Commercial Real Estate Market in Park Forest, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
23 active listings and 427 off-market properties in Park Forest, IL. Commercial property asks $1,336/SF to buy and $5.95/SF/Yr to lease.
Market Trends
Park Forest, IL spans 13.8 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Park Forest, 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 Park Forest, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Park Forest, 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 Park Forest, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Park Forest, IL has 28,665 residents in 11,513 households. Density runs 2,071 people per square mile. Median household income here is $63,406 and median gross rent $1,387 a month.
28,665
Population
11,513
Households
2.5
Avg Household Size
37
Median Age
26%
College-Educated
92%
High-School Grad
13.8 sq mi
ZIP Area
2,071
Density / Sq Mi
$63,406
Median Household Income
$39,499
Median Earnings
$1,387
Median Rent
$114,214
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Olympia Fields | — | $15.00 |
| Matteson | — | — |
| Chicago Heights | — | $11.00 |
| University Park | — | — |
Commercial property in Park Forest, IL asks $1,336/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Park Forest?
Commercial property in Park Forest, IL asks an average of $1,336 per square foot.
How much does it cost to lease commercial space in Park Forest?
Asking lease rates in Park Forest, IL average $5.95 per square foot per year.
Where does Realmo's Park Forest market data come from?
Realmo compiles Park Forest, IL figures from 6 recent recorded sales, 17 active sale listings, 6 active lease listings, 427 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 17 active for-sale and 6 active for-lease listings in Park Forest, 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.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 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 30 September 2026 · report a data issue
