 - $49,999
Median Household Income
Average Household Income
Per Capita Income
3
2.5
0
2016
Number
2,334
3.5
2.75%
2011
Households by Income
Prepared by Michael Ballantyne
Latitude: 43.650219
Longitude: -116.4265289
Trends 2011-2016
Percent
Population
Selway
2552 W Selway Rapids Ln, Meridian, ID 83646, United States,
Ring: 5 mile radius
Percent
Summary
Prepared by Michael Ballantyne
Latitude: 43.650219
Longitude: -116.4265289
Annual Rate (in percent)
Selway
2552 W Selway Rapids Ln, Meridian, ID 83646, United States,
Ring: 5 mile radius
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Boise, Idaho
©2012 Esri
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208.378.4600
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[13]
Boise Area Metro Information
Boise Area Metro Information
Boise, Idaho - Boise is not only the capital of Idaho, but the center of commerce,
politics, population, cultural events, and the blue field that personifies the Boise State
Broncos. As a high desert community resting at the foot of the mountains, it is surrounded
by thriving bedroom communities rich in their own histories and economies, bringing the
metro area population to approximately 650,000. Experts estimate the MSA population
will exceed 710,000 by 2014.
Although Boise is famous for the potato market, it has an equally vibrant economic
environment for high-tech, healthcare, education, transportation, service, tourism, and
retail industries. Many nationally and globally recognized corporations have a home in
Boise including Micron Technology, Hewlett Packard, DirecTV, J.R. Simplot Company,
MotivePower, and many others.
Forbes consistently ranks Boise as one of the top places in the country to do business,
high quality of life, raising a family, entertainment, and recreation. And don’t forget one of
the greatest bowl game victories in the history of college football completed by our own
Boise State Broncos in the 2006 Fiesta Bowl!
Area Profile
Key cities within the Boise MSA
Boise
207,730
Meridian
78,290
Eagle
20,550
Nampa
82,160
Caldwell
46,800
Total MSA Population (2011)
653,789
Source: Compass 2012 Population Estimates and Boise Valley Spotlight 2012
Top Employers
St. Luke’s Health Systems
Ada County
Micron Technology
State of ID Dept of Health and Welfare
Meridian Joint School District #2
Idaho Power Co.
Saint Alphonsus Regional Medical Ctr.
DirecTV
Boise State University
Wells Fargo Bank, N.A.
Albertsons (SUPERVALU)
WDS Global
Wal-Mart
U.S. Postal Service
Hewlett-Packard Co.
U.S. Veterans Administration
City of Boise
Fred Meyer Stores
Nampa School District #131
Darmody Enterprises LTD-McDOnalds
J R Simplot Co.
State of Idaho Dept. of Corrections
Employment and Income
Total Employment (Ada & Canyon County 07/12)
270,305
Unemployment Rate as of Jul. 2012
7.5%
Housing
Single-Family Homes sold in Ada Co. (2011)
Per Capita Income
$26,590
Median Home Price
Median Household Income
$58,003
Single-Family Homes sold in Canyon Co. (2011)
Average Household Income
$71,048
Source: Dept. of Labor and STDBonline.
250 S. 5th Street, 2nd Flr
250 S. 5th Street, 2nd Flr
•
•
Boise, Idaho
Boise, Idaho
6,289
$177,314
Median Home Price
2,924
$143,143
Source: Intermountain MLS and STDBonline.
