Commercial Real Estate Market in Bozeman, MT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
709 active listings and 3,088 off-market properties in Bozeman, MT. Commercial property asks $548/SF to buy and $31.24/SF/Yr to lease.
Market Trends
Bozeman, MT spans 459.4 square miles in Gallatin County, Montana. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Bozeman, MT asks $26.34/SF/Yr to lease and $407/SF to buy. Vacancy runs 20.8% across the West region in 2025, up from 11% in 2019.
Retail
Retail space in Bozeman, 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 Bozeman, 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 Bozeman, 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
- Mixed use 28.4%
- Residential 23.1%
- Commercial 15.3%
- Industrial 9.8%
- Civic 0.9%
- Planned_development 0.3%
Largest Zones share of zoned land by district
Residential Low
Public Lands And Institutions
Residential Mixed Use Low Medium
Community Business District Mixed
Community Business
Public Lands And Institutions (PLI)
The purpose of public lands and institutions district is to provide for major public and quasipublic uses outside of other districts
Market overview
Demographics & Economy
Bozeman, MT has 81,117 residents in 36,881 households. Density runs 177 people per square mile. Median household income here is $88,702 and median gross rent $1,577 a month.
81,117
Population
36,881
Households
2.2
Avg Household Size
32
Median Age
62%
College-Educated
97%
High-School Grad
459.4 sq mi
ZIP Area
177
Density / Sq Mi
$88,702
Median Household Income
$38,816
Median Earnings
$1,577
Median Rent
$660,470
Median Home Value
Tools
Lease vs Buy Breakeven
At $31.24/SF/Yr lease vs $548/SF buy → buying wins if held > 6.2 years.
At a 5.7% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Belgrade | — | $20.32 |
| Gallatin Gateway | — | — |
| Manhattan | — | $14.80 |
Commercial property in Bozeman, MT asks $548/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Bozeman?
Commercial property in Bozeman, MT asks an average of $548 per square foot. Retail carries the highest asking price at $485/SF.
How much does it cost to lease commercial space in Bozeman?
Asking lease rates in Bozeman, MT average $31.24 per square foot per year. Office asks $26.34/SF/Yr as of Q2 26, down from $28.09/SF/Yr in Q1 26.
Is it cheaper to lease or buy commercial space in Bozeman?
Buying beats leasing in Bozeman, MT if the property is held longer than 6.2 years, comparing $31.24/SF/Yr asking rent with $548/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Bozeman market data come from?
Realmo compiles Bozeman, MT figures from 458 active sale listings, 251 active lease listings, 3,088 tracked off-market properties, the current Bozeman zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 458 active for-sale and 251 active for-lease listings in Bozeman, 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: 14,154 zoned acres across 16 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
