Commercial Real Estate Market in Gilman, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
2 active listings and 167 off-market properties in Gilman, IL.
Market Trends
Gilman, IL spans 51.1 square miles in Iroquois County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Gilman, 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 Gilman, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Gilman, 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 Gilman, 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 38.3%
- Commercial 37.5%
- Industrial 17.1%
- Civic 7.1%
Largest Zones share of zoned land by district
Residential
Business
Light Industrial
Rural District
Heavy Industrial
Gilman, IL zones 1,427 acres across 6 districts. Commercial zoning covers 37.5% of zoned land, residential 38.3% and industrial 17.1%. The largest single district is Residential at 38.2%. For commercial buyers the practical constraint is that only 54.6% of land carries a commercial or industrial designation.
Residential (R)
District is intended to provide single family dwellings, multiple family dwellings uses
Market overview
Demographics & Economy
Gilman, IL has 2,080 residents in 953 households. Density runs 41 people per square mile. Median household income here is $66,979 and median gross rent $702 a month.
2,080
Population
953
Households
2.2
Avg Household Size
42
Median Age
18%
College-Educated
86%
High-School Grad
51.1 sq mi
ZIP Area
41
Density / Sq Mi
$66,979
Median Household Income
$40,865
Median Earnings
$702
Median Rent
$122,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Danforth | — | — |
| Onarga | — | — |
| Crescent City | — | — |
| Ashkum | — | — |
Frequently Asked Questions
How much does it cost to lease commercial space in Gilman?
Asking lease rates in Gilman, IL average $250.00 per square foot per year.
What zoning applies to commercial property in Gilman?
Gilman, IL zones 1,427 acres across 6 districts, of which 37.5% is commercial and 17.1% industrial. The largest single district is Residential at 38.2% of zoned land. District is intended to provide single family dwellings, multiple family dwellings uses Residential zoning covers 38.3% and open space 0%.
Where does Realmo's Gilman market data come from?
Realmo compiles Gilman, IL figures from 8 recent recorded sales, 1 active sale listings, 1 active lease listings, 167 tracked off-market properties, the current Gilman zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1 active for-sale and 1 active for-lease listings in Gilman, 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: 1,427 zoned acres across 6 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
