What’s the state of Bozeman commercial real estate? Get local data with Sterling CRE Advisors.
Across the Bozeman area, the commercial real estate market made robust progress as the world slowly emerged from pandemic-driven isolation.
Even office assets, most abruptly vacated in early 2020, rebounded at $16.28 per square foot (NNN equivalent). That’s higher than other major markets in Montana – such as Missoula, which came in at $14.07 per square foot.
While other cities still reeling from unemployment and its impacts on the retail and hospitality sectors, Bozeman’s economy showed great resilience. Over 40 commercial retail transactions were completed in 2020, with no signs of slowing down as more national brands eye the area.
And, looking at office, retail and industrial sales and leasing data, it is clear that commercial properties are in demand in Bozeman.
Notable Development News in Bozeman Commercial Real Estate
Now, we don’t have a crystal ball. Instead, we carefully watch the development pipeline to understand the future of commercial real estate in Bozeman.
On the radar now is the Whole Foods coming to the Gallatin Valley Mall. It’s part of a full redevelopment of the 37.4-acre property. It’s the first Montana Whole Foods location.
Finally, FLIR Systems announced their move to a 62,000 square foot facility off East Valley Center Road. It’s expected to deliver in late 2021. The company touts high-paying tech jobs.
For info on the Bozeman markets, contact Ryan Springer.
Interested in more info on commercial real estate markets across Montana? Contact Matt Mellott.
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