Commercial Real Estate Market in Lake Forest, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
27 active listings and 376 off-market properties in Lake Forest, IL. Commercial property asks $14/SF to buy and $19.50/SF/Yr to lease.
Market Trends
Lake Forest, IL spans 21.3 square miles in Lake County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lake Forest, 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 Lake Forest, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Lake Forest, 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 Lake Forest, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Lake Forest, IL has 21,026 residents in 7,939 households. Density runs 987 people per square mile. Median household income here is $225,551 and median gross rent $2,321 a month.
21,026
Population
7,939
Households
2.6
Avg Household Size
46
Median Age
81%
College-Educated
99%
High-School Grad
21.3 sq mi
ZIP Area
987
Density / Sq Mi
$225,551
Median Household Income
$78,718
Median Earnings
$2,321
Median Rent
$899,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Green Oaks | — | — |
| Lake Bluff | — | — |
| Knollwood | — | — |
| Highwood | — | — |
Commercial property in Lake Forest, IL asks $14/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lake Forest?
Commercial property in Lake Forest, IL asks an average of $14 per square foot.
How much does it cost to lease commercial space in Lake Forest?
Asking lease rates in Lake Forest, IL average $19.50 per square foot per year.
Where does Realmo's Lake Forest market data come from?
Realmo compiles Lake Forest, IL figures from 6 recent recorded sales, 8 active sale listings, 19 active lease listings, 376 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 8 active for-sale and 19 active for-lease listings in Lake Forest, 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.
- 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
