Commercial Real Estate Market in Libertyville, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
73 active listings and 1,075 off-market properties in Libertyville, IL. Commercial property asks $214/SF to buy and $19.70/SF/Yr to lease.
Market Trends
Libertyville, IL spans 28.4 square miles in Lake County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Libertyville, 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 Libertyville, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Libertyville, 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 Libertyville, 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 48.9%
- Mixed use 13.6%
- Open space 10.8%
- Civic 10.5%
- Commercial 8.8%
- Industrial 7.3%
Largest Zones share of zoned land by district
Single Family Residential
Office Manufacturing And Distribution Park
Single Family Residential
Open Space
Institutional Buildings
Libertyville, IL zones 5,881 acres across 20 districts. Commercial zoning covers 8.8% of zoned land, residential 48.9%, open space 10.8% and industrial 7.3%. The largest single district is Single Family Residential at 17.2%. For commercial buyers the practical constraint is that only 16.2% of land carries a commercial or industrial designation.
Single Family Residential (R-5)
The R-5 Single-Family Residential District is intended to provide for and preserve single-family development on ten thousand 10000 square foot lots within the village
Market overview
Demographics & Economy
Libertyville, IL has 29,353 residents in 10,826 households. Density runs 1,034 people per square mile. Median household income here is $169,283 and median gross rent $1,569 a month.
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Tools
Lease vs Buy Breakeven
At $19.70/SF/Yr lease vs $214/SF buy → buying wins if held > 1.6 years.
At a 9.2% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Mundelein | — | $19.89 |
| Knollwood | — | — |
| Mettawa | — | — |
| Indian Creek | — | — |
Commercial property in Libertyville, IL asks $214/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Libertyville?
Commercial property in Libertyville, IL asks an average of $214 per square foot.
How much does it cost to lease commercial space in Libertyville?
Asking lease rates in Libertyville, IL average $19.70 per square foot per year.
Is it cheaper to lease or buy commercial space in Libertyville?
Buying beats leasing in Libertyville, IL if the property is held longer than 1.6 years, comparing $19.70/SF/Yr asking rent with $214/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
What zoning applies to commercial property in Libertyville?
Libertyville, IL zones 5,881 acres across 20 districts, of which 8.8% is commercial and 7.3% industrial. The largest single district is Single Family Residential at 17.2% of zoned land. The R-5 Single-Family Residential District is intended to provide for and preserve single-family development on ten thousand 10000 square foot lots within the village Residential zoning covers 48.9% and open space 10.8%.
Where does Realmo's Libertyville market data come from?
Realmo compiles Libertyville, IL figures from 8 recent recorded sales, 33 active sale listings, 40 active lease listings, 1,075 tracked off-market properties, the current Libertyville zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 33 active for-sale and 40 active for-lease listings in Libertyville, 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: 5,881 zoned acres across 20 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
