TWIN FALLS, Idaho (KMVT/KSVT) — Commercial real estate trends are similar to residential real estate trends in the Magic Valley, lots of demand, and not lot a lot of supply.
“We’re under a percent on vacancy rate for industrial and we get multiple calls daily, even in the retail we have a 1.2% vacancy rate,” said Tami Walker, Colliers Real Estate.
According to J.J. Shawver, with the Twin Falls Chamber of Commerce, many people are interested in opening a business here, or expanding into the Magic Valley.
“There are so many people that are looking to expand their business or just to start a business here in the Magic Valley, we see a lot of that,” said Shawver.
According to Tami Walker, with Colliers Real Estate, there are a few things in the works that could potentially help with the availability of commercial real estate.
“We do have some big projects coming up, Twin Falls is going to add over a million square feet of industrial, which is very exciting for us, but there is a lot of people in the waiting on that,” Said Walker.
She also says, they expect to see a leveling off on inflation, which will help.
“With the level of prices for the projections for 2023 2024, with some of those costs going down and the supply chain getting better, that’s going to help a lot too,” said Walker.
Shawver says he is happy to see people seeing the value in Twin Falls but hopes people can work together during this time.
“Things are going to start evening out I hope in some point in time, with the amount of growth we are seeing in Twin Falls, it’s hard to say when that is going to be, but I do feel like we will find a way to combat this, and we are going to continue to grow,” said Shawver.
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