Commercial Real Estate Market in Gary, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
355 active listings and 6,213 off-market properties in Gary, IN. Commercial property asks $14/SF to buy and $17.60/SF/Yr to lease.
Market Trends
Gary, IN spans 93.6 square miles in Lake County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Gary, IN asks $154/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Retail
Retail space in Gary, IN asks $126/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Gary, 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 Gary, IN asks $173/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
- Industrial 46.5%
- Residential 42.3%
- Civic 5%
- Commercial 4.7%
Largest Zones share of zoned land by district
Heavy Industrial Manufacturing
Residential Single Family Dwelling
Limited Manufacturing
Residential Single Family Dwelling
Floodplain
Gary, IN zones 26,474 acres across 26 districts. Commercial zoning covers 4.7% of zoned land, residential 42.3% and industrial 46.5%. The largest single district is Heavy Industrial Manufacturing at 30.1%. For commercial buyers the practical constraint is that only 51.2% of land carries a commercial or industrial designation.
Limited Manufacturing (M1-1)
In the M1-1 and M1-2 districts, on every zoning lot a front yard of not less than 25 feet in depth shall be provided. (k) In the M1-1 and M1-2 districts, on every zoning lot a side yard shall be provided along each side lot line. Each side yard shall be not less in width than ten percent of the lot width but need not exceed 20 feet in width, except as may be…
Market overview
Demographics & Economy
Gary, IN has 124,862 residents in 62,317 households. Density runs 1,334 people per square mile. Median household income here is $47,731 and median gross rent $1,082 a month.
124,862
Population
62,317
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
87%
High-School Grad
93.6 sq mi
ZIP Area
1,334
Density / Sq Mi
$47,731
Median Household Income
$35,942
Median Earnings
$1,082
Median Rent
$126,823
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Brunswick | — | — |
| Griffith | — | $11.84 |
| Highland | — | — |
| East Chicago | — | $15.42 |
Commercial property in Gary, IN asks $14/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Gary?
Commercial property in Gary, IN asks an average of $14 per square foot. Multifamily carries the highest asking price at $173/SF.
How much does it cost to lease commercial space in Gary?
Asking lease rates in Gary, IN average $17.60 per square foot per year.
What zoning applies to commercial property in Gary?
Gary, IN zones 26,474 acres across 26 districts, of which 4.7% is commercial and 46.5% industrial. The largest single district is Heavy Industrial Manufacturing at 30.1% of zoned land. Residential zoning covers 42.3% and open space 0%.
Where does Realmo's Gary market data come from?
Realmo compiles Gary, IN figures from 283 active sale listings, 72 active lease listings, 6,213 tracked off-market properties, the current Gary zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 283 active for-sale and 72 active for-lease listings in Gary, 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: 26,474 zoned acres across 26 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
