Commercial Real Estate Market in Billings, MT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
1,284 active listings and 5,209 off-market properties in Billings, MT. Commercial property asks $124/SF to buy and $17.74/SF/Yr to lease.
Market Trends
Billings, MT spans 813.7 square miles in Yellowstone County, Montana. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Billings, MT asks $137/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 Billings, MT asks $14.06/SF/Yr to lease and $96/SF to buy. Vacancy runs 5.8% across the West region in 2025, down from 7% in 2020.
Industrial
Industrial vacancy in Billings, 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 space in Billings, MT asks $189/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 43.6%
- Civic 15.1%
- Planned_development 11.5%
- Industrial 11.1%
- Open space 10%
- Mixed use 7.2%
- Commercial 1.5%
Largest Zones share of zoned land by district
Suburban Neighborhood Residential
Public Civic And Institutional Small
Planned Development
Mid Century Neighborhood Residential
Parks And Open Space
Planned Development (PUD)
The intent of planned development zoning is to provide flexible land use and design regulations through the creation of individualized planned developments (PD) that both meet the city's growth policies and provide a specific benefit to the community
Market overview
Demographics & Economy
Billings, MT has 143,646 residents in 63,932 households. Density runs 177 people per square mile. Median household income here is $76,902 and median gross rent $1,145 a month.
143,646
Population
63,932
Households
2.2
Avg Household Size
38
Median Age
35%
College-Educated
95%
High-School Grad
813.7 sq mi
ZIP Area
177
Density / Sq Mi
$76,902
Median Household Income
$42,785
Median Earnings
$1,145
Median Rent
$315,820
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Billings?
Commercial property in Billings, MT asks an average of $124 per square foot. Multifamily carries the highest asking price at $189/SF.
How much does it cost to lease commercial space in Billings?
Asking lease rates in Billings, MT average $17.74 per square foot per year. Retail asks $14.06/SF/Yr as of Q2 26, up from $11.70/SF/Yr in Q1 26.
Where does Realmo's Billings market data come from?
Realmo compiles Billings, MT figures from 1,056 active sale listings, 228 active lease listings, 5,209 tracked off-market properties, the current Billings zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,056 active for-sale and 228 active for-lease listings in Billings, 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: 23,421 zoned acres across 25 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
