Commercial Real Estate Market in Evansville, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
586 active listings and 5,651 off-market properties in Evansville, IN. Commercial property asks $105/SF to buy and $14.49/SF/Yr to lease.
Market Trends
Evansville, IN spans 234.1 square miles in Vanderburgh County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Evansville, IN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Evansville, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Evansville, IN 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 space in Evansville, IN asks $94/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 63%
- Industrial 17%
- Commercial 14.3%
- Special 5%
- Planned_development 0.7%
- Agricultural 0%
Largest Zones share of zoned land by district
One Family Residence
Two Family Residence
General Industrial
General Commercial
Airport
Evansville, IN zones 25,179 acres across 21 districts. Commercial zoning covers 14.3% of zoned land, residential 63% and industrial 17%. The largest single district is One Family Residence at 43.5%. For commercial buyers the practical constraint is that only 31.3% of land carries a commercial or industrial designation.
General Industrial (M-2)
List of uses permitted in the C-4, M-1, M-2, M-3, AIR, and W-I districts, which meet the requirements and restrictions of those zones: (A) Retail stores specializing in the sale or rental of any of the following: (1) Awnings; (2) Dairy supplies; (3) Feed; (4) Restaurant and hotel supplies and equipment; (5) Welding supplies and equipment. (B) The following s…
Market overview
Demographics & Economy
Evansville, IN has 183,242 residents in 86,083 households. Density runs 783 people per square mile. Median household income here is $64,165 and median gross rent $1,031 a month.
183,242
Population
86,083
Households
2.1
Avg Household Size
39
Median Age
27%
College-Educated
91%
High-School Grad
234.1 sq mi
ZIP Area
783
Density / Sq Mi
$64,165
Median Household Income
$39,011
Median Earnings
$1,031
Median Rent
$169,244
Median Home Value
Tools
Lease vs Buy Breakeven
At $14.49/SF/Yr lease vs $105/SF buy → buying wins if held > 0.8 years.
At a 13.7% 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 |
|---|---|---|
| Darmstadt | — | — |
| McCutchanville | — | — |
| Midway | — | — |
| Newburgh | — | $34.24 |
Commercial property in Evansville, IN asks $105/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Evansville?
Commercial property in Evansville, IN asks an average of $105 per square foot. Multifamily carries the highest asking price at $94/SF.
How much does it cost to lease commercial space in Evansville?
Asking lease rates in Evansville, IN average $14.49 per square foot per year.
Is it cheaper to lease or buy commercial space in Evansville?
Buying beats leasing in Evansville, IN if the property is held longer than 0.8 years, comparing $14.49/SF/Yr asking rent with $105/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 Evansville?
Evansville, IN zones 25,179 acres across 21 districts, of which 14.3% is commercial and 17% industrial. The largest single district is One Family Residence at 43.5% of zoned land. Residential zoning covers 63% and open space 0%.
Where does Realmo's Evansville market data come from?
Realmo compiles Evansville, IN figures from 394 active sale listings, 192 active lease listings, 5,651 tracked off-market properties, the current Evansville zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 394 active for-sale and 192 active for-lease listings in Evansville, IN. 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: 25,179 zoned acres across 21 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