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208.378.4600
208.378.4600
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tokcommercial.com
tokcommercial.com
[14]
Boise Area Metro Information
Boise Valley Spotlight 2012 - Excerpt
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
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tokcommercial.com
[15]
Boise Area Metro Information
Boise Valley Spotlight 2012 - Excerpt
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[16]
Boise Area Metro Information
Compass Popultaion Estimates 2012
Population Estimates by City Limits
Ada County
Year
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2000
1999
1998
1997
1996
1995
1994
1990
1980
1970
1960
1950
1940
1930
1920
1910
1900
1890
1880
1870
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
Boise
Eagle
207,730
206,470
205,671
215,630
214,490
213,503
211,473
20,550
20,140
19,908
21,370
21,090
20,951
20,131
208,219
200,062
195,931
193,085
185,787
170,327
168,258
166,647
163,493
155,443
148,996
125,738
102,451
74,990
34,481
34,393
26,130
21,544
21,393
17,358
5,957
2,311
1,899
995
18,428
16,418
14,144
13,380
11,085
7,923
7,246
6,590
6,236
5,405
4,669
3,327
2,620
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Garden
City
Kuna
Meridian
Star
11,020
10,980
10,972
12,670
12,580
12,352
12,074
15,650
15,470
15,210
15,900
14,830
14,261
12,647
78,290
76,510
75,092
75,290
73,040
71,866
66,565
6,030
5,900
5,793
6,110
5,690
5,548
4,594
11,914
11,675
11,589
11,124
10,624
9,659
9,087
9,018
8,769
7,891
7,082
6,369
4,571
2,368
1,681
764
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10,587
9,696
8,649
7,386
5,382
4,007
3,398
2,919
2,584
2,246
2,065
1,955
1,767
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
56,108
47,690
42,481
39,744
34,919
28,679
26,421
24,415
21,873
18,863
16,561
9,596
6,658
2,616
2,081
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3,028
2,552
2,243
2,116
1,795
1,378
1,195
929
802
725
708
est. 1997
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Unincorpor
ated
Total
60,400
60,510
59,739
61,350
60,830
57,493
55,830
399,670
395,960
392,365
408,190
402,550
395,974
383,314
53,200
58,118
58,772
56,326
51,312
52,785
51,381
50,188
49,280
56,642
56,977
58,790
54,969
32,256
55,217
35,492
24,271
16,381
13,820
11,730
5,602
6,327
2,775
1,680
361,484
346,212
333,809
323,161
300,904
274,757
266,987
260,707
253,037
247,213
237,058
205,775
173,036
112,230
93,460
70,649
50,401
37,925
35,213
29,088
11,559
8,638
4,674
2,675
Canyon County
Year
2012
Caldwell
46,800
Greenleaf
850
Melba
520
Middleton
5,630
Nampa
82,160
Notus
Parma
530
Wilder
1,990
1,530
Unincorpora
ted
50,390
Total
190,400
2011
46,730
850
520
5,600
81,920
530
1,990
1,530
50,160
189,850
2010 (Census)
46,237
846
513
5,524
81,557
531
1,983
1,533
50,179
188,923
190,920
2009
44,210
920
580
5,870
82,830
650
2,060
1,740
51,930
2008
42,640
920
570
5,560
81,840
620
2,030
1,710
51,280
187,170
2007
40,873
912
571
5,151
81,354
588
1,996
1,682
51,124
184,251
2006
4,575
76,436
558
1,921
1,582
51,208
175,781
2005
35,086
902
539
4,166
72,211
538
1,891
1,502
50,306
167,141
2004
33,059
38,028
878
912
534
561
3,868
67,401
506
1,851
1,491
49,943
159,531
2003
30,716
878
511
3,606
63,227
500
1,808
1,484
49,444
152,174
2002
28,857
878
500
3,235
58,952
482
1,792
1,481
48,240
144,417
2000 (Census)
25,967
862
439
2,978
51,867
458
1,771
1,462
45,637
131,441
1990 (Census)
18,586
648
252
1,851
28,365
380
1,597
1,232
37,165
90,076
1980 (Census)
17,699
n/a
276
1,901
25,112
437
1,820
1,260
35,251
83,756
1970 (Census)
14,219
n/a
n/a
n/a
20,768
n/a
n/a
n/a
26,301
61,288
1960 (Census)
12,230
n/a
n/a
n/a
18,013
n/a
1,295
n/a
27,419
57,662
1950
1940
1930
1920
1910
1900
1890
10,487
7,272
4,974
5,106
3,543
997
779
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
16,185
12,149
8,206
7,621
4,205
799
347
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
26,925
21,566
17,750
14,205
17,575
5,701
n/a
53,597
40,987
30,930
26,932
25,323
7,497
est. 1891
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
(Census)
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[17]
development likely will sputter along a bit this
year as residential real estate bottoms out and
starts to recover, and then grow moderately in
2013, he said.
usiness Review > Print > Commercial real estate market stabilizin...
Idaho Business Review
Boise Mayor Dave Bieter said the city’s construction volume jumped 54 percent from 2010 to 2011, to
$355 million, and that forecasts by Brookings Institution and others expect Boise’s economy to grow.
He sees increased optimism across all industries as he speaks to businesspeople, including the owner
of an independent furniture store that has experienced a return to pre-recession sales volumes on
http://idahobusinessreview.com/wp-content/plugins/dmc_sociable_toolba...
weekends, he said.
