Commercial Real Estate Market in Milan, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
6 active listings and 454 off-market properties in Milan, IL.
Market Trends
Milan, IL spans 68.9 square miles in Rock Island County, Illinois. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Milan, IL runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Milan, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
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%.
Multifamily
Multifamily vacancy in Milan, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
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
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.
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.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Rock Island | $46 | $18.00 |
| Moline | $59 | $12.00 |
Commercial property in Milan, IL asks $93/SF. The 2 bordering markets run from $46/SF in Rock Island to $59/SF in Moline, and the city sits above their $53/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Milan?
How does Milan compare to nearby markets on price?
What zoning applies to commercial property in Milan?
Where does Realmo's Milan market data come from?
Methodology & data sources
- Asking prices and medians
- There are 4 active for-sale and 2 active for-lease listings in Milan, IL. The sale median is based on 3 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
