Commercial Real Estate Market in Shelby, OH
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
43 active listings and 974 off-market properties in Shelby, OH. Commercial property asks $331/SF to buy and $42.99/SF/Yr to lease.
Market Trends
Shelby, OH spans 81.5 square miles in Richland County, Ohio. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Shelby, OH runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Shelby, OH runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Shelby, OH 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 Shelby, OH 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 56.8%
- Industrial 24%
- Commercial 10.7%
- Agricultural 8.5%
Largest Zones share of zoned land by district
Residential Single Family
Heavy Industry
Residential Single And Two Family
Conservation District
Residential Single Family And Small Lot
Shelby, OH zones 4,138 acres across 13 districts. Commercial zoning covers 10.7% of zoned land, residential 56.8% and industrial 24%. The largest single district is Residential Single Family at 21.7%. For commercial buyers the practical constraint is that only 34.8% of land carries a commercial or industrial designation.
Residential Single Family (R-1)
It is intended to provide for low density residential developments that are urban in character and contain a substantial proportion of one family dwellings.
Market overview
Demographics & Economy
Shelby, OH has 13,900 residents in 6,211 households. Density runs 171 people per square mile. Median household income here is $60,669 and median gross rent $727 a month.
13,900
Population
6,211
Households
2.2
Avg Household Size
42
Median Age
15%
College-Educated
93%
High-School Grad
81.5 sq mi
ZIP Area
171
Density / Sq Mi
$60,669
Median Household Income
$35,774
Median Earnings
$727
Median Rent
$146,500
Median Home Value
Tools
Lease vs Buy Breakeven
At $42.99/SF/Yr lease vs $331/SF buy → buying wins if held > 0.9 years.
At a 13% 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 |
|---|---|---|
| Sharon Township | — | $42.99 |
| Crestline | — | — |
Commercial property in Shelby, OH asks $331/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Shelby?
Commercial property in Shelby, OH asks an average of $331 per square foot. The 6 most recent recorded sales traded at a median of $70/SF, so asking sits 375% above the achieved median.
How much does it cost to lease commercial space in Shelby?
Asking lease rates in Shelby, OH average $42.99 per square foot per year.
Is it cheaper to lease or buy commercial space in Shelby?
Buying beats leasing in Shelby, OH if the property is held longer than 0.9 years, comparing $42.99/SF/Yr asking rent with $331/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 Shelby?
Shelby, OH zones 4,138 acres across 13 districts, of which 10.7% is commercial and 24% industrial. The largest single district is Residential Single Family at 21.7% of zoned land. It is intended to provide for low density residential developments that are urban in character and contain a substantial proportion of one family dwellings. Residential zoning covers 56.8% and open space 0%.
Where does Realmo's Shelby market data come from?
Realmo compiles Shelby, OH figures from 8 recent recorded sales, 18 active sale listings, 25 active lease listings, 974 tracked off-market properties, the current Shelby zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 18 active for-sale and 25 active for-lease listings in Shelby, OH. 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: 4,138 zoned acres across 13 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 30 September 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 30 September 2026 · How Realmo checks market page data · Report a data issue