Idaho Business Review - February 2012
Boise Area Metro Information
In the office market, “I believe we’ve seen the bottom, and the worst is behind us,” said Karen
Warner, real estate broker with Colliers International in Boise. Last year’s absorption, a comparison of
space occupied to space vacated, was up 30 percent in the Boise area and was its highest in three
years thanks to employment gains and minimal new construction, she said.
http://idahobusinessreview.com
In 15 major buildings Warner tracked, vacancy fell by a quarter in the second half of last year, she
said. Occupancy activity increased among businesses serving the residential real estate sector, for
example. She expects the Treasure Valley office market to improve this year – with a modest increase
in rents, a slight decrease in leasing incentives and continued purchases of buildings by owneroccupants.
Commercial real estate market stabilizing locally
by Brad Carlson
Published: February 14th, 2012
Southwest Idaho’s commercial real estate market
likely will grow slightly this year, a welcome
change from recession-fueled volatility.
Retail sales are expected to rise by about 6 percent nationally in 2012 following last year’s 7.8 percent
gain, said Mark Schlag of Thornton Oliver Keller Commercial Real Estate. Luxury and discount retailers
posted gains while many mid-priced players struggled, he said.
The big-project announcements and rent
stabilization seen in 2011 set the stage for the first
normal-looking market in several years, said
speakers at the annual Boise Commercial Real
Estate Symposium Feb. 14.
Retail vacancy in the Treasure Valley fell to 9.8 percent last year, the first single-digit percentage since
2008, Schlag said. That includes 7 percent in shopping centers anchored by big-draw “anchor” stores
and 19.5 percent in unanchored centers. Much of the unanchored space needs to be improved, or has
spaces that aren’t finished on the inside, he said.
Retail asking rents dropped last year but vary widely depending on the retailer and the location,
Schlag said. Demand for vacant, second-generation retail space increased, but about half of Treasure
Valley submarkets saw more space vacated than occupied as retailers sought newer, high-profile
properties, he said.
Tommy Ahlquist, principal in developer Gardner
Company, said he expects optimism to return to
the market over the next year. Construction and
development likely will sputter along a bit this
year as residential real estate bottoms out and
starts to recover, and then grow moderately in
2013, he said.
Schlag said restaurant leasing and sales transactions increased by about 15 percent locally in 2011.
Industrial vacancy dropped from 10.7 percent to 10.4 percent in 2011 in the Treasure Valley, said
Brenda Clay of DK Commercial. Multi-tenant industrial buildings saw vacancy drop from 20.2 percent
to 19.9 percent.
Boise Mayor Dave Bieter said the city’s construction volume jumped 54 percent from 2010 to 2011, to
Limited
construction
and real
development
tenantshttp://idahobusinessreview.com/wp-content/plugins/dmc_sociable_t
to existing properties and pushed down average
Idaho Business Review
> Print
> Commercial
estate marketdrove
stabilizin...
$355 million, and that forecasts by Brookings Institution and others expect Boise’s economy to grow.
vacancy last year, Clay said. But larger second-generation warehouse spaces struggled to attract
He sees increased optimism across all industries as he speaks to businesspeople, including the owner
tenants despite lower rents and more aggressive concessions on rent and other lease terms, she said.
of an independent furniture store that has experienced a return to pre-recession sales volumes on
weekends, he said.
Most deals in 2011 involved industrial businesses taking smaller spaces, she said.
In the office market, “I believe we’ve seen the bottom, and the worst is behind us,” said Karen 1 of 2
Warner, real estate broker with Colliers International in Boise. Last year’s absorption, a comparison of
space occupied to space vacated, was up 30 percent in the Boise area and was its highest in three
years thanks to employment gains and minimal new construction, she said.
In 15 major buildings Warner tracked, vacancy fell by a quarter in the second half of last year, she
said. Occupancy activity increased among businesses serving the residential real estate sector, for
example. She expects the Treasure Valley office market to improve this year – with a modest increase
in rents, a slight decrease in leasing incentives and continued purchases of buildings by owneroccupants.
“There needs to be further job creation and increased consumer confidence before the market can
declare a victory,” Clay said.
2/17/2012 1
She expects industrial rents to increase slightly this year, and at a slow pace, while businesses consider
taking more space and leasing for longer periods, she said.
