Commercial Real Estate Market in Hanover, MA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
41 active listings and 430 off-market properties in Hanover, MA. Commercial property asks $386/SF to buy and $23.27/SF/Yr to lease.
Market Trends
Hanover, MA spans 15.5 square miles in Plymouth County, Massachusetts. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hanover, MA runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail vacancy in Hanover, MA runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Hanover, MA runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily vacancy in Hanover, MA runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 91.3%
- Commercial 7.7%
- Industrial 0.2%
Largest Zones share of zoned land by district
Residence A
Commercial
Planned Shopping Center
Fireworks
Business
Hanover, MA zones 18,698 acres across 7 districts. Commercial zoning covers 7.7% of zoned land, residential 91.3% and industrial 0.2%. The largest single district is Residence A at 91.3%. For commercial buyers the practical constraint is that only 7.9% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Hanover, MA has 14,833 residents in 4,974 households. Density runs 955 people per square mile. Median household income here is $174,821 and median gross rent $1,642 a month.
14,833
Population
4,974
Households
3
Avg Household Size
42
Median Age
57%
College-Educated
96%
High-School Grad
15.5 sq mi
ZIP Area
955
Density / Sq Mi
$174,821
Median Household Income
$69,688
Median Earnings
$1,642
Median Rent
$706,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Pembroke | — | — |
| Norwell | — | $23.63 |
| Rockland | — | — |
| Abington | — | $10.49 |
Commercial property in Hanover, MA asks $386/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hanover?
Commercial property in Hanover, MA asks an average of $386 per square foot. The 7 most recent recorded sales traded at a median of $191/SF, so asking sits 102% above the achieved median.
How much does it cost to lease commercial space in Hanover?
Asking lease rates in Hanover, MA average $23.27 per square foot per year.
What zoning applies to commercial property in Hanover?
Hanover, MA zones 18,698 acres across 7 districts, of which 7.7% is commercial and 0.2% industrial. The largest single district is Residence A at 91.3% of zoned land. Residential zoning covers 91.3% and open space 0%.
Where does Realmo's Hanover market data come from?
Realmo compiles Hanover, MA figures from 8 recent recorded sales, 13 active sale listings, 28 active lease listings, 430 tracked off-market properties, the current Hanover zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 13 active for-sale and 28 active for-lease listings in Hanover, MA. 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: 18,698 zoned acres across 7 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 Northeast region level, retail vacancy is reported at Northeast region level, industrial vacancy is reported at Northeast region level and asking prices run materially above recent closed pricing.
- 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
