Commercial Real Estate Market in Wheeling, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
63 active listings and 1,096 off-market properties in Wheeling, IL. Commercial property asks $92/SF to buy and $15.74/SF/Yr to lease.
Market Trends
Wheeling, IL spans 9.0 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Wheeling, 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 Wheeling, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Wheeling, 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 Wheeling, 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 54.5%
- Industrial 24.5%
- Mixed use 8.4%
- Commercial 4.6%
- Special 4.5%
- Civic 3.5%
Largest Zones share of zoned land by district
Multifamily Residential
Single Family 12000 Square Feet
General Industrial
Single Family 7000 Square Feet
Single Family 6000 Square Feet
Wheeling, IL zones 5,604 acres across 18 districts. Commercial zoning covers 4.6% of zoned land, residential 54.5% and industrial 24.5%. The largest single district is Multifamily Residential at 19%. For commercial buyers the practical constraint is that only 29.1% of land carries a commercial or industrial designation.
Single Family 12000 Square Feet (R-1)
Parking in the R-1, R-1A, R-2, R-3, and R-3A districts shall be permitted only on paved driveway and parking areas on the lot. Parking and driveway areas in the required front yard shall not exceed forty percent of the width of the required front yard (including a front yard on a corner lot defined as a street side yard), or thirty feet, whichever is less. D…
Market overview
Demographics & Economy
Wheeling, IL has 39,017 residents in 15,960 households. Density runs 4,343 people per square mile. Median household income here is $83,449 and median gross rent $1,578 a month.
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9 sq mi
ZIP Area
4,343
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Arlington Hts | — | — |
| Mount Prospect | — | $27.00 |
| Rolling Meadows | — | $68.67 |
| Des Plaines | — | $20.23 |
Commercial property in Wheeling, IL asks $92/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Wheeling?
Commercial property in Wheeling, IL asks an average of $92 per square foot.
How much does it cost to lease commercial space in Wheeling?
Asking lease rates in Wheeling, IL average $15.74 per square foot per year.
What zoning applies to commercial property in Wheeling?
Wheeling, IL zones 5,604 acres across 18 districts, of which 4.6% is commercial and 24.5% industrial. The largest single district is Multifamily Residential at 19% of zoned land. Residential zoning covers 54.5% and open space 0%.
Where does Realmo's Wheeling market data come from?
Realmo compiles Wheeling, IL figures from 8 recent recorded sales, 35 active sale listings, 28 active lease listings, 1,096 tracked off-market properties, the current Wheeling zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 35 active for-sale and 28 active for-lease listings in Wheeling, 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: 5,604 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