The event was hosted by the Building Owners and Managers Association of Boise.
Complete URL: http://idahobusinessreview.com/2012/02/14/commercial-real-estate-market-stabilizing-locally/
Retail sales are expected to rise by about 6 percent nationally in 2012 following last year’s 7.8 percent
gain, said Mark Schlag of Thornton Oliver Keller Commercial Real Estate. Luxury and discount retailers
posted gains while many mid-priced players struggled, he said.
Retail vacancy in the Treasure Valley fell to 9.8 percent last year, the first single-digit percentage since
2008, Schlag said. That includes 7 percent in shopping centers anchored by big-draw “anchor” stores
and 19.5 percent in unanchored centers. Much of the unanchored space needs to be improved, or has
spaces that aren’t finished on the inside, he said.
Retail asking rents dropped last year but vary widely depending on the retailer and the location,
Schlag said. Demand for vacant, second-generation retail space increased, but about half of Treasure
Valley submarkets saw more space vacated than occupied as retailers sought newer, high-profile
properties, he said.
2 5transactions
0 S . 5 t h increased
S t r e e t ,by2about
n d F15
l r percent
• locally
B o i s ein, 2011.
Idaho
Schlag said restaurant leasing and sales
Industrial vacancy dropped from 10.7 percent to 10.4 percent in 2011 in the Treasure Valley, said
Brenda Clay of DK Commercial. Multi-tenant industrial buildings saw vacancy drop from 20.2 percent
•
208.378.4600
•
tokcommercial.com
[18]
Boise Area Metro Information
www.marketwatch.com - August 2011
250 S. 5th Street, 2nd Flr
•
Boise, Idaho
•
208.378.4600
•
tokcommercial.com
[19]





Boise Area Metro Information




Idaho Business Review - June 2009



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
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











250 S. 5th Street, 2nd Flr
•
Boise, Idaho



•
208.378.4600
•
tokcommercial.com
[20]
Boise Area Metro Information
Moody’s Analytics - December 2011
boIse cItY
EMPLOYMENT
GROWTH RANK
2010-2012
102
2nd quintile
RELATIVE
139%
U.S.=100%
RANK
11
Best=1 Worst=384
RELATIVE COSTS
2010-2015
82
LIVING
BUSINESS
97% 78%
2nd quintile
Best=1, Worst=392
Growth
TOP EMPLOYERS
160
150
140
130
120
110
100
90
U.S.=100%
LIFE CYCLE PHASE
EMPLOYMENT & INDUSTRY
RELATIVE EMPLOYMENT PERFORMANCE (1996=100)
VITALITY
data buffet® msa code: MBOI
U.S.
BOI
2004
2005
2006
2007
2008
2009
2010
INdIcators
2011
2012
2013
2014
2015
19.2
10.5
241.9
3.1
4.2
9.9
527.4
7,843
1,052
137.9
4,664
8.9
4,145
21.6
12.2
255.2
5.5
3.4
6.9
548.6
10,948
601
157.3
6,829
16.1
5,165
21.8
0.9
272.0
6.6
2.6
12.9
572.4
7,440
912
202.5
7,902
18.3
1,501
22.7
4.3
277.0
1.8
2.8
3.9
592.7
3,762
1,102
205.9
6,614
13.9
1,778
22.5
-0.7
273.7
-1.2
5.0
1.0
606.1
2,377
420
185.1
4,084
7.2
2,556
21.6
-4.4
255.7
-6.6
8.4
-5.4
614.6
1,769
135
153.8
6,032
2.3
3,608
21.7
0.8
251.6
-1.6
9.6
4.2
621.9
1,630
63
139.1
4,535
1.2
3,752
Gross metro product (c$b)
% change
total employment (000)
% change
Unemployment rate
Personal income growth
Population (000)
single-family permits
multifamily permits
existing-home price ($ths)
mortgage originations ($mil)
Net migration (000)
Personal bankruptcies
22.0
1.3
254.9
1.3
9.3
5.8
632.8
1,528
265
122.1
3,562
4.9
4,416
22.7
3.1
259.4
1.8
7.8
4.9
645.2
2,906
1,054
134.7
2,822
6.4
4,132
23.5
3.6
263.7
1.7
7.4
5.1
657.3
5,216
1,226
142.5
2,909
6.2
4,223
24.5
3.9
272.6
3.4
6.2
6.9
668.9
6,664
1,275
158.8
3,560
5.7
4,286
25.4
4.0
282.0
3.5
5.2
6.9
680.3
7,067
1,213
168.7
4,245
5.6
3,788
STRENGTHS & WEAKNESSES
streNGtHs
● Favorable migration flows and above-average
population growth.
