Commercial Real Estate Market in Shepherd, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
3 active listings and 222 off-market properties in Shepherd, MI.
Market Trends
Shepherd, MI spans 114.9 square miles in Isabella County, Michigan. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Shepherd, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Shepherd, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Shepherd, 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%.
Multifamily
Multifamily vacancy in Shepherd, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 78.3%
- Commercial 15.8%
- Industrial 6%
Largest Zones share of zoned land by district
Shepherd, MI zones 618 acres across 7 districts. Commercial zoning covers 15.8% of zoned land, residential 78.3% and industrial 6%. The largest single district is Multiple Family Residential at 36.6%. For commercial buyers the practical constraint is that only 21.7% of land carries a commercial or industrial designation.
R - 3 Multiple - Family Residential District 154.038 R - 4 Manufactured Home Park District 154.039 C - 1 Central Business District 154.040 C - 2 General Commercial District 154.041 IND Industrial District 154.042 AG Agricultural District Special Provisions 154.055 Scope 154.056 Adult entertainment businesses 154.057 Automobile wash establishments 154.058 Bed…
Market overview
Demographics & Economy
Shepherd, MI has 6,842 residents in 2,912 households. Density runs 60 people per square mile. Median household income here is $66,364 and median gross rent $841 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Mount Pleasant | $87 | $15.18 |
| Alma | $99 | $15.00 |
Commercial property in Shepherd, MI asks $135/SF. The 2 bordering markets run from $87/SF in Mount Pleasant to $99/SF in Alma, and the city sits above their $93/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Shepherd?
How does Shepherd compare to nearby markets on price?
What zoning applies to commercial property in Shepherd?
Where does Realmo's Shepherd market data come from?
Methodology & data sources
- Asking prices and medians
- There are 3 active for-sale and 0 active for-lease listings in Shepherd, MI. The sale median is based on 3 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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: 618 zoned acres across 7 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
