Commercial Real Estate Market in Norwell, MA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
44 active listings and 308 off-market properties in Norwell, MA. Commercial property asks $469/SF to buy and $23.63/SF/Yr to lease.
Market Trends
Norwell, MA spans 20.9 square miles in Plymouth County, Massachusetts. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Norwell, 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 Norwell, 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 Norwell, 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 Norwell, 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 93.9%
- Commercial 4.8%
- Open space 0.9%
Largest Zones share of zoned land by district
Residence A
Residence B
Business 2
Business 1
Saltmarsh Conservation District
Norwell, MA zones 25,990 acres across 16 districts. Commercial zoning covers 4.8% of zoned land, residential 93.9% and open space 0.9%. The largest single district is Residence A at 83.6%. For commercial buyers the practical constraint is that only 4.8% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Norwell, MA has 11,351 residents in 3,739 households. Density runs 542 people per square mile. Median household income here is $182,637 and median gross rent $2,181 a month.
11,351
Population
3,739
Households
3
Avg Household Size
42
Median Age
65%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
542
Density / Sq Mi
$182,637
Median Household Income
$82,358
Median Earnings
$2,181
Median Rent
$799,600
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Scituate | — | — |
| Hanover | — | $23.27 |
| Cohasset | — | $17.39 |
| Rockland | — | — |
Commercial property in Norwell, MA asks $469/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Norwell?
Commercial property in Norwell, MA asks an average of $469 per square foot. The 7 most recent recorded sales traded at a median of $376/SF, so asking sits 25% above the achieved median.
How much does it cost to lease commercial space in Norwell?
Asking lease rates in Norwell, MA average $23.63 per square foot per year.
What zoning applies to commercial property in Norwell?
Norwell, MA zones 25,990 acres across 16 districts, of which 4.8% is commercial and 0% industrial. The largest single district is Residence A at 83.6% of zoned land. Residential zoning covers 93.9% and open space 0.9%.
Where does Realmo's Norwell market data come from?
Realmo compiles Norwell, MA figures from 8 recent recorded sales, 12 active sale listings, 32 active lease listings, 308 tracked off-market properties, the current Norwell zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 12 active for-sale and 32 active for-lease listings in Norwell, 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: 25,990 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 Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast 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
