Commercial Real Estate Market in Richmond, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
63 active listings and 1,794 off-market properties in Richmond, IN. Commercial property asks $11/SF to buy and $13.67/SF/Yr to lease.
Market Trends
Richmond, IN spans 119.8 square miles in Wayne County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Richmond, 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 Richmond, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Richmond, 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 vacancy in Richmond, IN 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
- Agricultural 32.5%
- Residential 29.6%
- Industrial 18.2%
- Civic 6.8%
- Open space 5.9%
- Commercial 5.8%
- Planned_development 0.2%
Largest Zones share of zoned land by district
Agricultural
Medium Density Single Family Residential
High Intensity Industrial
Parks And Recreation
High Density Single Family Residential
Agricultural (AG)
Refers to the AG District. The IA District shall not be considered an AGRICULTURE DISTRICT . AGRICULTURE. The use of land for agriculture purposes, including farming, dairying, pasturage, apiculture, agriculture, horticulture, floriculture, viticulture and animal and poultry husbandry, and the necessary accessory uses for packing, treating or storing the pro…
Market overview
Demographics & Economy
Richmond, IN has 45,304 residents in 21,553 households. Density runs 378 people per square mile. Median household income here is $52,566 and median gross rent $816 a month.
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Spring Grove | — | — |
| Chester | — | — |
| Middleboro | — | — |
| New Paris | — | — |
Commercial property in Richmond, IN asks $11/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Richmond?
Commercial property in Richmond, IN asks an average of $11 per square foot.
How much does it cost to lease commercial space in Richmond?
Asking lease rates in Richmond, IN average $13.67 per square foot per year.
Where does Realmo's Richmond market data come from?
Realmo compiles Richmond, IN figures from 52 active sale listings, 11 active lease listings, 1,794 tracked off-market properties, the current Richmond zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 52 active for-sale and 11 active for-lease listings in Richmond, 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: 33,267 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
