Commercial Real Estate Market in Hanover, MD
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
74 active listings and 609 off-market properties in Hanover, MD. Commercial property asks $243/SF to buy and $5.07/SF/Yr to lease.
Market Trends
Hanover, MD spans 13.1 square miles in Anne Arundel County, Maryland. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hanover, MD runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Hanover, MD runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Hanover, MD runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily vacancy in Hanover, MD runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Market overview
Demographics & Economy
Hanover, MD has 22,299 residents in 9,553 households. Density runs 1,697 people per square mile. Median household income here is $143,409 and median gross rent $2,337 a month.
22,299
Population
9,553
Households
2.3
Avg Household Size
36
Median Age
55%
College-Educated
96%
High-School Grad
13.1 sq mi
ZIP Area
1,697
Density / Sq Mi
$143,409
Median Household Income
$82,572
Median Earnings
$2,337
Median Rent
$492,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Elkridge | — | — |
| Ilchester | — | — |
| Arbutus | — | $17.11 |
| Ellicott | — | — |
Commercial property in Hanover, MD asks $243/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hanover?
Commercial property in Hanover, MD asks an average of $243 per square foot. The 4 most recent recorded sales traded at a median of $2,651/SF.
How much does it cost to lease commercial space in Hanover?
Asking lease rates in Hanover, MD average $5.07 per square foot per year.
Where does Realmo's Hanover market data come from?
Realmo compiles Hanover, MD figures from 7 recent recorded sales, 16 active sale listings, 58 active lease listings, 609 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 16 active for-sale and 58 active for-lease listings in Hanover, MD. 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.
- 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 South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South 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
