Commercial Real Estate Market in Elgin, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
461 active listings and 5,315 off-market properties in Elgin, IL. Commercial property asks $32/SF to buy and $17.85/SF/Yr to lease.
Market Trends
Elgin, IL spans 69.5 square miles in Lake County, Illinois. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Elgin, IL runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Elgin, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Elgin, IL runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Elgin, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 47.7%
- Civic 17.8%
- Industrial 16.8%
- Commercial 5.8%
Largest Zones share of zoned land by district
Planned Community Facility
Planned Single Family Residence 2
Community Facility
Residence Conservation 1
Residence Conservation 2
Elgin, IL zones 24,322 acres across 29 districts. Commercial zoning covers 5.8% of zoned land, residential 47.7% and industrial 16.8%. The largest single district is Planned Community Facility at 17.2%. For commercial buyers the practical constraint is that only 22.6% of land carries a commercial or industrial designation.
Planned Community Facility (PCF)
The purpose of the PCF Planned Community Facility District is to provide a planned environment for various types of community facilities, in general, community facilities provide governmental, recreational, educational, health, social, religious and transportation services to the community on a for profit or on a not for profit basis
Market overview
Demographics & Economy
Elgin, IL has 123,590 residents in 44,047 households. Density runs 1,777 people per square mile. Median household income here is $93,881 and median gross rent $1,383 a month.
123,590
Population
44,047
Households
2.8
Avg Household Size
37
Median Age
27%
College-Educated
82%
High-School Grad
69.5 sq mi
ZIP Area
1,777
Density / Sq Mi
$93,881
Median Household Income
$44,355
Median Earnings
$1,383
Median Rent
$268,356
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hoffman Estates | — | $17.85 |
| South Elgin | — | $19.67 |
| Streamwood | — | — |
| Hanover Park | — | $14.20 |
Commercial property in Elgin, IL asks $32/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Elgin?
Commercial property in Elgin, IL asks an average of $32 per square foot. The 3 most recent recorded sales traded at a median of $125/SF.
How much does it cost to lease commercial space in Elgin?
Asking lease rates in Elgin, IL average $17.85 per square foot per year.
What zoning applies to commercial property in Elgin?
Elgin, IL zones 24,322 acres across 29 districts, of which 5.8% is commercial and 16.8% industrial. The largest single district is Planned Community Facility at 17.2% of zoned land. The purpose of the PCF Planned Community Facility District is to provide a planned environment for various types of community facilities, in general, community facilities provide governmental, recreational, educational, health, social, religious and transportation services to the community on a for profit or on a not for profit basis Residential zoning covers 47.7% and open space 0%.
Where does Realmo's Elgin market data come from?
Realmo compiles Elgin, IL figures from 8 recent recorded sales, 227 active sale listings, 234 active lease listings, 5,315 tracked off-market properties, the current Elgin zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 227 active for-sale and 234 active for-lease listings in Elgin, IL. 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.
- Zoning and land use
- The current municipal zoning release: 24,322 zoned acres across 29 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- 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 Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest 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 30 September 2026 · report a data issue
