Commercial Real Estate Market in Belgrade, MT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
191 active listings and 865 off-market properties in Belgrade, MT. Commercial property asks $735/SF to buy and $20.32/SF/Yr to lease.
Market Trends
Belgrade, MT spans 418.2 square miles in Gallatin County, Montana. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Belgrade, MT asks $407/SF to buy. Vacancy runs 20.8% across the West region in 2025, up from 11% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Retail
Retail space in Belgrade, MT asks $485/SF to buy. Vacancy runs 5.8% across the West region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Industrial
Industrial vacancy in Belgrade, MT runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily vacancy in Belgrade, MT runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Special 31.9%
- Residential 28.7%
- Industrial 24.5%
- Commercial 8.6%
- Civic 2.1%
- Mixed use 2.1%
- Open space 2.1%
Largest Zones share of zoned land by district
Airport District B
Neighborhood Residential District
Mixed Residential District
Flex Employment District
Industrial District
Airport District B (AD-B)
Airport District (AD-A, AD-B) Intent: Accommodate the needs of Bozeman Yellowstone International Airport. Frontage Street 38 CITY OF BELGRADE CHAPTER 2 Airport Overlay District (AD) Intent: Accommodate the needs of Bozeman Yellowstone International Airport. A. PURPOSE: In order to implement the provisions of Resolution #318, on file with Gallatin County, the…
Market overview
Demographics & Economy
Belgrade, MT has 22,333 residents in 10,043 households. Density runs 53 people per square mile. Median household income here is $89,217 and median gross rent $1,558 a month.
22,333
Population
10,043
Households
2.2
Avg Household Size
35
Median Age
37%
College-Educated
97%
High-School Grad
418.2 sq mi
ZIP Area
53
Density / Sq Mi
$89,217
Median Household Income
$47,587
Median Earnings
$1,558
Median Rent
$490,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Bozeman | — | $31.24 |
| Manhattan | — | $14.80 |
| Gallatin Gateway | — | — |
Commercial property in Belgrade, MT asks $735/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Belgrade?
Commercial property in Belgrade, MT asks an average of $735 per square foot. Retail carries the highest asking price at $485/SF.
How much does it cost to lease commercial space in Belgrade?
Asking lease rates in Belgrade, MT average $20.32 per square foot per year.
Where does Realmo's Belgrade market data come from?
Realmo compiles Belgrade, MT figures from 156 active sale listings, 35 active lease listings, 865 tracked off-market properties, the current Belgrade zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 156 active for-sale and 35 active for-lease listings in Belgrade, MT. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 9,395 zoned acres across 14 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
