Delivery Note — Bozeman CRE Market Report

Contract: FORGE-BZN-CRE-001 Delivered: June 24, 2026 Status: Certified (all MUST_PASS criteria pass)

What was delivered

A market real estate report for Bozeman, MT covering retail, industrial, and office space on the market for lease, with the average price to lease per sector:

• Retail — $28.06 / SF / yr (22 listings; benchmark $20 citywide / ~$27 NNN in-city)
• Industrial — $14.52 / SF / yr (31 listings; benchmark $13.20, flex $17.60)
• Office — $27.55 / SF / yr (19 listings; benchmark $28.00)

Backed by:

• data/listings.csv — 77 on-market listings (72 rated + 4 rate-on-request + 1 Belgrade reference).
• data/sector-lease-averages.csv — per-sector averages, ranges, benchmarks.
• data/source-log.csv — source URL + retrieval timestamp for every listing and market figure.
• data/market-real-estate-report.md — full narrative with sector sections and a cross-sector comparison.

What was NOT delivered (out of scope)

• For-sale (purchase) pricing.
• Multifamily, land, self-storage, hospitality, coworking per-desk pricing.
• Tenant-prospect lists / broker outreach.
• A deployable web app.
• Signed-lease (achieved) rents or appraisal-grade valuation.

Verification summary

• MUST_PASS: 5/5
• SHOULD_PASS: 1/1
• Certified: YES

See verification-report.md.

Notes & caveats

• Figures are asking (list) rates, mostly NNN, captured 2026-06-24. Re-pull before quoting clients.
• Averages are simple (un-weighted) means; an SF-weighted view is recommended for institutional underwriting.
• Automated CSV recomputation was not run in this environment (shell unavailable); arithmetic was verified manually and is reproducible via the script in run-deploy-instructions.md.