MAGIC VALLEY, Idaho (KMVT/KSVT) — Southern Idaho is one of the fastest growing areas of the country. Because of the rapid population increase, Josh Palmer from the City of Twin Falls says the commercial real estate market is quite strong.
“In 2020 for year-to-date we had about 60 new construction permits whereas this year we have over 90,” said Palmer. “So it is hummin along pretty good, a lot of these spaces are really smaller boutique-style commercial spaces but we are seeing some larger projects,” he continued.
Industrial space is doing the best across southern Idaho. A 20-21 third quarter says we saw a less than 1% industrial space vacancy rate. That’s far below the national average of around 4%. When it comes to renting retail and office space, it’s hard to find something affordable.
“They need to move quickly when something is available, and they make a decision, and sometimes that’s difficult in small business, you know when…