Commercial Real Estate Market in Panama City, FL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
965 active listings and 3,920 off-market properties in Panama City, FL. Commercial property asks $103/SF to buy and $18.37/SF/Yr to lease.
Market Trends
Panama City, FL spans 483.8 square miles in Bay County, Florida. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Panama City, FL runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Panama City, FL runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Panama City, 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 Panama City, FL asks $297/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
Panama City, FL has 147,306 residents in 97,839 households. Density runs 304 people per square mile. Median household income here is $70,575 and median gross rent $1,435 a month.
147,306
Population
97,839
Households
1.5
Avg Household Size
43
Median Age
29%
College-Educated
91%
High-School Grad
483.8 sq mi
ZIP Area
304
Density / Sq Mi
$70,575
Median Household Income
$40,929
Median Earnings
$1,435
Median Rent
$294,951
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Callaway | — | — |
| Lynn Haven | — | — |
| Southport | — | $3.87 |
| Rosemary Beach | — | — |
Commercial property in Panama City, FL asks $103/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Panama City?
Commercial property in Panama City, FL asks an average of $103 per square foot. The 7 most recent recorded sales traded at a median of $243/SF. Multifamily carries the highest asking price at $297/SF.
How much does it cost to lease commercial space in Panama City?
Asking lease rates in Panama City, FL average $18.37 per square foot per year.
Where does Realmo's Panama City market data come from?
Realmo compiles Panama City, FL figures from 7 recent recorded sales, 828 active sale listings, 137 active lease listings, 3,920 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 828 active for-sale and 137 active for-lease listings in Panama City, 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 31 August 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 and industrial vacancy is reported at South 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 31 August 2026 · report a data issue
