Commercial Real Estate Market in Springfield, MA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
329 active listings and 3,212 off-market properties in Springfield, MA. Commercial property asks $79/SF to buy and $17.21/SF/Yr to lease.
Market Trends
Springfield, MA spans 40.9 square miles in Hampden County, Massachusetts. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Springfield, 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 Springfield, 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 Springfield, 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 Springfield, 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 66.2%
- Industrial 12.4%
- Open space 11.1%
- Commercial 10%
- Mixed use 0.1%
Largest Zones share of zoned land by district
Low Density Residential
Urban Residential
Park And Open Space
General Industrial
Suburban Residential
Springfield, MA zones 16,763 acres across 16 districts. Commercial zoning covers 10% of zoned land, residential 66.2%, open space 11.1% and industrial 12.4%. The largest single district is Low Density Residential at 38.6%. For commercial buyers the practical constraint is that only 22.3% of land carries a commercial or industrial designation.
General Industrial (IA)
Industrial IA = Industrial A IP = Industrial Park Article 4 Use Regulations Page 95 SECTION 4.4 SUPPLEMENTAL REGULATIONS FOR RESIDENTIAL USES Section 4.4.10 Accessory Residential Uses 4.4.11 Agriculture and Animals A. Agriculture. Agriculture on parcels less than five (5) acres. Production of fruits, vegetables and/or ornamental flowers or the creation of a…
Market overview
Demographics & Economy
Springfield, MA has 171,760 residents in 68,666 households. Density runs 4,195 people per square mile. Median household income here is $60,837 and median gross rent $1,216 a month.
171,760
Population
68,666
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
81%
High-School Grad
40.9 sq mi
ZIP Area
4,195
Density / Sq Mi
$60,837
Median Household Income
$42,022
Median Earnings
$1,216
Median Rent
$238,120
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Chicopee | — | $16.99 |
| West Springfield | — | $17.47 |
| Ludlow | — | — |
| Holyoke | — | $13.88 |
Commercial property in Springfield, MA asks $79/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Springfield?
Commercial property in Springfield, MA asks an average of $79 per square foot. The 7 most recent recorded sales traded at a median of $85/SF.
How much does it cost to lease commercial space in Springfield?
Asking lease rates in Springfield, MA average $17.21 per square foot per year.
What zoning applies to commercial property in Springfield?
Springfield, MA zones 16,763 acres across 16 districts, of which 10% is commercial and 12.4% industrial. The largest single district is Low Density Residential at 38.6% of zoned land. Residential zoning covers 66.2% and open space 11.1%.
Where does Realmo's Springfield market data come from?
Realmo compiles Springfield, MA figures from 7 recent recorded sales, 208 active sale listings, 121 active lease listings, 3,212 tracked off-market properties, the current Springfield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 208 active for-sale and 121 active for-lease listings in Springfield, 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: 16,763 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
