Commercial Real Estate Market in Traverse City, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
342 active listings and 6,235 off-market properties in Traverse City, MI. Commercial property asks $221/SF to buy and $19.01/SF/Yr to lease.
Market Trends
Traverse City, MI spans 223.0 square miles in Grand Traverse County, Michigan. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Traverse City, MI asks $22.92/SF/Yr to lease; the median asking sale price is $226/SF. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail space in Traverse City, MI asks $21.22/SF/Yr to lease; the median asking sale price is $300/SF. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial space in Traverse City, MI has a median asking sale price of $120/SF. Vacancy 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 space in Traverse City, MI has a median asking sale price of $351/SF. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Market overview
Demographics & Economy
Traverse City, MI has 78,268 residents in 38,620 households. Density runs 351 people per square mile. Median household income here is $78,543 and median gross rent $1,258 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Williamsburg | $148 | $21.56 |
| Kingsley | $66 | — |
Commercial property in Traverse City, MI asks $221/SF. The 2 bordering markets run from $66/SF in Kingsley to $148/SF in Williamsburg, and the city sits above their $107/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Traverse City?
How much does it cost to lease commercial space in Traverse City?
How does Traverse City compare to nearby markets on price?
Where does Realmo's Traverse City market data come from?
Methodology & data sources
- Asking prices and medians
- There are 154 active for-sale and 188 active for-lease listings in Traverse City, MI. The medians are based on 129 of the for-sale and 168 of the for-lease listings, those that state a price or rent per square foot. 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.
- 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
