Commercial Real Estate Market in Ithaca, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
152 active listings and 1,383 off-market properties in Ithaca, NY. Commercial property asks $185/SF to buy and $20.37/SF/Yr to lease.
Market Trends
Ithaca, NY spans 157.7 square miles in Tompkins County, New York. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Ithaca, NY runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail vacancy in Ithaca, NY runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Ithaca, NY runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Ithaca, NY asks $193/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 46.2%
- Open space 19.4%
- Civic 12%
- Industrial 8.7%
- Commercial 7.1%
- Planned_development 0.5%
- Mixed use 0.4%
Largest Zones share of zoned land by district
Park
University
Single Family Residential
Two Family Residential
Two Family Residential
Ithaca, NY zones 3,636 acres across 41 districts. Commercial zoning covers 7.1% of zoned land, residential 46.2%, open space 19.4% and industrial 8.7%. The largest single district is Park at 19.4%. For commercial buyers the practical constraint is that only 15.8% of land carries a commercial or industrial designation.
Park (P-1)
The purpose of this zoning district is to provide public recreation, public and semi public institution.
Market overview
Demographics & Economy
Ithaca, NY has 75,154 residents in 33,417 households. Density runs 477 people per square mile. Median household income here is $71,029 and median gross rent $1,441 a month.
75,154
Population
33,417
Households
2.2
Avg Household Size
29
Median Age
71%
College-Educated
96%
High-School Grad
157.7 sq mi
ZIP Area
477
Density / Sq Mi
$71,029
Median Household Income
$35,583
Median Earnings
$1,441
Median Rent
$331,610
Median Home Value
Tools
Lease vs Buy Breakeven
At $20.37/SF/Yr lease vs $185/SF buy → buying wins if held > 1.2 years.
At a 11% 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 |
|---|---|---|
| Genoa | — | — |
| King Ferry | — | — |
| Trumansburg | — | — |
| West Groton | — | — |
Commercial property in Ithaca, NY asks $185/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Ithaca?
Commercial property in Ithaca, NY asks an average of $185 per square foot. The 6 most recent recorded sales traded at a median of $127/SF, so asking sits 45% above the achieved median. Multifamily carries the highest asking price at $193/SF.
How much does it cost to lease commercial space in Ithaca?
Asking lease rates in Ithaca, NY average $20.37 per square foot per year.
Is it cheaper to lease or buy commercial space in Ithaca?
Buying beats leasing in Ithaca, NY if the property is held longer than 1.2 years, comparing $20.37/SF/Yr asking rent with $185/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.
What zoning applies to commercial property in Ithaca?
Ithaca, NY zones 3,636 acres across 41 districts, of which 7.1% is commercial and 8.7% industrial. The largest single district is Park at 19.4% of zoned land. The purpose of this zoning district is to provide public recreation, public and semi public institution. Residential zoning covers 46.2% and open space 19.4%.
Where does Realmo's Ithaca market data come from?
Realmo compiles Ithaca, NY figures from 8 recent recorded sales, 121 active sale listings, 31 active lease listings, 1,383 tracked off-market properties, the current Ithaca zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 121 active for-sale and 31 active for-lease listings in Ithaca, NY. 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: 3,636 zoned acres across 41 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 Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast 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
