Recently Sold | Land | Boise, Idaho

Boise, Idaho – November 2021– Lee & Associates Idaho, LLC has facilitated the sale of 1.31 acres of land, located at, 9998, 10032, 10070 W. State St., Boise, ID 83714. Lee & Associates’ agents are considered experts in their local markets. In addition, they have access to a national network of 1,000 agents across 60 offices to serve their clients on a local, regional, national and international basis.

Chase Erkins, Principal, and Trey Thomas, Associate, at Lee & Associates Idaho, LLC represented the Buyer, Joaquin Cordero, and the Seller, A.F. Bliss, LLC.

Recently Sold | Industrial Building | Caldwell, Idaho

Caldwell, Idaho – November 2021– Lee & Associates Idaho, LLC has facilitated the sale of a 15,076 SF industrial building, located at, 4009 Challenger Way, Caldwell, ID 83605. Lee & Associates’ agents are considered experts in their local markets. In addition, they have access to a national network of 1,000 agents across 60 offices to serve their clients on a local, regional, national and international basis.

Chase Erkins, Principal, and Trey Thomas, Associate, at Lee & Associates Idaho, LLC represented the Buyer, Probst Electric, Inc.

Multifamily Development is Flourishing as Never Before

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a yearlong national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13% since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? This report will explain why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before.

1. Measured on an annual basis, national asking rents rose 10.3% in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure 1 August rents rose more than 20% year-over-year in Phoenix, Las Vegas, and Tampa. Similarly, monthly rents were up more than 20% in comparable markets such as Boise, Idaho, and Naples, Florida.

Recently Leased | Industrial Space | Garden City, Idaho

Garden City, Idaho – November 2021– Lee & Associates Idaho, LLC has facilitated the lease of a 12,050 SF industrial space, located at, 5320 N. Sawyer Ave., Space 1,  Garden City, ID 83714. Lee & Associates’ agents are considered experts in their local markets. In addition, they have access to a national network of 1,000 agents across 60 offices to serve their clients on a local, regional, national and international basis.

Chase Erkins, Principal, and Trey Thomas, Associate, at Lee & Associates Idaho, LLC represented the Landlord, Michael J. Braught, and the Tenant, Dry Pro’s, LLC.

Q3 2021 Economic Report

GDP GROWTH: TRENDING IN Q3 2021

The U.S. economy slowed in the third quarter as growth was tripped up by spiking Covid Delta infections, supply-chain bottlenecks, and ebbing fiscal stimulus. Annualized gross domestic product rose 2% in the third quarter, down sharply from 6.7% in the second quarter, according to the Commerce Department. Economists generally believe the slowdown will be temporary if virus infections continue to fall. This will enable greater socialization and a resumption of spending in restaurants and on travel – sectors that were hit hard in the last three months. “We had a temporary set of impediments coming from a resurgence of the coronavirus that should ease as we move through the quarters ahead,” Northern Trust economist Carl Tannenbaum told the Wall Street Journal. “It’s a speed bump, not a slowdown,” Constance Hunter, KPMG’s chief economist, told the New York Times. But there are concerns that disruptions in global logistics – such as the record levels of imports that are overwhelming U.S. port and trucking capacities – will take longer to sort out. The delays are costly. A fall-off in the production of cars and trucks, caused by computer chip shortages, hobbled booming auto sales and reduced the Q3 GDP by about 2.4%. “The economy doesn’t have a demand problem. It has a supply problem,” IHS Markit CEO Ben Herzon told the Washington Post.