Data Market Real Estate Report
Bozeman, MT Commercial Real Estate Market Report
Market: Bozeman, Montana (Gallatin Valley) Asset classes: Retail, Industrial, Office — space currently on the market *for lease* Report date: June 24, 2026 Prepared by: Forge
Executive Summary
This report inventories commercial real estate on the market for lease in Bozeman, MT across three sectors — Retail, Industrial, and Office — and answers the core question: what is the average price to lease per sector.
It combines two layers of evidence:
- A live listing sample — 72 currently-listed spaces with published asking rates (plus 4 "rate-on-request" and 1 Belgrade reference listing), pulled from LoopNet, the Bozeman Real Estate Group MLS feed, PropertyShark, TenantBase, and the Bozeman Daily Chronicle.
- Published market benchmarks — citywide averages from CoStar-based ERES market snapshots (Q1–Q3 2025) and SterlingCRE Advisors' Bozeman outlooks.
Average price to lease, per sector
| Sector | Forge listing-sample average | Published market benchmark | Asking-rate range observed |
|---|---|---|---|
| Retail | $28.06 / SF / yr (22 listings) | $20.00/SF citywide (CoStar); ~$27/SF NNN in-city (SterlingCRE) | $15 – $50 / SF / yr |
| Industrial (incl. flex) | $14.52 / SF / yr (31 listings) | $13.20/SF; flex highest at $17.60/SF (CoStar) | $6.50 – $19 / SF / yr |
| Office | $27.55 / SF / yr (19 listings) | $28.00/SF (CoStar) | $18 – $38 / SF / yr |
| All sectors blended | $22.09 / SF / yr (72 listings) | — | $6.50 – $50 / SF / yr |
Rates are quoted per square foot per year. Most Bozeman commercial space leases on a Triple Net (NNN) basis, meaning the tenant pays taxes, insurance, and common-area maintenance on top of the base rate shown.
Headline takeaways
- Retail is the tightest and most expensive sector relative to its historical norm. Citywide vacancy is ~1.5% and prime Main Street storefronts command $40–$50/SF. The Forge sample average ($28.06) tracks SterlingCRE's "~$27/SF NNN in-city" figure because the sample skews toward newer in-city product.
- Office sits around $28/SF with the widest quality spread: value/older suites at $18–$24 vs. downtown and new Class A at $35–$38.
- Industrial is the value play at ~$14.52/SF, but supply is extremely tight (~2–4% availability) and flex space pushes toward $17–$19/SF.
1. Methodology
Scope. Only spaces actively advertised for lease in the Bozeman market were counted. Properties for sale, land/ground leases, coworking memberships (priced per-desk, not per-SF), and listings with no published per-SF rate were excluded from the sector averages (the rate-on-request listings are retained in listings.csv for completeness, flagged as excluded).
Sector averages are the simple arithmetic mean of published asking rates ($/SF/yr) for listings with a stated rate. Each listing in listings.csv carries a source_url and a matching row in source-log.csv with a retrieval timestamp.
Why two numbers per sector. Aggregator/brokerage feeds (LoopNet, Bozeman Real Estate Group) reflect *what is on the market today*, which skews toward newer and in-city product. CoStar-based market snapshots reflect the *entire standing inventory* (including older, larger, fully-leased stock). Reporting both gives a defensible range rather than a single misleading point estimate.
Geography. Core averages cover Bozeman city listings. One Belgrade listing (X-01) is retained for reference but excluded from Bozeman averages, since Belgrade is an adjacent submarket within Gallatin Valley.
2. Retail
Average to lease (Forge sample): $28.06 / SF / yr across 22 listings (range $15–$50). Published benchmark: $20.00/SF citywide (ERES/CoStar Q3 2025); ~$27/SF NNN for in-city space (SterlingCRE mid-2025).
Market condition
- Vacancy ~1.5% citywide (CoStar Q3 2025); SterlingCRE reports ~2.65% trailing-12-month — either way, extremely tight.
- ~260,000 SF available; ~230,000 SF under construction (more than double the 10-year average).
- Prime Main Street retail commands $40–$50+/SF; high-traffic corridors and signalized corners are the most contested.
- New construction must command premium rents to pencil, pushing in-city asking rates up and sending value-seeking tenants toward Belgrade (The Foundry, West Post).
Representative on-market listings
| Address | SF | Asking $/SF/yr |
|---|---|---|
| 9 E Main St 101 (prime Main St) | 1,927 | $50.00 |
| TBD Wellspring Dr | 9,500 | $42.00 |
| 1450 Twin Lakes Ave 105 | 2,871 | $40.00 |
| 1230 N 7th Ave | 6,564 | $40.00 |
| 311 N Willson Ave (The Ives) | 3,920 | $30.00 |
| 2744 W Main St | 6,800 | $19.25 |
| 8358 Huffine Ln C | 7,298 | $15.00 |
3. Industrial (including flex)
Average to lease (Forge sample): $14.52 / SF / yr across 31 listings (range $6.50–$19). Published benchmark: $13.20/SF average; flex space highest at $17.60/SF (ERES/CoStar Q3 2025).