● High-tech presence provides high-valueadded employment base.
● Lower business costs than other large metro
areas in the region.
WeaKNesses
● High volatility because of cyclical high-tech
industries.
● Lack of high-paying jobs outside of
manufacturing.
CURRENT EMPLOYMENT TRENDS
November 2011
% change yr ago, 3-mo MA
Total
Construction
Manufacturing
Trade
Trans/Utilities
Information
Financial Activities
Prof & Business Svcs.
Edu & Health Svcs.
Leisure & Hospitality
Other Services
Government
2.6
13.5
4.2
1.6
1.6
-2.2
1.9
3.9
1.3
-1.8
2.7
2.4
LONG
TERM
X
W
FORECAST RISKS
SHORT
TERM
RISK-ADJUSTED
RETURN, ’10-15
1.00%
UPsIde
● Low business costs attract more investments.
● Tech outgrows expectations, creating
additional high-value-added service jobs.
doWNsIde
● Floods in Thailand disrupt supply chains
more than expected, hurting semiconductor
demand further.
● Slow national recovery limits mobility,
preventing rebound in population growth.
St. Luke’s Health System
Wal-Mart Stores, Inc.
Mountain Home Air Force Base
Micron Technology, Inc.
J.R. Simplot Company
Hewlett-Packard Company
St. Alphonsus Regional Medical Center
Wells Fargo & Company
Boise State University
Idaho Power Company
Fred Meyer Stores, Inc.
U.S. Bank
DirecTV
Qwest Communications International, Inc.
Citigroup
The Amalgamated Sugar Company, LLC
URS Corporation
Blue Cross of Idaho
T-Mobile USA, Inc.
Regence BlueShield of Idaho
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11F 12F 13F 14F 15F
Recent Performance. Boise City’s recovery has
gathered momentum as job growth outpaces that
of the nation. Hiring in construction, manufacturing, and professional/business services is more than
offsetting the contraction in education/healthcare.
At 8.8%, the unemployment rate hit a two-year
low after declining every month this year but two.
Industrial production has surpassed its prerecession
peak and continues to rise rapidly. Housing indicators are generally favorable: The FHFA home price
index rose for the first time in four years in the third
quarter. Both permitting and starts are up sharply
from last year’s depressed levels because of a surge in
the multifamily market.
Semiconductors. Although semiconductor manufacturing has outperformed in recent months, its
outlook is constrained by weakened demand and
global competition. Flooding in Thailand is disrupting hard-disk drive supply chains, causing PC
producers to cut back on purchases of other components. Micron, the largest U.S. maker of computermemory chips and a top employer in BOI, reported
losses in the most recent quarter, partly due to a significant drop in DRAM semiconductor orders. Because of lower labor costs, Asian chip manufacturers
will reduce BOI’s footprint in the global semiconductor market even as demand recovers in 2012.
Long term, local industry employment is expected
to contract in line with the national trend. Conversely, Micron’s entrance into the NAND market
does provide upside risk as these chips are used in
the increasingly popular tablets and smartphones.
Construction projects. Construction could be
a positive surprise as commercial real estate projects
boost activity. Construction was the hardest hit industry during the recession, losing over 50% of its
workforce because demand was nonexistent. However, improvement in economic conditions has led to a
surge in commercial investments. After being shelved,
Federal
State
Local
6,163
12,784
24,234
2010
MOODY’S ANALYTICS / Précis U.S. Metro / West / December 2011
Boise, Idaho
Most Diverse (U.S.)
0.80
0.40
0.20
0.00
Least Diverse
Seattle, WA
Portland, OR
Phoenix, AZ
Salt Lake City, UT
Provo, UT
Idaho Falls, ID
Las Vegas, NV
Pocatello, ID
Ogden, UT
Riverside, CA
Total Out-migration
Relative to U.S.
100%
80%
60%
203
93%
100
20%
Due to U.S.
