Bozeman Market Outloook 2026
Jessica Baldwin April 8, 2026
Bozeman came off several years of record construction. Now the market is working through it.
Stay informed with the latest trends, data, and expert insights on Montana’s commercial real estate market. SterlingCRE Advisors offers in-depth market reports, articles, and updates on key sectors including office, retail, industrial, self-storage and multifamily.
Bozeman came off several years of record construction. Now the market is working through it.
Sterling Commercial Real Estate (SterlingCRE) recently hosted the 10th anniversary of Missoula MarketWatch™ on Tuesday, March 3rd, 2026, celebrating a decade of gathering and sharing commercial real estate insight with local business owners, investors, developers, and community leaders. This year’s event saw record registrations, reflecting the continued interest in understanding
The 2026 Bozeman Multifamily Outlook provides a clear, data-driven view of current conditions and forward-looking considerations shaping the local apartment market.
The new year brings a leadership announcement for Sterling Commercial Real Estate Advisors as Kara Hogan, CCIM, has been named Managing Broker of our Bozeman office. Kara joined SterlingCRE Advisors in 2021 as a Transaction Manager, where she played a central role in preparing marketing materials, coordinating transaction documentation, and
Montana’s business environment is changing. Workforce availability, zoning reform, housing costs, and uneven growth across regions are influencing how companies plan, expand, and invest.
https://www.youtube.com/embed/_C6xKLgUvIQ?si=zcevqtHAHKrfNKMg Missoula’s industrial market shifted meaningfully in 2025, and the implications heading into 2026 warrant a closer look. In this year-in-review video, Claire Matten breaks down the drivers behind rising vacancy, the recalibration of lease rates, and why much of the recent availability is tied to one-time closures rather than
https://youtu.be/q2DdpMYbkgk?si=EZa8TynKnqE7-gFs Leasing activity across Missoula remained active in 2025, even as vacancy increased modestly and pricing continued to move upward across office, industrial, and retail. These conditions created more optionality—but also more competition—making preparation, positioning, and timing increasingly critical for both tenants and landlords. Joe Tredik outlines what these trends
https://www.youtube.com/watch?v=TrvbFm6PwsY Land sales activity in Missoula gained traction in 2025, driven less by volume growth and more by price realignment. Commercial and high-density residential land values in the urban core adjusted downward, enabling stalled deals to move forwardwhile limited industrial land with utility access continued to push pricing higher on
https://www.youtube.com/watch?v=67DdYkSFyzY Multifamily fundamentals in Missoula remained largely in balance through 2025, with steady new deliveries, healthy vacancy, and demand that continues to track closely with population growth. Sale transaction activity remained slow, rental performance varied by unit type, signaling a more segmented market and a shift in how owners and
https://youtu.be/uGo1LpUlg84 Missoula’s office sector closed out the year with measured shifts in vacancy, steady rent growth, and a continued preference among businesses for functional, well-equipped space. Connor McMahon outlines how these trends played out locally—highlighting the rise of owner-occupier purchases, the resilience of medical office, and the ongoing push toward
https://www.youtube.com/embed/bh1hGdIXEoc?si=_dQqFjtQpi5uGnZT Montana’s self-storage sector closed out 2025 in a period of recalibration rather than retreat. Occupancy levels normalized from post-COVID highs, rent growth moderated, and climate-controlled facilities continued to outperform across Montana markets. While fundamentals remained stable, elevated operating costs and tighter underwriting reshaped how owners and buyers approached the
https://www.youtube.com/embed/afwW08eHIsI?si=Idwiu7mgFSxrJeE3 Missoula’s office sector closed out the year with measured shifts in vacancy, steady rent growth, and a continued preference among businesses for functional, well-equipped space. Connor McMahon outlines how these trends played out locally, highlighting the rise of owner-occupier purchases, the resilience of medical office, and the ongoing push
Bozeman’s multifamily market is in a period of oversupply, driven largely by a wave of new development.
SterlingCRE’s Missoula Multifamily Report (Q3 2025) distills what matters most: from development pipeline trends to the early effects of zoning reform and property tax changes — all backed by verified, local data.
A closer look at how proposed zoning changes shift density, permitted uses, and development potential across Bozeman, Montana and what commercial real estae stakeholders should evaluate as the update moves toward adoption.
Missoula’s retail market is entering a new phase as tenants, owners, and investors recalibrate for 2026.
Bozeman’s office market is shifting, and decision-makers are reassessing their strategies as new supply, evolving tenant expectations, and selective investment activity reshape the market.
At SterlingCRE Advisors, we keep a close eye on the planning decisions shaping Missoula, especially those that impact how people use, develop, and value real estate. Right now, the City of Missoula is in the midst of a major zoning code rewrite that every property owner should be watching closely.
Montana’s new property tax reform was meant to bring clarity and relief after several volatile assessment cycles. Instead, a late-session drafting mistake has added new uncertainty, particularly for multifamily property owners. As reported by the Missoulian, an error in the final version of the 2025 tax legislation unintentionally raised the
SterlingCRE’s Missoula Multifamily Report (Q3 2025) distills what matters most: from development pipeline trends to the early effects of zoning reform and property tax changes — all backed by verified, local data.
When it comes to finding or expanding into commercial space, the options go well beyond the usual “buy a building” or “sign a lease.” Business owners often overlook flexible strategies that can free up capital, improve cash flow, or help secure the right property when the market is tight. Here