Karena Gilbert 2023 Commercial Real Estate Trends Colliers

2023 Commercial Real Estate Trends

Featuring Karena Gilbert with Colliers International

After receiving a degree in Construction Management and working in commercial construction, Karena Gilbert got her real estate license in 2012. Her favorite part of her construction job was working with owners, so switching to commercial real estate allowed her to do that full-time. At the same time, the construction background allows Karena to visualize what a space can be, which provides a unique experience for clients who choose to work with her.

Karena Gilbert | Office & Leasing Associate at Colliers International

“I enjoyed working with a client this year who leased a building for many years and were looking to purchase an existing building or build new. Having that construction background allowed me to assist my client through their options and ultimately the whole process.”

Karena Gilbert

Some of Karena’s clients include local businesses that are expanding. One recent example is Boise Regional Realtors. They wanted to provide their members with more room for parking and classes, so Karena assisted them in the sale and lease back of their existing location as well as securing land and working with the development team on the new construction. She also works with landlords looking to stabilize their properties; working with new and existing tenants. Karena has found that relationship building is the key to knowing what her clients need, delivering on their needs, and creating trust.

Today, Karena builds those relationships while working for Colliers, specializing in office investments and leasing. “What makes Colliers unique is that the Boise office is locally owned but part of a global support network. It is fun and rewarding to work with the many agents and brokers in other offices.” With extensive knowledge and experience working in the Treasure Valley market, we asked Karena to share some of the 2023 commercial real estate trends she sees.

“What makes Colliers unique is that the Boise office is locally owned but part of a global support network. It is fun and rewarding to work with the many agents and brokers in other offices.”

Karena Gilbert

Attracting Talent.

Attracting and retaining talent is a big trend in Boise. Unlike San Francisco or Denver, Boise has a smaller population and fewer employees per company. Therefore, about 80% of the real estate deals are under 4,000 s.f. In a city ripe with highly skilled, educated and community minded people, we’re finding businesses thriving and employees have returned to the office. There is still a degree of remote and hybrid work and business owners are looking to us to assist them in getting people back to the office as well as attract and retain new talent. The benefits of having employees in the office include collaboration, mentorship, and a sense of community and business are looking for healthy, collaborative and inviting locations.

More Grade A Buildings Under Construction.

Many local businesses are expanding, and the scales are tipping toward over 10,000 s.f. office spaces. To help, developers are constructing some gorgeous Class A buildings. The 11th & Idaho building and Eagleview Landing development are a few examples of these large-scale buildings that can accommodate.

Vacancy is low.

Our vacancy rate is low compared to large cities in surrounding states. Business owners have to move on a space quickly or they could lose out. While many large cities feel the effects of inflation and a possible recession, we still see a lot of growth and opportunity. For example, I have a lot of clients in the service industry that need a second location. We are bracing for a recession but have yet to see it.

What To Watch For In The Future.

I think we will see many more high-performance, smart building models. 40% of our annual global CO2 emissions come from buildings and structures. Through smart design, construction and operations, we can reduce the impact.  Tenants are seeking healthier spaces and building owners are seeing the economic benefits, which include reduced operating cost, shorter payback periods and increase in asset value. 

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