Commercial Real Estate Market in Franklin, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
3,081 active listings and 40,823 off-market properties in Franklin, MI. Commercial property asks $77/SF to buy and $20.55/SF/Yr to lease.
Market Trends
Franklin, MI spans 8.0 square miles in Wayne County, Michigan. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Franklin, MI asks $21.66/SF/Yr to lease and $86/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail space in Franklin, MI asks $19.63/SF/Yr to lease and $101/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Franklin, 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 space in Franklin, MI asks $69/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 98.5%
- Commercial 1.5%
- Open space 0.1%
Largest Zones share of zoned land by district
Large Lot Residential District 65000 Square Feet
Estate Residential District 130000 Square Feet
Modified Low Density Residential District 42000 Square Feet
Medium Low Density Residential District 22500 Square Feet
Low Density Residential District 30000 Square Feet
Franklin, MI zones 1,566 acres across 10 districts. Commercial zoning covers 1.5% of zoned land, residential 98.5% and open space 0.1%. The largest single district is Large Lot Residential District 65000 Square Feet at 40%. For commercial buyers the practical constraint is that only 1.5% of land carries a commercial or industrial designation.
Large Lot Residential District 65000 Square Feet (R-L)
The R-E, R-L, R-M, R-1, R-2, R-3 and R-4 Single-Family Residential Districts are hereby established as Districts in which the principal use of land is for single-family dwellings and related educational, cultural and religious uses where appropriate and harmonious with the residential environment. For these Single-Family Residential Districts, in promoting t…
Market overview
Demographics & Economy
Franklin, MI has 14,878 residents in 5,866 households. Density runs 1,850 people per square mile. Median household income here is $177,126 and median gross rent $2,397 a month.
14,878
Population
5,866
Households
2.5
Avg Household Size
45
Median Age
75%
College-Educated
98%
High-School Grad
8 sq mi
ZIP Area
1,850
Density / Sq Mi
$177,126
Median Household Income
$97,095
Median Earnings
$2,397
Median Rent
$514,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Bloomfield Hills | — | $21.89 |
| West Bloomfield | — | $27.98 |
Commercial property in Franklin, MI asks $77/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Franklin?
Commercial property in Franklin, MI asks an average of $77 per square foot. Retail carries the highest asking price at $101/SF.
How much does it cost to lease commercial space in Franklin?
Asking lease rates in Franklin, MI average $20.55 per square foot per year. Office asks $21.66/SF/Yr as of Q2 26, up from $19.11/SF/Yr in Q1 26.
What zoning applies to commercial property in Franklin?
Franklin, MI zones 1,566 acres across 10 districts, of which 1.5% is commercial and 0% industrial. The largest single district is Large Lot Residential District 65000 Square Feet at 40% of zoned land. The R-E, R-L, R-M, R-1, R-2, R-3 and R-4 Single-Family Residential Districts are hereby established as Districts in which the principal use of land is for single-family dwellings and related educational, cultural and religious uses where appropriate and harmonious with the residential environment. For these Single-Family Residential Districts, in promoting t… Residential zoning covers 98.5% and open space 0.1%.
Where does Realmo's Franklin market data come from?
Realmo compiles Franklin, MI figures from 3 recent recorded sales, 2,739 active sale listings, 342 active lease listings, 40,823 tracked off-market properties, the current Franklin zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 2,739 active for-sale and 342 active for-lease listings in Franklin, 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.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- 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: 1,566 zoned acres across 10 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 30 September 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 30 September 2026 · report a data issue
