Commercial Real Estate Market in Frankfort, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
35 active listings and 1,088 off-market properties in Frankfort, IL. Commercial property asks $153/SF to buy (based on 8 listings) and $12.00/SF/Yr to lease (based on 5 listings).
Market Trends
Frankfort, IL spans 37.9 square miles in Will County, Illinois. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Frankfort, IL has a median asking sale price of $123/SF (based on 3 listings). Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Frankfort, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Frankfort, 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%.
Multifamily
Multifamily vacancy in Frankfort, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 66.6%
- Agricultural 13.7%
- Industrial 11%
- Open space 3.6%
- Mixed use 3%
- Commercial 2.3%
Largest Zones share of zoned land by district
Frankfort, IL zones 8,680 acres across 15 districts. Commercial zoning covers 2.3% of zoned land, residential 66.6%, open space 3.6% and industrial 11%. The largest single district is Single Family Residential District at 36.6%. For commercial buyers the practical constraint is that only 13.3% of land carries a commercial or industrial designation.
The R-2 Single Family Residential District is intended to provide for single family dwellings at a medium density of not more than two and one quarter dwelling units per net buildable acre and a lot area of not less than 15000 square feet per dwelling unit. Larger lot widths and side yard separations are intended to provide for maximum building space, while…
Market overview
Demographics & Economy
Frankfort, IL has 32,784 residents in 11,494 households. Density runs 866 people per square mile. Median household income here is $137,651 and median gross rent $1,455 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Orland Park | $203 | $17.00 |
| Tinley Park | $109 | $19.00 |
Commercial property in Frankfort, IL asks $153/SF. The 2 bordering markets run from $109/SF in Tinley Park to $203/SF in Orland Park, and the city sits below their $156/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Frankfort?
How much does it cost to lease commercial space in Frankfort?
How does Frankfort compare to nearby markets on price?
What zoning applies to commercial property in Frankfort?
Where does Realmo's Frankfort market data come from?
Methodology & data sources
- Asking prices and medians
- There are 17 active for-sale and 18 active for-lease listings in Frankfort, IL. The medians are based on 8 of the for-sale and 5 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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: 8,680 zoned acres across 15 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
