Commercial Real Estate Market in Okemos, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
73 active listings and 675 off-market properties in Okemos, MI. Commercial property asks $364/SF to buy and $31.46/SF/Yr to lease.
Market Trends
Okemos, MI spans 20.1 square miles in Ingham County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Okemos, 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 Okemos, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Okemos, 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 Okemos, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Okemos, MI has 22,804 residents in 9,903 households. Density runs 1,135 people per square mile. Median household income here is $113,145 and median gross rent $1,281 a month.
22,804
Population
9,903
Households
2.3
Avg Household Size
38
Median Age
76%
College-Educated
98%
High-School Grad
20.1 sq mi
ZIP Area
1,135
Density / Sq Mi
$113,145
Median Household Income
$64,120
Median Earnings
$1,281
Median Rent
$358,100
Median Home Value
Tools
Lease vs Buy Breakeven
At $31.46/SF/Yr lease vs $364/SF buy → buying wins if held > 1.9 years.
At a 8.6% 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 |
|---|---|---|
| Haslett | — | — |
| East Lansing | — | $20.99 |
| Lansing | — | $19.95 |
| Bath | — | — |
Commercial property in Okemos, MI asks $364/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Okemos?
Commercial property in Okemos, MI asks an average of $364 per square foot. The 3 most recent recorded sales traded at a median of $376/SF.
How much does it cost to lease commercial space in Okemos?
Asking lease rates in Okemos, MI average $31.46 per square foot per year.
Is it cheaper to lease or buy commercial space in Okemos?
Buying beats leasing in Okemos, MI if the property is held longer than 1.9 years, comparing $31.46/SF/Yr asking rent with $364/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 Okemos market data come from?
Realmo compiles Okemos, MI figures from 3 recent recorded sales, 44 active sale listings, 29 active lease listings, 675 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 44 active for-sale and 29 active for-lease listings in Okemos, 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
