Commercial Real Estate Market in Ishpeming, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
49 active listings and 526 off-market properties in Ishpeming, MI. Commercial property asks $138/SF to buy and $14.21/SF/Yr to lease.
Market Trends
Ishpeming, MI spans 241.4 square miles in Marquette County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Ishpeming, 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 Ishpeming, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Ishpeming, 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 Ishpeming, MI asks $108/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 25.3%
- Planned_development 22.5%
- Commercial 9.6%
- Industrial 6.8%
Largest Zones share of zoned land by district
Mining
Deferred Development
General Residential
Single Residential
General Commercial
Market overview
Demographics & Economy
Ishpeming, MI has 11,819 residents in 5,915 households. Density runs 49 people per square mile. Median household income here is $63,425 and median gross rent $769 a month.
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Negaunee | — | — |
| Marquette | — | $14.61 |
| Champion | — | — |
| Harvey | — | — |
Commercial property in Ishpeming, MI asks $138/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Ishpeming?
Commercial property in Ishpeming, MI asks an average of $138 per square foot. Multifamily carries the highest asking price at $108/SF.
How much does it cost to lease commercial space in Ishpeming?
Asking lease rates in Ishpeming, MI average $14.21 per square foot per year.
Where does Realmo's Ishpeming market data come from?
Realmo compiles Ishpeming, MI figures from 48 active sale listings, 1 active lease listings, 526 tracked off-market properties, the current Ishpeming zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 48 active for-sale and 1 active for-lease listings in Ishpeming, 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: 5,971 zoned acres across 9 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
