Commercial Real Estate Market in Milan, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
27 active listings and 454 off-market properties in Milan, IL. Commercial property asks $104/SF to buy and $10.00/SF/Yr to lease.
Market Trends
Milan, IL spans 68.9 square miles in Rock Island County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Milan, 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 Milan, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Milan, 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 Milan, 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 31.8%
- Industrial 27.2%
- Open space 19.6%
- Commercial 16.2%
- Planned_development 0.6%
Largest Zones share of zoned land by district
Conservation District
One Family Residence District
Light Industrial District
General Industrial District
Highway And Intensive Business District
Milan, IL zones 4,303 acres across 18 districts. Commercial zoning covers 16.2% of zoned land, residential 31.8%, open space 19.6% and industrial 27.2%. The largest single district is Conservation District at 15.6%. For commercial buyers the practical constraint is that only 43.4% of land carries a commercial or industrial designation.
Conservation District (C-1)
This district is intended for environmental protection and preservation. Land parcels within this district will include wetlands, marshes, swamps, scenic areas, hillsides of excessive slopes, watercourses, aquifer recharge areas, watershed protection areas, wildlife habitat, rough terrain, and areas subject to siltation and erosion
Market overview
Demographics & Economy
Milan, IL has 10,157 residents in 4,978 households. Density runs 147 people per square mile. Median household income here is $78,285 and median gross rent $832 a month.
10,157
Population
4,978
Households
2
Avg Household Size
47
Median Age
23%
College-Educated
91%
High-School Grad
68.9 sq mi
ZIP Area
147
Density / Sq Mi
$78,285
Median Household Income
$50,389
Median Earnings
$832
Median Rent
$147,700
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Blackhawk | — | — |
| Oak Grove | — | — |
| Coyne Center | — | — |
| Rock Island | — | $11.14 |
Commercial property in Milan, IL asks $104/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Milan?
Commercial property in Milan, IL asks an average of $104 per square foot. The 5 most recent recorded sales traded at a median of $68/SF, so asking sits 52% above the achieved median.
How much does it cost to lease commercial space in Milan?
Asking lease rates in Milan, IL average $10.00 per square foot per year.
What zoning applies to commercial property in Milan?
Milan, IL zones 4,303 acres across 18 districts, of which 16.2% is commercial and 27.2% industrial. The largest single district is Conservation District at 15.6% of zoned land. This district is intended for environmental protection and preservation. Land parcels within this district will include wetlands, marshes, swamps, scenic areas, hillsides of excessive slopes, watercourses, aquifer recharge areas, watershed protection areas, wildlife habitat, rough terrain, and areas subject to siltation and erosion Residential zoning covers 31.8% and open space 19.6%.
Where does Realmo's Milan market data come from?
Realmo compiles Milan, IL figures from 7 recent recorded sales, 25 active sale listings, 2 active lease listings, 454 tracked off-market properties, the current Milan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 25 active for-sale and 2 active for-lease listings in Milan, 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: 4,303 zoned acres across 18 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
