Commercial Real Estate Market in Manhattan, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
35 active listings and 217 off-market properties in Manhattan, IL.
Market Trends
Manhattan, IL spans 67.0 square miles in Will County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Manhattan, 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 Manhattan, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Manhattan, 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 Manhattan, 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
- Planned_development 43.1%
- Residential 32.7%
- Commercial 13.8%
- Industrial 8.2%
- Agricultural 1.6%
- Open space 0.6%
Largest Zones share of zoned land by district
Single Family Residence Planned Unit Development
Single Family Residence
Multiple Family Residence
General Business
General Residential
Market overview
Demographics & Economy
Manhattan, IL has 12,218 residents in 4,680 households. Density runs 182 people per square mile. Median household income here is $128,307 and median gross rent $1,225 a month.
12,218
Population
4,680
Households
2.6
Avg Household Size
36
Median Age
32%
College-Educated
98%
High-School Grad
67 sq mi
ZIP Area
182
Density / Sq Mi
$128,307
Median Household Income
$57,850
Median Earnings
$1,225
Median Rent
$340,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Wilton Center | — | — |
| New Lenox | — | $27.76 |
| Elwood | — | — |
| Symerton | — | — |
Frequently Asked Questions
Where does Realmo's Manhattan market data come from?
Realmo compiles Manhattan, IL figures from 8 recent recorded sales, 35 active sale listings, 217 tracked off-market properties, the current Manhattan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 35 active for-sale and 0 active for-lease listings in Manhattan, 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: 3,954 zoned acres across 21 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
