Commercial Real Estate Market in Lee, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
Market Trends
Lee, IL spans 27.9 square miles in Lee County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lee, 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 Lee, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Lee, 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 Lee, 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 62.1%
- Agricultural 14.6%
- Open space 7.2%
- Commercial 6.8%
- Civic 5.3%
- Industrial 4.1%
Largest Zones share of zoned land by district
Mixed Residential
Agricultural
Open Space
Commercial
Civic And Institutional
Lee, IL zones 122 acres across 6 districts. Commercial zoning covers 6.8% of zoned land, residential 62.1%, open space 7.2% and industrial 4.1%. The largest single district is Mixed Residential at 62.1%. For commercial buyers the practical constraint is that only 10.9% of land carries a commercial or industrial designation.
Mixed Residential (MR)
The purpose of this district is to provide an area for residential uses and those public and semi-public uses normally considered an integral part of the residential neighborhood they serve
Market overview
Demographics & Economy
Lee, IL has 577 residents in 283 households. Density runs 21 people per square mile. Median household income here is $85,833 and median gross rent $1,102 a month.
577
Population
283
Households
2
Avg Household Size
44
Median Age
27%
College-Educated
97%
High-School Grad
27.9 sq mi
ZIP Area
21
Density / Sq Mi
$85,833
Median Household Income
$50,813
Median Earnings
$1,102
Median Rent
$275,900
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Lee?
Lee, IL zones 122 acres across 6 districts, of which 6.8% is commercial and 4.1% industrial. The largest single district is Mixed Residential at 62.1% of zoned land. The purpose of this district is to provide an area for residential uses and those public and semi-public uses normally considered an integral part of the residential neighborhood they serve Residential zoning covers 62.1% and open space 7.2%.
Methodology & data sources
- 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: 122 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
