24th ANNUAL COMMERCIAL REAL ESTATE SYMPOSIUM A LIGHT IN THE INDUSTRY At Zions Bank, we have a rich history of helping the community thrive during uncertain times. We’ve helped developers, property managers, building owners and others for nearly 150 years. And we’re with you now, offering a full range of commercial real estate products and services that can help you reach your goals. To learn more, visit your local Zions Bank or zionsbank.com A division of Zions Bancorporation, N.A. Member FDIC NMLS# 467014 Equal Housing Lender 2011-WF2365438 BOMA 2021 Ad-v3.indd 1 12/10/20 4:33 PM BOMA IDAHO 2021 SYMPOSIUM PROGRAM 1 ECONOMIC OUTLOOK PRESENTED BY ZIONS BANK At Zions Bank, we have a rich history of helping the community thrive during uncertain times. We’ve helped developers, property managers, building owners and others for nearly 150 years. And we’re with you now, After 10 consecutive years of labor market growth, the fastest rate of population growth in the U.S. over the U.S. economy lost nearly all its post-Great Recession same period. In-migration has played a big role in offering a full range of commercial real estate products and services that gains in April 2020 due to the coronavirus crisis. Al- population growth, accounting for 73.5% of Idaho’s can help you reach your goals. though the U.S. had regained 57% of its lost jobs as of population growth in the last 3 years. November, the U.S. lost 140,000 jobs in December and After slowing briefly during the spring coronavirus To learn more, visit your local Zions Bank or zionsbank.com remains almost 10 million jobs below its February 2020 shutdowns, Idaho’s housing market has roared back. peak. Looking forward to 2021 there is reason to have As of November, Idaho had the fastest home price optimism about employment growth. Roll out of the appreciation in the country at 14.4%. November also coronavirus vaccine should allow the economy to fully marked the fastest year-over-year housing growth in reopen by the end of the year and increased federal Idaho in 14 years. Supercharged housing price growth spending should ensure any job declines occurring has been the result of exceptionally low housing stock as a result of temporary shutdowns do not become due in part to coronavirus-related hesitance to sell, permanent. It is unlikely that the U.S. labor market will coupled with increased supply and demand primarily return to full strength in 2021, but there is good reason from out-of-state home buyers. While home value to hope that the economy will continue to speed up as it appreciation is often welcomed by homeowners, it heads into 2022. limits the availability for first-time buyers and low- Going into the coronavirus crisis, Idaho had one of the er-income families because income growth has not strongest economies in the nation. Like the rest of kept pace with price appreciation. Rising home prices the nation, Idaho’s labor market suffered significant are likely to continue in Idaho throughout 2021, with setbacks as a result of the coronavirus crisis. Fortunately, home affordability remaining a top concern for state the Gem State was able to regain its momentum to policy makers. have one of the strongest labor markets in the nation. As of November, Idaho had a 4.8% unemployment Zions Bank is a division of Zions Bancorporation, N.A. rate and was the only state in the nation to gain jobs Member FDIC. Content is offered for informational purposes year-over-year. Since bottoming out in April, Idaho has only and should not be construed as tax, legal, financial or added 79,700 jobs and is only 3,400 jobs shy of where business advice. Please contact a professional about your it was in February of last year. The return of leisure and specific needs and advice. Content may contain trademarks hospitality jobs this year should ensure that the Idaho or trade names owned by parties who are not affiliated with labor market returns close to where it was in early 2020. Zions Bancorporation, N.A. Use of such marks does not From 2019–2020, Idaho had the fastest-growing pop- imply any sponsorship by or affiliation with third parties, and ulation in the nation at 2.1%, according to U.S. Census Zions Bancorporation, N.A. does not claim any ownership Bureau estimates. From 2010 to 2020, Idaho grew by of or make representations about products and services 16.6% or around 1.7% per year, which was the fourth offered under or associated with such marks. A division of Zions Bancorporation, N.A. Member FDIC NMLS# 467014 Equal Housing Lender 2011-WF2365438 BOMA 2021 Ad-v3.indd 1 12/10/20 4:33 PM 2 WE HAVE PLENTY OF ROOMTO GROW! With incentives to help you save energy and money. Idaho Power has the resources to take your business to the next level: • Our business prices are 30% below the national average. • Nearly 50% of our energy comes from clean, renewable hydropower. • We offer cash incentives for businesses of all sizes who design and build facilities with energy efficient technologies, systems and strategies. Clean today. • We awarded about $17 million to businesses who participated in energy-saving programs in 2019. Cleaner tomorrow.