Commercial Real Estate Market in Great Falls, MT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
155 active listings and 2,555 off-market properties in Great Falls, MT. Commercial property asks $244/SF to buy and $16.52/SF/Yr to lease.
Market Trends
Great Falls, MT spans 813.8 square miles in Cascade County, Montana. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Great Falls, MT runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Great Falls, MT runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Great Falls, 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 Great Falls, MT runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Market overview
Demographics & Economy
Great Falls, MT has 74,739 residents in 34,009 households. Density runs 92 people per square mile. Median household income here is $66,414 and median gross rent $948 a month.
74,739
Population
34,009
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
94%
High-School Grad
813.8 sq mi
ZIP Area
92
Density / Sq Mi
$66,414
Median Household Income
$39,373
Median Earnings
$948
Median Rent
$244,810
Median Home Value
Tools
Lease vs Buy Breakeven
At $16.52/SF/Yr lease vs $244/SF buy → buying wins if held > 3.5 years.
At a 6.8% 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.
Frequently Asked Questions
What is the average price per square foot for commercial property in Great Falls?
Commercial property in Great Falls, MT asks an average of $244 per square foot.
How much does it cost to lease commercial space in Great Falls?
Asking lease rates in Great Falls, MT average $16.52 per square foot per year.
Is it cheaper to lease or buy commercial space in Great Falls?
Buying beats leasing in Great Falls, MT if the property is held longer than 3.5 years, comparing $16.52/SF/Yr asking rent with $244/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 Great Falls market data come from?
Realmo compiles Great Falls, MT figures from 131 active sale listings, 24 active lease listings, 2,555 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 131 active for-sale and 24 active for-lease listings in Great Falls, 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.
- 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
