Commercial Real Estate Market in Freeport, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
83 active listings and 1,172 off-market properties in Freeport, IL. Commercial property asks $3/SF to buy and $10.00/SF/Yr to lease.
Market Trends
Freeport, IL spans 148.7 square miles in Stephenson County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Freeport, 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 Freeport, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Freeport, 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 Freeport, 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 50.5%
- Industrial 19.1%
- Agricultural 12.6%
- Commercial 11.8%
- Special 3.2%
- Mixed use 0.5%
- Civic 0.2%
Largest Zones share of zoned land by district
One Family Residence
Agricultural
One Family Residence
Heavy Industrial
One Family Residence
Freeport, IL zones 6,518 acres across 47 districts. Commercial zoning covers 11.8% of zoned land, residential 50.5% and industrial 19.1%. The largest single district is One Family Residence at 13.1%. For commercial buyers the practical constraint is that only 30.9% of land carries a commercial or industrial designation.
One Family Residence (R-3)
Ordinances annexing territory to the City of Freeport shall assign a zoning classification to the annexed territory. The classification assigned shall be R-3 One-Family Residence District, unless, within the City boundaries, there are one or more parcels of real estate which are contiguous to, adjacent to, or across any street, alley, river, creek or public…
Market overview
Demographics & Economy
Freeport, IL has 29,110 residents in 14,685 households. Density runs 196 people per square mile. Median household income here is $54,179 and median gross rent $769 a month.
29,110
Population
14,685
Households
2
Avg Household Size
46
Median Age
20%
College-Educated
91%
High-School Grad
148.7 sq mi
ZIP Area
196
Density / Sq Mi
$54,179
Median Household Income
$34,893
Median Earnings
$769
Median Rent
$106,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Scioto Mills | — | — |
| Cedarville | — | — |
| Baileyville | — | — |
| Ridott | — | — |
Commercial property in Freeport, IL asks $3/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Freeport?
Commercial property in Freeport, IL asks an average of $3 per square foot.
How much does it cost to lease commercial space in Freeport?
Asking lease rates in Freeport, IL average $10.00 per square foot per year.
What zoning applies to commercial property in Freeport?
Freeport, IL zones 6,518 acres across 47 districts, of which 11.8% is commercial and 19.1% industrial. The largest single district is One Family Residence at 13.1% of zoned land. Ordinances annexing territory to the City of Freeport shall assign a zoning classification to the annexed territory. The classification assigned shall be R-3 One-Family Residence District, unless, within the City boundaries, there are one or more parcels of real estate which are contiguous to, adjacent to, or across any street, alley, river, creek or public… Residential zoning covers 50.5% and open space 0%.
Where does Realmo's Freeport market data come from?
Realmo compiles Freeport, IL figures from 75 active sale listings, 8 active lease listings, 1,172 tracked off-market properties, the current Freeport zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 75 active for-sale and 8 active for-lease listings in Freeport, 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: 6,518 zoned acres across 47 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