% of Total Employment
boI
0.2%
4.4%
8.8%
69.5%
30.5%
3.2%
4.4%
11.8%
1.7%
5.2%
14.9%
15.1%
8.9%
3.6%
17.2%
Id
0.4%
5.2%
8.8%
56.3%
43.7%
3.4%
4.3%
12.4%
1.6%
4.8%
12.2%
13.9%
9.7%
3.5%
19.7%
BOI
34
U.S.
Net migration, boI
U.s.
0.5%
4.3%
8.9%
61.3%
38.7%
3.6%
4.2%
11.1%
2.1%
5.9%
12.8%
15.1%
10.0%
4.1%
17.3%
Average Annual Earnings
boI
nd
$45,011
$74,533
nd
nd
$51,015
$62,704
$29,510
$45,039
$27,211
$48,061
$45,435
$18,544
$26,075
$55,393
Id
$42,548
$39,609
$56,213
$61,756
$48,565
$46,696
$55,257
$25,888
$41,576
$22,972
$44,710
$40,696
$17,074
$26,407
$51,358
U.s.
$67,309
$51,846
$70,205
$71,802
$67,654
$58,428
$72,720
$30,042
$87,045
$45,142
$58,340
$48,812
$22,600
$32,053
$65,089
Sources: Percent of total employment — Moody’s Analytics & BLS, 2010; Average annual earnings — BEA, 2009
HOUSE PRICES
NAICS INDUSTRY
200
180
160
140
120
100
80
60
96
99
02
05
BOI
08
11
U.S.
Source: FHFA, 1996Q1=100, NSA
MOODY’S RATING
aa1
coUNtY
as oF maY 01, 2010
28
•
GvsL
6221
7221
7222
5614
Fr
3344
5613
GvF
6211
5511
4529
5617
6241
5221
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
07
Domestic
Foreign
Total
08
09
10
2007
2008
2009
2010
12,937
969
13,906
6,256
968
7,224
1,489
813
2,302
460
705
1,165
Sources: IRS (top), 2009; Census Bureau, 2010
LEADING INDUSTRIES
220
649
621
559
532
465
403
343
312
292
273
20,730
Net migration
0%
COMPARATIVE EMPLOYMENT AND INCOME
Mining
Construction
Manufacturing
Durable
Nondurable
Transportation/Utilities
Wholesale Trade
Retail Trade
Information
Financial Activities
Prof. and Bus. Services
Educ. and Health Services
Leisure and Hosp. Services
Other Services
Government
611
560
531
506
405
400
398
395
360
349
20,764
From boIse cItY, Id
EMPLOYMENT VOLATILITY
Due to U.S. fluctuations
NUmber
oF mIGraNts
Portland, OR
Phoenix, AZ
Seattle, WA
Los Angeles, CA
Riverside, CA
Las Vegas, NV
Pocatello, ID
Idaho Falls, ID
Provo, UT
Salt Lake City, UT
Total In-migration
0.64
0.60
Not due to U.S.
Sector
27
•
INto boIse cItY, Id
1.00
40%
PUBLIC
construction has begun on a grocery store-pharmacy
center and is scheduled to start in early 2012 on a
15-story complex that will include headquarters for
Zions Bank as well as additional office, retail and restaurant space. Construction payrolls have expanded
rapidly to keep up with the flurry of activity; employment is up over 13% from a year earlier compared
with less than 1% nationally. A stronger than expected rebound in housing demand coupled with nonresidential projects could provide enough of a boost
to limit payroll contraction in coming months.
Housing. The housing market will undergo a
marked improvement in 2012 due to favorable demographic trends and robust job growth. After experiencing the worst price depreciation in the state,
a noticeable decline in both foreclosures and inventories is allowing house prices to stabilize. Firming
in the metro area’s labor market will allow existing
residents to release pent-up demand and attract a
higher number of migrants; household formation
will accelerate next year and remain elevated in the
medium term. While house prices fall another 4%
nationally before bottoming in mid-2012, they will
increase 4% in the metro area during that same period. However, risks are weighted to the downside.
A slow national recovery could limit mobility, preventing BOI’s population growth from rebounding
as quickly and suppressing housing demand.
Boise City’s recovery will slow slightly, but
job growth will outpace the nation. Healthcare
and professional/business services will lead the
way as BOI’s highly cyclical economy benefits
from improving conditions nationally. Over the
long run, relatively low business costs, existing
infrastructure, and an educated labor force will
encourage investment, helping BOI maintain its
position as an above-average performer.
