Office

The office market has shown more strength than we expected earlier in 2016. Total square footage leased in 2016 was just short of 100,000 square feet. That is more than double the square feet leased in 2015. The primary drivers were several large Class A leases to both medical and professional tenants. Class A space continues to show strength with consistent demand, but 2nd generation B and C space has a tougher time attracting tenants. Office Sales were also stronger than expected in 2016. Our office brokered 15 sales totaling almost $8 Million in gross sales. Nationally the commercial real estate growth period is expected to ebb, but Billings has not traditionally followed those trends.