Commercial Real Estate Market in Bessemer, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
19 active listings and 464 off-market properties in Bessemer, MI.
Market Trends
Bessemer, MI spans 45.5 square miles in Gogebic County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Bessemer, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Bessemer, MI asks $65/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Bessemer, MI 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 Bessemer, MI 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
- Residential 75.9%
- Industrial 15.3%
- Mixed use 8.8%
Largest Zones share of zoned land by district
Country Estate
General Industrial
Mixed Density Residential
Corridor Mixed Use
Single Family Residential
Bessemer, MI zones 3,504 acres across 7 districts. The largest single district is Country Estate at 60.4%. For commercial buyers the practical constraint is that only 15.3% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Bessemer, MI has 2,626 residents in 1,879 households. Density runs 58 people per square mile. Median household income here is $51,326 and median gross rent $529 a month.
2,626
Population
1,879
Households
1.4
Avg Household Size
49
Median Age
19%
College-Educated
97%
High-School Grad
45.5 sq mi
ZIP Area
58
Density / Sq Mi
$51,326
Median Household Income
$28,778
Median Earnings
$529
Median Rent
$109,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Ramsay | — | — |
| Wakefield | — | — |
| Ironwood | — | — |
| Hurley | — | — |
Commercial property in Bessemer, MI asks $78/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Bessemer?
Commercial property in Bessemer, MI asks an average of $78 per square foot. Retail carries the highest asking price at $65/SF.
What zoning applies to commercial property in Bessemer?
Bessemer, MI zones 3,504 acres across 7 districts, of which 0% is commercial and 15.3% industrial. The largest single district is Country Estate at 60.4% of zoned land. Residential zoning covers 75.9% and open space 0%.
Where does Realmo's Bessemer market data come from?
Realmo compiles Bessemer, MI figures from 6 recent recorded sales, 19 active sale listings, 464 tracked off-market properties, the current Bessemer zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 19 active for-sale and 0 active for-lease listings in Bessemer, MI. 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: 3,504 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 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
