Commercial Real Estate Market in Galesburg, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
35 active listings and 1,139 off-market properties in Galesburg, IL.
Market Trends
Galesburg, IL spans 123.0 square miles in Knox County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Galesburg, 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 Galesburg, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Galesburg, 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 Galesburg, 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 44.9%
- Industrial 27.6%
- Civic 16.9%
- Commercial 7.8%
- Planned_development 2.6%
- Agricultural 0.3%
Largest Zones share of zoned land by district
Heavy Industrial
Single Family
Institutional
Single Family
Multifamily
Galesburg, IL zones 11,520 acres across 16 districts. Commercial zoning covers 7.8% of zoned land, residential 44.9% and industrial 27.6%. The largest single district is Heavy Industrial at 26.1%. For commercial buyers the practical constraint is that only 35.4% of land carries a commercial or industrial designation.
Institutional (I)
Single-Family District 152.068 R1B - Single-Family District 152.069 R1C - Single-Family Attached District 152.070 R2 - Two-Family District 152.071 R3A - Multi-Family District 152.072 R3B - Multi-Family District 152.073 I - Institutional District 152.074 O - Office District 152.075 B1 - Neighborhood Business District 152.076 B2 - General Business District 152…
Market overview
Demographics & Economy
Galesburg, IL has 32,758 residents in 15,449 households. Density runs 266 people per square mile. Median household income here is $47,728 and median gross rent $724 a month.
32,758
Population
15,449
Households
2.1
Avg Household Size
42
Median Age
20%
College-Educated
87%
High-School Grad
123 sq mi
ZIP Area
266
Density / Sq Mi
$47,728
Median Household Income
$30,501
Median Earnings
$724
Median Rent
$94,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| East Galesburg | — | — |
| Henderson | — | — |
| Knoxville | — | — |
| Henderson Grove | — | — |
Commercial property in Galesburg, IL asks $241/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Galesburg?
Commercial property in Galesburg, IL asks an average of $241 per square foot.
What zoning applies to commercial property in Galesburg?
Galesburg, IL zones 11,520 acres across 16 districts, of which 7.8% is commercial and 27.6% industrial. The largest single district is Heavy Industrial at 26.1% of zoned land. Residential zoning covers 44.9% and open space 0%.
Where does Realmo's Galesburg market data come from?
Realmo compiles Galesburg, IL figures from 3 recent recorded sales, 29 active sale listings, 6 active lease listings, 1,139 tracked off-market properties, the current Galesburg zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 29 active for-sale and 6 active for-lease listings in Galesburg, 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: 11,520 zoned acres across 16 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
