Commercial Real Estate Market in Shelbyville, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
51 active listings and 1,147 off-market properties in Shelbyville, IN. Commercial property asks $106/SF to buy and $102.63/SF/Yr to lease.
Market Trends
Shelbyville, IN spans 169.5 square miles in Shelby County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Shelbyville, 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 Shelbyville, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Shelbyville, 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 Shelbyville, 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
- Industrial 39.4%
- Residential 29.4%
- Commercial 14.8%
- Open space 5.4%
- Civic 4.7%
- Planned_development 4.3%
- Agricultural 1.8%
Largest Zones share of zoned land by district
General Industrial
Single Family Residential
Light Industrial
Business Highway
Institutional
Shelbyville, IN zones 11,839 acres across 16 districts. Commercial zoning covers 14.8% of zoned land, residential 29.4%, open space 5.4% and industrial 39.4%. The largest single district is General Industrial at 27.3%. For commercial buyers the practical constraint is that only 54.2% of land carries a commercial or industrial designation.
General Industrial (IG)
IG General Industrial This district is established for moderate intensity industrial uses and heavy manufacturing facilities. HI High Impact This district is established for uses that may have a high impact to the community. Establishment of Districts
Market overview
Demographics & Economy
Shelbyville, IN has 28,401 residents in 12,724 households. Density runs 168 people per square mile. Median household income here is $66,045 and median gross rent $962 a month.
28,401
Population
12,724
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
90%
High-School Grad
169.5 sq mi
ZIP Area
168
Density / Sq Mi
$66,045
Median Household Income
$40,330
Median Earnings
$962
Median Rent
$172,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Fairland | — | — |
| Waldron | — | — |
| Boggstown | — | — |
| Freeport | — | — |
Commercial property in Shelbyville, IN asks $106/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Shelbyville?
Commercial property in Shelbyville, IN asks an average of $106 per square foot.
How much does it cost to lease commercial space in Shelbyville?
Asking lease rates in Shelbyville, IN average $102.63 per square foot per year.
What zoning applies to commercial property in Shelbyville?
Shelbyville, IN zones 11,839 acres across 16 districts, of which 14.8% is commercial and 39.4% industrial. The largest single district is General Industrial at 27.3% of zoned land. IG General Industrial This district is established for moderate intensity industrial uses and heavy manufacturing facilities. HI High Impact This district is established for uses that may have a high impact to the community. Establishment of Districts Residential zoning covers 29.4% and open space 5.4%.
Where does Realmo's Shelbyville market data come from?
Realmo compiles Shelbyville, IN figures from 36 active sale listings, 15 active lease listings, 1,147 tracked off-market properties, the current Shelbyville zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 36 active for-sale and 15 active for-lease listings in Shelbyville, 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: 11,839 zoned acres across 16 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
