Commercial Real Estate Market in Springfield, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
580 active listings and 8,741 off-market properties in Springfield, IL. Commercial property asks $368/SF to buy and $15.73/SF/Yr to lease.
Market Trends
Springfield, IL spans 139.6 square miles in Sangamon County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Springfield, 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 Springfield, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Springfield, 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 Springfield, 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 67.4%
- Industrial 13.8%
- Commercial 8.2%
- Mixed use 2.4%
- Planned_development 2.2%
- Special 0.1%
Largest Zones share of zoned land by district
Single Family Residence District
Single Family And Duplex Residence District
Light Industrial District
Heavy Industrial District
Highway Business Service District
Springfield, IL zones 35,818 acres across 22 districts. Commercial zoning covers 8.2% of zoned land, residential 67.4% and industrial 13.8%. The largest single district is Single Family Residence District at 48.8%. For commercial buyers the practical constraint is that only 22% of land carries a commercial or industrial designation.
Single Family Residence District (R-1)
The intent of this zone is to accommodate Single family residence district
Market overview
Demographics & Economy
Springfield, IL has 138,293 residents in 69,515 households. Density runs 991 people per square mile. Median household income here is $69,821 and median gross rent $978 a month.
138,293
Population
69,515
Households
2
Avg Household Size
41
Median Age
34%
College-Educated
92%
High-School Grad
139.6 sq mi
ZIP Area
991
Density / Sq Mi
$69,821
Median Household Income
$45,375
Median Earnings
$978
Median Rent
$158,944
Median Home Value
Tools
Lease vs Buy Breakeven
At $15.73/SF/Yr lease vs $368/SF buy → buying wins if held > 16.9 years.
At a 4.3% 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 |
|---|---|---|
| Kumler | — | — |
| Grandview | — | — |
| Leland Grove | — | — |
| Jerome | — | — |
Commercial property in Springfield, IL asks $368/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Springfield?
Commercial property in Springfield, IL asks an average of $368 per square foot.
How much does it cost to lease commercial space in Springfield?
Asking lease rates in Springfield, IL average $15.73 per square foot per year.
Is it cheaper to lease or buy commercial space in Springfield?
Buying beats leasing in Springfield, IL if the property is held longer than 16.9 years, comparing $15.73/SF/Yr asking rent with $368/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 Springfield?
Springfield, IL zones 35,818 acres across 22 districts, of which 8.2% is commercial and 13.8% industrial. The largest single district is Single Family Residence District at 48.8% of zoned land. The intent of this zone is to accommodate Single family residence district Residential zoning covers 67.4% and open space 0%.
Where does Realmo's Springfield market data come from?
Realmo compiles Springfield, IL figures from 8 recent recorded sales, 428 active sale listings, 152 active lease listings, 8,741 tracked off-market properties, the current Springfield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 428 active for-sale and 152 active for-lease listings in Springfield, 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: 35,818 zoned acres across 22 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
