The demand for light industrial and warehouse space in Missoula will remain strong throughout 2019 while retail is expected to struggle in the coming years, a team of commercial real estate brokers said Tuesday. Matt Mellott with Sterling CRE Advisors, based in Missoula, said interest in the Missoula market remains high, though a national slowdown of the economy could find its way home.
Sterling CRE will break down local statistical trends in the commercial market during next week’s Market Watch. The third annual presentation will include changes in the development community and investment insight into the opportunity zones established by the Trump administration.
As was the case last year, Mellott said, the need for light industrial and warehouse space in Missoula remains high, with the demand greater than what’s currently available. Mellott said roughly 25,000 square feet of office space in downtown Missoula is currently available, and with growth in a number of local businesses, that’s not a bad number. Rising interest rates and higher construction costs could slow what’s been a strong run in building in Missoula. Still, Mellott said, interest in Missoula’s commercial real estate market remains strong.