Commercial Real Estate Market in Frankfort, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
57 active listings and 1,088 off-market properties in Frankfort, IL. Commercial property asks $585/SF to buy and $12.33/SF/Yr to lease.
Market Trends
Frankfort, IL spans 37.9 square miles in Will County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Frankfort, 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 Frankfort, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
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%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Frankfort, 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 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
Single Family Residential District
Estate Residential District
Agriculture District
Limited Industrial District
Single Family Residential 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.
Single Family Residential District (R2)
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.
32,784
Population
11,494
Households
2.9
Avg Household Size
42
Median Age
48%
College-Educated
97%
High-School Grad
37.9 sq mi
ZIP Area
866
Density / Sq Mi
$137,651
Median Household Income
$63,686
Median Earnings
$1,455
Median Rent
$376,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Mokena | — | $27.76 |
| Orland Park | — | $20.03 |
| Richton Park | — | — |
| New Lenox | — | $27.76 |
Commercial property in Frankfort, IL asks $585/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Frankfort?
Commercial property in Frankfort, IL asks an average of $585 per square foot. The 4 most recent recorded sales traded at a median of $177/SF, so asking sits 231% above the achieved median.
How much does it cost to lease commercial space in Frankfort?
Asking lease rates in Frankfort, IL average $12.33 per square foot per year.
What zoning applies to commercial property in Frankfort?
Frankfort, IL zones 8,680 acres across 15 districts, of which 2.3% is commercial and 11% industrial. The largest single district is Single Family Residential District at 36.6% of zoned land. 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… Residential zoning covers 66.6% and open space 3.6%.
Where does Realmo's Frankfort market data come from?
Realmo compiles Frankfort, IL figures from 6 recent recorded sales, 42 active sale listings, 15 active lease listings, 1,088 tracked off-market properties, the current Frankfort zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 42 active for-sale and 15 active for-lease listings in Frankfort, 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: 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 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, industrial vacancy is reported at Midwest 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 31 August 2026 · report a data issue
