Commercial Real Estate Market in Evanston, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
84 active listings and 3,518 off-market properties in Evanston, IL. Commercial property asks $151/SF to buy and $24.45/SF/Yr to lease.
Market Trends
Evanston, IL spans 8.5 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Evanston, 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 Evanston, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Evanston, 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 Evanston, 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 69.6%
- Open space 12.1%
- Commercial 7.4%
- Civic 4.9%
- Industrial 3.2%
- Mixed use 1.2%
Largest Zones share of zoned land by district
Single Family Residential
Single Family Residential
Open Space
Two Family Residential
General Residential
Evanston, IL zones 5,022 acres across 33 districts. Commercial zoning covers 7.4% of zoned land, residential 69.6%, open space 12.1% and industrial 3.2%. The largest single district is Single Family Residential at 31.9%. For commercial buyers the practical constraint is that only 10.6% of land carries a commercial or industrial designation.
Single Family Residential (R1)
The intent of this zone is to promote Single-family residential uses
Market overview
Demographics & Economy
Evanston, IL has 82,744 residents in 35,708 households. Density runs 9,776 people per square mile. Median household income here is $99,657 and median gross rent $1,723 a month.
82,744
Population
35,708
Households
2.3
Avg Household Size
37
Median Age
71%
College-Educated
96%
High-School Grad
8.5 sq mi
ZIP Area
9,776
Density / Sq Mi
$99,657
Median Household Income
$50,317
Median Earnings
$1,723
Median Rent
$492,560
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Skokie | — | $21.64 |
| Kenilworth | — | — |
| Morton Grove | — | $10.25 |
| Golf | — | — |
Commercial property in Evanston, IL asks $151/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Evanston?
Commercial property in Evanston, IL asks an average of $151 per square foot.
How much does it cost to lease commercial space in Evanston?
Asking lease rates in Evanston, IL average $24.45 per square foot per year.
What zoning applies to commercial property in Evanston?
Evanston, IL zones 5,022 acres across 33 districts, of which 7.4% is commercial and 3.2% industrial. The largest single district is Single Family Residential at 31.9% of zoned land. The intent of this zone is to promote Single-family residential uses Residential zoning covers 69.6% and open space 12.1%.
Where does Realmo's Evanston market data come from?
Realmo compiles Evanston, IL figures from 7 recent recorded sales, 37 active sale listings, 47 active lease listings, 3,518 tracked off-market properties, the current Evanston zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 37 active for-sale and 47 active for-lease listings in Evanston, 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: 5,022 zoned acres across 33 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 31 August 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 31 August 2026 · report a data issue
