Commercial Real Estate Market in Grayling, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
101 active listings and 977 off-market properties in Grayling, MI. Commercial property asks $377/SF to buy and $8.00/SF/Yr to lease.
Market Trends
Grayling, MI spans 332.6 square miles in Crawford County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Grayling, 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 Grayling, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Grayling, 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 Grayling, 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
- Commercial 21.7%
- Industrial 21.6%
- Open space 20.4%
- Residential 19%
- Civic 15.4%
- Mixed use 1.9%
Largest Zones share of zoned land by district
Industrial
Recreation
Government
Single Family Medium Density
General Commercial South Town
Grayling, MI zones 1,310 acres across 11 districts. Commercial zoning covers 21.7% of zoned land, residential 19%, open space 20.4% and industrial 21.6%. The largest single district is Industrial at 21.6%. For commercial buyers the practical constraint is that only 43.3% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Grayling, MI has 9,498 residents in 7,299 households. Density runs 29 people per square mile. Median household income here is $57,573 and median gross rent $855 a month.
9,498
Population
7,299
Households
1.3
Avg Household Size
50
Median Age
21%
College-Educated
92%
High-School Grad
332.6 sq mi
ZIP Area
29
Density / Sq Mi
$57,573
Median Household Income
$33,218
Median Earnings
$855
Median Rent
$153,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Frederic | — | — |
| Roscommon | — | — |
| Higgins Lake | — | — |
| Waters | — | — |
Commercial property in Grayling, MI asks $377/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Grayling?
Commercial property in Grayling, MI asks an average of $377 per square foot. The 5 most recent recorded sales traded at a median of $54/SF, so asking sits 603% above the achieved median.
How much does it cost to lease commercial space in Grayling?
Asking lease rates in Grayling, MI average $8.00 per square foot per year.
What zoning applies to commercial property in Grayling?
Grayling, MI zones 1,310 acres across 11 districts, of which 21.7% is commercial and 21.6% industrial. The largest single district is Industrial at 21.6% of zoned land. Residential zoning covers 19% and open space 20.4%.
Where does Realmo's Grayling market data come from?
Realmo compiles Grayling, MI figures from 7 recent recorded sales, 97 active sale listings, 4 active lease listings, 977 tracked off-market properties, the current Grayling zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 97 active for-sale and 4 active for-lease listings in Grayling, 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: 1,310 zoned acres across 11 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, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- 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
