Commercial Real Estate Market in Key West, FL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
202 active listings and 1,758 off-market properties in Key West, FL. Commercial property asks $1,677/SF to buy and $67.19/SF/Yr to lease.
Market Trends
Key West, FL spans 17.7 square miles in Monroe County, Florida. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Key West, FL asks $513/SF to buy. Vacancy runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Retail
Retail space in Key West, FL asks $101.36/SF/Yr to lease and $651/SF to buy. Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
Industrial
Industrial vacancy in Key West, FL runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Key West, FL asks $723/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Market overview
Demographics & Economy
Key West, FL has 35,958 residents in 19,001 households. Density runs 2,029 people per square mile. Median household income here is $79,038 and median gross rent $2,079 a month.
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,029
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
Tools
Lease vs Buy Breakeven
At $67.19/SF/Yr lease vs $1,677/SF buy → buying wins if held > 20.2 years.
At a 4% 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 Key West?
Commercial property in Key West, FL asks an average of $1,677 per square foot. The 4 most recent recorded sales traded at a median of $820/SF, so asking sits 105% above the achieved median. Multifamily carries the highest asking price at $723/SF.
How much does it cost to lease commercial space in Key West?
Asking lease rates in Key West, FL average $67.19 per square foot per year. Retail asks $101.36/SF/Yr as of Q2 26, up from $66.17/SF/Yr in Q1 26.
Is it cheaper to lease or buy commercial space in Key West?
Buying beats leasing in Key West, FL if the property is held longer than 20.2 years, comparing $67.19/SF/Yr asking rent with $1,677/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 Key West market data come from?
Realmo compiles Key West, FL figures from 6 recent recorded sales, 153 active sale listings, 49 active lease listings, 1,758 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 153 active for-sale and 49 active for-lease listings in Key West, FL. 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 South region level, retail vacancy is reported at South region level, industrial vacancy is reported at South region level and asking prices run materially above recent closed pricing.
- 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
