Commercial Real Estate Market in Independence, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
70 active listings and 783 off-market properties in Independence, MI. Commercial property asks $339/SF to buy and $18.43/SF/Yr to lease.
Market Trends
Independence, MI spans 51.7 square miles in Oakland County, Michigan. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Independence, MI asks $142/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Retail
Retail space in Independence, MI asks $169/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 Independence, 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 Independence, MI asks $159/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
Market overview
Demographics & Economy
Independence, MI has 48,713 residents in 19,308 households. Density runs 941 people per square mile. Median household income here is $115,621 and median gross rent $1,292 a month.
48,713
Population
19,308
Households
2.5
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
51.7 sq mi
ZIP Area
941
Density / Sq Mi
$115,621
Median Household Income
$54,841
Median Earnings
$1,292
Median Rent
$361,611
Median Home Value
Tools
Lease vs Buy Breakeven
At $18.43/SF/Yr lease vs $339/SF buy → buying wins if held > 7.5 years.
At a 5.4% 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 |
|---|---|---|
| Clarkston | — | $18.43 |
| Waterford | — | $16.53 |
| Waterford Township | — | $10.64 |
Commercial property in Independence, MI asks $339/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Independence?
Commercial property in Independence, MI asks an average of $339 per square foot. The 3 most recent recorded sales traded at a median of $208/SF, so asking sits 63% above the achieved median. Retail carries the highest asking price at $169/SF.
How much does it cost to lease commercial space in Independence?
Asking lease rates in Independence, MI average $18.43 per square foot per year.
Is it cheaper to lease or buy commercial space in Independence?
Buying beats leasing in Independence, MI if the property is held longer than 7.5 years, comparing $18.43/SF/Yr asking rent with $339/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 Independence market data come from?
Realmo compiles Independence, MI figures from 3 recent recorded sales, 40 active sale listings, 30 active lease listings, 783 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 40 active for-sale and 30 active for-lease listings in Independence, 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 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