Tim Daigle
December 2011
250 S. 5th Street, 2nd Flr
8,000
7,136
5,026
5,000
3,400
3,000
2,960
2,278
2,053
2,038
1,905
1,800
1,700
1,600
1,450
1,144
917
825
785
765
Sources: Guide to Military Installations, 2011, Idaho Business Review, August
2010, State of Idaho Controller’s Office, January 2011
ANALYSIS
MIGRATION FLOWS
INDUSTRIAL DIVERSITY
PER CAPITA INCOME
EMPLOYEES (000)
State & Local Government
General Medical and Surgical Hospitals
Full-Service Restaurants
Limited-Service Eating Places
Business Support Services
Farms
Semi. & Other Elect. Component Manuf.
Employment Services
Federal Government
Offices of Physicians
Management of Companies and Enterprises
Other General Merchandise Stores
Services to Buildings and Dwellings
Individual and Family Services
Depository Credit Intermediation
37.0
9.7
8.2
7.5
7.4
6.7
6.6
6.4
6.2
4.5
4.4
4.3
4.0
3.7
3.6
High-tech employment
As % of total employment
15.6
6.0
33,950
boI
31,031
Id
38,846
U.s.
Source: Bureau of Economic Analysis, 2009
Sources: BLS, Moody’s Analytics, 2010
MOODY’S ANALYTICS / Précis U.S. Metro / West / December 2011
208.378.4600
•
tokcommercial.com
[21]
Boise Area Metro Information
Moody’s Analytics - December 2011
boIse cItY
MIGRATION FLOWS
IAL DIVERSITY
Diverse (U.S.)
Goods Producers on Path toward recovery…
Employment, % change yr ago, 3-mo MA
10
102
100
98
96
94
92
90
88
86
84
82
5
0
-5
ast Diverse
-10
ENT VOLATILITY
-15
ons
-20
Relative to U.S.
Goods producing
Private services
Government
-25
09
10
11
2.8
Foreclosures started (R)
2.3
6
09
10
11
Office rent
Total
5
1.3
4
3
0.8
Foreclosure inventory (L)
2
0.3
09
10
2004
2009
Energy
1.8
08
08
Cost of doing business index, U.S.=100
Ths
Average Annual Earnings
U.S.
business costs a comparative advantage
Weight of distress sales dissipating
ME
Idaho
Source: Moody’s Analytics
8
7
Boise City
07
Source: BLS
to U.S.
…Helping Push output to a New High
Industrial production, prerecession peak=100
Unit labor
costs
State and
local taxes
50
11
Sources: RealtyTrac, Moody’s Analytics
60
70
80
90
100
Source: Moody's Analytics
exporting strength Linked to asian connection
boise city outperforming in Idaho
Region’s share of Boise City’s exports, 2008, %
Composite index of coincident indicators, peak=100
102
3.7
100
98
Asia
13.6
European Union
96
al earnings — BEA, 2009
G INDUSTRIES
Sources: IRS (top), 2009; Census Bureau, 2010
PER CAPITA INCOME
EMPLOYEES (000)
nalytics, 2010
94
Boise City
Coeur d'Alene
Idaho Falls
Lewiston
Pocatello
92
90
88
86
North America
7.5
Rest of world
75.2
84
07
08
09
10
11
Source: U.S. International Trade Administration
Source: Moody’s Analytics
While smaller metro areas’ economies struggle to gain momentum,
BOI is showing marked improvement. The metro area, which
accounts for 40% of the state’s employment, has added more jobs
than Idaho did so far this year. As conditions improve nationally, businesses that are looking to expand into new markets are
attracted to BOI by its comparative cost advantages to other large
Western cities and its educated workforce.
BOI’s international trade will be a source of strength because of
its ties with expanding Asian markets and limited exposure to the
troubled euro zone. Nearly 75% of Idaho exports come from BOI,
and it is posting above-average year-over-year growth as demand
for computer/electronic parts and food products grows globally,
especially in Asia. The U.S.’s free-trade agreement with South Korea will help open up new channels for BOI’s producers. Moreover,
state officials have embarked on a trade mission to Latin America
in an attempt to expand into previously untapped markets.
Source: Bureau of Economic Analysis, 2009
MOODY’S ANALYTICS / Précis U.S. Metro / West / December 2011
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