Commercial Real Estate Market in East Lansing, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
83 active listings and 912 off-market properties in East Lansing, MI. Commercial property asks $324/SF to buy and $20.99/SF/Yr to lease.
Market Trends
East Lansing, MI spans 25.6 square miles in Ingham County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in East Lansing, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in East Lansing, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in East Lansing, 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 East Lansing, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
East Lansing, MI has 66,136 residents in 23,785 households. Density runs 2,588 people per square mile. Median household income here is $50,837 and median gross rent $1,127 a month.
66,136
Population
23,785
Households
2.8
Avg Household Size
26
Median Age
61%
College-Educated
98%
High-School Grad
25.6 sq mi
ZIP Area
2,588
Density / Sq Mi
$50,837
Median Household Income
$16,562
Median Earnings
$1,127
Median Rent
$261,100
Median Home Value
Tools
Lease vs Buy Breakeven
At $20.99/SF/Yr lease vs $324/SF buy → buying wins if held > 4 years.
At a 6.5% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Okemos | — | $31.46 |
| Lansing | — | $19.95 |
| Haslett | — | — |
| Dewitt | — | — |
Commercial property in East Lansing, MI asks $324/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in East Lansing?
Commercial property in East Lansing, MI asks an average of $324 per square foot.
How much does it cost to lease commercial space in East Lansing?
Asking lease rates in East Lansing, MI average $20.99 per square foot per year.
Is it cheaper to lease or buy commercial space in East Lansing?
Buying beats leasing in East Lansing, MI if the property is held longer than 4.0 years, comparing $20.99/SF/Yr asking rent with $324/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's East Lansing market data come from?
Realmo compiles East Lansing, MI figures from 2 recent recorded sales, 50 active sale listings, 33 active lease listings, 912 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 50 active for-sale and 33 active for-lease listings in East Lansing, 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.
- 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
