Get ready to launch your retail location! Learn more about renting a space in the Missoula Retail sector.
Your business is growing and you’re ready to rent a retail space in Missoula. Or, maybe you’re interested in Bozeman, Kalispell, or another location in the Big Sky state. No matter where you land, understanding key market metrics can help you get the best deal for your space.
Connor McMahon with Sterling CRE Advisors specializes in retail. One of the questions he get the most often is, who’s looking at Missoula? Are we next in line for a Whole Foods Market, or a Soul Cycle? The answer is, maybe.
Even though Connor can’t promise you a Dunkin Donuts or an ALDI today, there is good news. Not only is Missoula’s retail landscape healthy enough to entice national brands to our market, it’s healthy enough to sustain existing local businesses.
Vacancy was only up slightly for Missoula retail, when a lot of the US saw more dramatic increases. We did see some tired retail concepts like JC Penney’s closed their doors for good, this provided the needed vacancy for new tenants to move into or expand in the Missoula retail space.
In Missoula, median sales price per square foot of retail assets changed almost not at all, though lease rates did go up about 6.2% which is a significant increase in rates especially considering all the challenges retail faced in 2020
The population growth fueled by the pandemic provided some much needed consumer spending to boost local businesses, which is a boon for both retail tenants and landlords.
While it will take some time for retailers to earn back consumer trust. And really, that’s through no fault of their own. Missoula and other markets seem to be making that bounce back pretty heartily. Like and follow Sterling CRE Advisors to stay up to date on what’s moving and shaking in the local retail sector. If you are in Missoula, Bozeman, or across Montana and looking to rent or relocate a new retail space, call Connor at 425-478-4826.