Commercial Real Estate Market in Waukegan, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
124 active listings and 2,218 off-market properties in Waukegan, IL. Commercial property asks $98/SF to buy and $14.14/SF/Yr to lease.
Market Trends
Waukegan, IL spans 27.7 square miles in Lake County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Waukegan, 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 Waukegan, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Waukegan, 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 Waukegan, 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 46.2%
- Agricultural 25.8%
- Industrial 17.7%
- Commercial 7.7%
- Mixed use 1.4%
- Civic 1.1%
Largest Zones share of zoned land by district
Conservation Recreation
Single Unit Dwelling
General Residential
Industrial
Research And Light Industrial
Waukegan, IL zones 13,306 acres across 17 districts. Commercial zoning covers 7.7% of zoned land, residential 46.2% and industrial 17.7%. The largest single district is Conservation Recreation at 25.8%. For commercial buyers the practical constraint is that only 25.4% of land carries a commercial or industrial designation.
Conservation Recreation (CR)
CR Conservation/Recreation District. The CR Conservation/Recreation District is established to encourage development of land for recreational open space, accommodate agricultural uses and limited non-agricultural uses that are compatible with agricultural development, preserve natural resources, and reduce the potential financial burden to areas subject to p…
Market overview
Demographics & Economy
Waukegan, IL has 99,816 residents in 36,828 households. Density runs 3,597 people per square mile. Median household income here is $68,521 and median gross rent $1,178 a month.
99,816
Population
36,828
Households
2.7
Avg Household Size
34
Median Age
19%
College-Educated
75%
High-School Grad
27.7 sq mi
ZIP Area
3,597
Density / Sq Mi
$68,521
Median Household Income
$36,573
Median Earnings
$1,178
Median Rent
$170,734
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Park City | — | — |
| North Chicago | — | — |
| Gurnee | — | $13.62 |
| Beach Park | — | — |
Commercial property in Waukegan, IL asks $98/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Waukegan?
Commercial property in Waukegan, IL asks an average of $98 per square foot. The 4 most recent recorded sales traded at a median of $273/SF.
How much does it cost to lease commercial space in Waukegan?
Asking lease rates in Waukegan, IL average $14.14 per square foot per year.
What zoning applies to commercial property in Waukegan?
Waukegan, IL zones 13,306 acres across 17 districts, of which 7.7% is commercial and 17.7% industrial. The largest single district is Conservation Recreation at 25.8% of zoned land. CR Conservation/Recreation District. The CR Conservation/Recreation District is established to encourage development of land for recreational open space, accommodate agricultural uses and limited non-agricultural uses that are compatible with agricultural development, preserve natural resources, and reduce the potential financial burden to areas subject to p… Residential zoning covers 46.2% and open space 0%.
Where does Realmo's Waukegan market data come from?
Realmo compiles Waukegan, IL figures from 8 recent recorded sales, 88 active sale listings, 36 active lease listings, 2,218 tracked off-market properties, the current Waukegan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 88 active for-sale and 36 active for-lease listings in Waukegan, 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: 13,306 zoned acres across 17 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