® We’ve set a goal to provide We’re moving at 100% clean energy by 2045. the speed of business® idahopower.com/business BOMA IDAHO 2021 SYMPOSIUM PROGRAM 3 ENERGY EFFICIENCY HELP IDAHO HUMANE INCENTIVES SOCIETY GROW Idaho Power has been powering businesses with reliable, affordable, clean energy since 1916. Today, the company prides itself on being a trusted energy advisor to businesses large and small. One way the company helps businesses grow is by providing incentives for energy efficient products and services. The New Construction and Major Renovations program not only savings in energy efficiency but also a lot offers cash incentives to help cover a portion of the more comfort,” said Dr. Jeff Rosenthal, CEO of Idaho costs of designing and building energy-efficient Humane Society. features into a commercial or industrial construction In addition to energy savings and improved comfort, project. New construction, major renovations, additions Idaho Power provided IHS with cash incentives or expansions and change-of-space type are all eligible. through Idaho Power’s Commercial and Industrial En- These incentives can help businesses lower their month- ergy Efficiency Program. The energy saved through ly energy bills by making energy efficient choices in this program is enough to power eight average-sized lighting, HVAC, building shell, controls, compressed air Idaho homes for a year, and the incentives will help systems, refrigeration and appliances. people and pets for years to come. The Idaho Humane Society (IHS) is just one business “With the money we’re saving on energy, we’re that benefited from energy efficient upgrades. The expanding our humane education program new building in Boise provides a more comfortable welcoming more and more children into our facility. location to adopt out more dogs and cats than ever We’re increasing our ability to provide medical care before. It is also equipped with the latest in energy- for pets belonging to low income folks and also pets saving technology. Energy-saving features include that come into the shelter and are re-homed but HVAC controls, LED lights and lighting controls, need medical care or spays and neuters,” Rosenthal reflective roof coating and insulation, and efficient said. “So, all of our programs here from adoptions to window glazing and thermochromic glass that tints outreach in the community are really augmented by the windows when needed. having savings.” “Not only is this facility energy efficient, but all of our systems work so much better. The air handling is so much more precise, there’s no odor in this building, the If you are working on a project and want to learn sound is minimized, the lighting is terrific. It’s a very more about available energy-efficiency incentives, restful environment for our animals. So, we achieved please visit idahopower.com/business. 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LIC. # 039508-AA-4 WWW.AAARFG.COM ID LIC. # RCE-49619 BOMA IDAHO 2021 SYMPOSIUM PROGRAM 5 AGENDA WELCOME ADDRESS • Master of Ceremony, Krisjan Hiner, Stack Rock Group LESSONS LEARNED: CONSTRUCTING DURING COVID • Video Presentation by ESI Sponsored by ESI and Idaho AGC SPONSOR RECOGNITION COMMERCIAL BREAK THE STATE OF COMMERCIAL REAL ESTATE • Sara Shropshire, Cushman & Wakefield Pacific • Amanda Snoey-Holladay, Colliers Idaho • David Tucker, Allied Universal • Devin Pierce, TOK Commercial • Trever Nicoll, BVA Development COMMERCIAL BREAK PRESIDENT’S MESSAGE • Justin Cranney, Hawley Troxell, 2019–2021 BOMA Idaho President THE FUTURE OF BOMA IDAHO • Kelly Schnebly, Colliers Idaho, 2021–2023 BOMA Idaho President GENERAL SESSION • VIDEO – Redevelopment Update – presented by CCDC • VIDEO – Energy Efficiency Incentives – presented by Idaho Power THE ECONOMIC IMPACT OF COVID ON COMMERCIAL REAL ESTATE: MOVING FORWARD IN 2021 AND BEYOND • Wes Jost, Zions Bank • Ryan Cleverley, BVA Development • Chase Erkins, Lee & Associates • Neil Nelson, ESI • Shellan Rodriguez, SMR Development • Scott Schoenherr, Rafanelli & Nahas THE POWER OF BOMA INTERNATIONAL: AN ASSET FOR EVERY MEMBER Keynote Presentation Sponsored by Clark Wardle • Geoff Wardle, Clark Wardle • Shelby Christensen, BOMA International • Henry Chamberlain, BOMA International NETWORKING 6 THE HAWLEY TROXELL WAY CLASS A AND FULL SERVICE You’ve heard real estate is all about location, location, location.