Commercial Real Estate Market in Wakefield, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
9 active listings and 505 off-market properties in Wakefield, MI.
Market Trends
Wakefield, MI spans 265.4 square miles in Gogebic County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Wakefield, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Wakefield, MI asks $65/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 Wakefield, 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 Wakefield, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 80%
- Industrial 5.4%
- Commercial 5%
Largest Zones share of zoned land by district
Rural Residential
Single Family Residential
Open Land
Industrial
Downtown Highway Commercial
Wakefield, MI zones 5,037 acres across 7 districts. Commercial zoning covers 5% of zoned land, residential 80% and industrial 5.4%. The largest single district is Rural Residential at 64.7%. For commercial buyers the practical constraint is that only 10.4% of land carries a commercial or industrial designation.
Industrial (I)
I Industrial Districts 155.90 Purpose 155.91 Permitted uses 155.92 Permitted uses by conditional use permit 155.93 Prohibited uses 155.94 Requirement specifications O Open Area Districts 155.105 Purpose 155.106 Permitted uses by conditional use permit 155.107 Signs Planned Unit Developments (P.U.D.) 155.120 Purpose 155.121 Permitted uses 155.122 Continuing a…
Market overview
Demographics & Economy
Wakefield, MI has 2,069 residents in 1,405 households. Density runs 8 people per square mile. Median household income here is $51,607 and median gross rent $662 a month.
2,069
Population
1,405
Households
1.5
Avg Household Size
54
Median Age
19%
College-Educated
97%
High-School Grad
265.4 sq mi
ZIP Area
8
Density / Sq Mi
$51,607
Median Household Income
$40,956
Median Earnings
$662
Median Rent
$79,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Ramsay | — | — |
| Bessemer | — | — |
| Ironwood | — | — |
| Hurley | — | — |
Commercial property in Wakefield, MI asks $119/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Wakefield?
Commercial property in Wakefield, MI asks an average of $119 per square foot. Retail carries the highest asking price at $65/SF.
What zoning applies to commercial property in Wakefield?
Wakefield, MI zones 5,037 acres across 7 districts, of which 5% is commercial and 5.4% industrial. The largest single district is Rural Residential at 64.7% of zoned land. Residential zoning covers 80% and open space 0%.
Where does Realmo's Wakefield market data come from?
Realmo compiles Wakefield, MI figures from 4 recent recorded sales, 9 active sale listings, 505 tracked off-market properties, the current Wakefield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 9 active for-sale and 0 active for-lease listings in Wakefield, 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: 5,037 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 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
