Commercial Real Estate Market in Richmond, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
20 active listings and 283 off-market properties in Richmond, MI. Commercial property asks $134/SF to buy and $15.00/SF/Yr to lease.
Market Trends
Richmond, MI spans 39.5 square miles in Macomb County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Richmond, MI asks $141/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 Richmond, MI asks $121/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 Richmond, 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 Richmond, MI asks $131/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 76.8%
- Commercial 16.2%
- Industrial 4.9%
Largest Zones share of zoned land by district
Single Family Residential
Single Family Residential
General Business
Two Family Residential
Multiple Family Residential
Richmond, MI zones 1,092 acres across 12 districts. Commercial zoning covers 16.2% of zoned land, residential 76.8% and industrial 4.9%. The largest single district is Single Family Residential at 34.1%. For commercial buyers the practical constraint is that only 21% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Richmond, MI has 9,375 residents in 3,631 households. Density runs 237 people per square mile. Median household income here is $75,763 and median gross rent $882 a month.
9,375
Population
3,631
Households
2.6
Avg Household Size
43
Median Age
25%
College-Educated
86%
High-School Grad
39.5 sq mi
ZIP Area
237
Density / Sq Mi
$75,763
Median Household Income
$39,181
Median Earnings
$882
Median Rent
$249,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Richmond Township | — | — |
| Lenox Township | — | — |
| Columbus Township | — | — |
| Casco Township | — | — |
Commercial property in Richmond, MI asks $134/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Richmond?
Commercial property in Richmond, MI asks an average of $134 per square foot. The 4 most recent recorded sales traded at a median of $38/SF, so asking sits 254% above the achieved median. Office carries the highest asking price at $141/SF.
How much does it cost to lease commercial space in Richmond?
Asking lease rates in Richmond, MI average $15.00 per square foot per year.
What zoning applies to commercial property in Richmond?
Richmond, MI zones 1,092 acres across 12 districts, of which 16.2% is commercial and 4.9% industrial. The largest single district is Single Family Residential at 34.1% of zoned land. Residential zoning covers 76.8% and open space 0%.
Where does Realmo's Richmond market data come from?
Realmo compiles Richmond, MI figures from 5 recent recorded sales, 16 active sale listings, 4 active lease listings, 283 tracked off-market properties, the current Richmond zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 16 active for-sale and 4 active for-lease listings in Richmond, 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: 1,092 zoned acres across 12 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