Market condition
- ~4.9M SF inventory (logistics 3.2M, flex 770K, specialized 910K SF); ~200,000 SF available — ~2–4% availability, very tight.
- Rent growth has moderated (~0.9% YoY) but long-term 5/10-year growth remains strong.
- Clusters of available warehouse space: Shepherd Trail, Life Link Dr, Ice Center/Ice Pond, Maltese Ln, Evergreen Dr, All West Trail.
- Bare shell warehouse can be found as low as $6.50/SF NNN (703 Bridger Dr); finished flex/light-industrial tops out around $17–$19/SF.
Representative on-market listings
| Address | SF | Asking $/SF/yr |
|---|---|---|
| 255 Garden Dr E | 1,894 | $19.00 |
| 167 All West Trl 3 | 9,570 | $18.00 |
| 188 Pronghorn Trl | 18,500 | $17.00 |
| 146 Village Center Ln | 9,595 | $17.00 |
| 77264 Gallatin Rd | 9,000 | $16.67 |
| 2549 Cottontail Rd | 30,000 | $13.20 |
| 88 Life Link Dr (multiple suites) | 4,200–22,150 | $12.00 |
| 703 Bridger Dr (shell) | 15,600 | $6.50 NNN |
4. Office
Average to lease (Forge sample): $27.55 / SF / yr across 19 listings (range $18–$38). Published benchmark: $28.00/SF (ERES/CoStar Q1–Q2 2025). LoopNet's narrower active set averages ~$24/SF.
Market condition
- Vacancy ~4.8% (up YoY on new deliveries and slightly negative net absorption) — still low by national standards.
- ~4.0M SF total inventory; ~260,000 SF listed (~6.5% availability); ~85,000 SF under construction.
- Rent growth ~2.2% YoY, outpacing the national ~1.1%.
- Widest quality spread of the three sectors: older/value suites $18–$24/SF vs. downtown historic core (E Main St) and new Class A at $35–$38/SF.
Representative on-market listings
| Address | SF | Asking $/SF/yr |
|---|---|---|
| TBD Wellspring Dr 201 (new) | 1,833 | $38.00 |
| 2350 Vaquero Pkwy (new) | 549 | $37.00 |
| 104 / 112 / 424 E Main St (downtown core) | 974–7,537 | $35.00 |
| 161 Enterprise Blvd 101 | 6,809 | $29.00 |
| 2000 S 3rd Ave D | 1,050 | $28.00 |
| 1001 W Oak St Bldg B | 1,616 | $24.00 + NNN |
| 1819 S 22nd Ave | 6,545 | $18.50 |
| 300 N Wilson Ave | 5,254 | $18.00 |
5. Cross-sector comparison
| Sector | On-market listings sampled | Avg asking $/SF/yr | Cheapest | Most expensive |
|---|---|---|---|---|
| Industrial | 31 | $14.52 | $6.50 (703 Bridger shell) | $19.00 (255 Garden Dr) |
| Office | 19 | $27.55 | $18.00 (300 N Wilson) | $38.00 (Wellspring 201) |
| Retail | 22 | $28.06 | $15.00 (8358 Huffine / 9 E Main lower) | $50.00 (9 E Main prime) |
Bottom line: In Bozeman today, retail and office lease at roughly the same headline rate (~$28/SF), while industrial leases for about half that (~$14–15/SF). All three sectors are supply-constrained, so achievable rents are firm and concessions are limited.
6. Data sources
- LoopNet (CoStar) — Bozeman commercial / office / retail / industrial for-lease search pages and individual listings.
- Bozeman Real Estate Group — local MLS-fed commercial-lease listing feed (updated continuously).
- PropertyShark — Bozeman warehouse/industrial for-rent listings.
- TenantBase — office listing detail (1001 W Oak).
- Bozeman Daily Chronicle — classified commercial lease ads.
- ERES Companies / CoStar — Q1 2025 and Q3 2025 Bozeman Market Snapshots (sector vacancy, inventory, average asking rents).
- SterlingCRE Advisors — Bozeman Market Outlook 2025/2026 and Bozeman Retail Mid-Year Outlook 2025.
Every listing in listings.csv has a matching source-log.csv row with source URL and retrieval timestamp (2026-06-24). Market-level figures are logged as MKT-01…MKT-05.
7. Caveats
- Asking rates are list prices, not signed-lease prices; achieved rents may differ.
- Most rates are quoted NNN (tenant pays operating expenses on top); a minority are gross or unspecified — see the
lease_basiscolumn. - Aggregator inventories change continuously; figures reflect a snapshot taken June 24, 2026. Re-pull before quoting a client.
- Simple (un-weighted) means are used. A SF-weighted average would lower office and retail figures (large blocks tend to be cheaper) and is recommended for institutional underwriting.
- Confirm current availability, exact suite pricing, and lease basis with the listing broker before acting.