The future of Twin Falls commercial real estate
Twin Falls has also become an attractive destination for commercial real estate investors and developers. As the city continues to grow, the future of commercial real estate in Twin Falls appears promising, with several key trends and developments on the horizon.
One of the driving forces behind the bright future of Twin Falls’ commercial real estate market is its steady population growth and economic expansion. The city’s strategic location within the Magic Valley has made it an ideal destination for businesses in various industries — including agriculture, manufacturing, and logistics. Twin Falls’ favorable business climate and low cost of living have drawn in new residents and investors, fueling demand for commercial properties.
Twin Falls’ accessibility and proximity to major transportation routes, including Interstate 84, make it an attractive location for industrial and distribution centers. As e-commerce and logistics continue to boom, Twin Falls is well-positioned to become a hub for warehousing and distribution facilities.
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Companies looking to streamline their supply chains and reach a broader customer base are eyeing this region, thus increasing the demand for industrial and commercial properties.
The future of commercial real estate in Twin Falls is not solely about industrial and retail spaces. The city is also evolving into a hub for small businesses, entrepreneurs, and startups. With the rise of remote work and a growing tech-savvy workforce, there’s an increased demand for flexible office spaces and co-working environments. Developers are responding to this trend by creating modern, well-equipped office spaces, meeting the needs of these professionals.
Mixed-use developments are becoming more prominent in Twin Falls. These projects combine residential, retail, and office spaces, that offer residents and workers a variety of amenities. This approach not only enhances the quality of life for residents but also provides a new market for investors and developers to explore. Twin Falls’ mixed-use developments are expected to continue expanding, contributing to the city’s overall growth and development.
With a commitment to sustainable practices and a vision for innovation, Twin Falls is poised to continue paving the way for a bright and promising future in commercial real estate. As the city thrives and evolves, Twin Falls’ unique combination of natural beauty and economic opportunity will continue to attract businesses and residents to the Gem State.
Here is a snapshot of the market report for the third quarter of 2023:
The economy is stable for the office market in eastern and southern Idaho.
The labor market overall is growing; from August 2022 to August 2023, employment increased by 4.4% in Idaho Falls and 4.4% in the Pocatello MSA. In Twin Falls, employment decreased by 4.6%.
New retail stores continue to open throughout eastern and southern Idaho, and vacancies remain low in both markets. Yearly net absorption is positive in eastern Idaho and negative in southern Idaho, and asking rates are continuing to increase.
With vacancy both low and dropping and yearly net absorption up, industrial assets in eastern and southern Idaho continue to prove to be desirable. Asking rates have trended upward over the past three years; this has also proven true this quarter. With vacancy both low and dropping and yearly net absorption up, industrial assets in eastern and southern Idaho continue to prove desirable.
Eric Ettesvold works in brokerage services at Colliers, the largest full-service commercial real estate firm in Idaho. In Twin Falls, Colliers is located at 205 Shoshone St. N., Ste, 205.