Commercial Real Estate Market in Salem, OR
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
522 active listings and 6,028 off-market properties in Salem, OR. Commercial property asks $130/SF to buy and $26.22/SF/Yr to lease.
Market Trends
Salem, OR spans 251.5 square miles in Marion County, Oregon. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Salem, OR runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Salem, OR runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Salem, OR runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily space in Salem, OR asks $232/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 49.1%
- Industrial 15%
- Open space 10.7%
- Mixed use 7.5%
- Commercial 3.5%
- Agricultural 0.6%
- Civic 0.4%
Largest Zones share of zoned land by district
Single Family Residential
Public Amusement
Residential Agriculture
Multiple Family Residential 2
General Industrial
Salem, OR zones 25,855 acres across 30 districts. Commercial zoning covers 3.5% of zoned land, residential 49.1%, open space 10.7% and industrial 15%. The largest single district is Single Family Residential at 31.8%. For commercial buyers the practical constraint is that only 18.4% of land carries a commercial or industrial designation.
Public Amusement (PA)
The purpose of the Public Amusement (PA) Zone is to implement the parks, open space, and outdoor recreation designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Market overview
Demographics & Economy
Salem, OR has 277,964 residents in 107,988 households. Density runs 1,105 people per square mile. Median household income here is $76,408 and median gross rent $1,335 a month.
277,964
Population
107,988
Households
2.6
Avg Household Size
37
Median Age
28%
College-Educated
87%
High-School Grad
251.5 sq mi
ZIP Area
1,105
Density / Sq Mi
$76,408
Median Household Income
$41,675
Median Earnings
$1,335
Median Rent
$385,526
Median Home Value
Tools
Nearby Markets
Commercial property in Salem, OR asks $130/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Salem?
Commercial property in Salem, OR asks an average of $130 per square foot. The 7 most recent recorded sales traded at a median of $182/SF. Multifamily carries the highest asking price at $232/SF.
How much does it cost to lease commercial space in Salem?
Asking lease rates in Salem, OR average $26.22 per square foot per year.
What zoning applies to commercial property in Salem?
Salem, OR zones 25,855 acres across 30 districts, of which 3.5% is commercial and 15% industrial. The largest single district is Single Family Residential at 31.8% of zoned land. Residential zoning covers 49.1% and open space 10.7%.
Where does Realmo's Salem market data come from?
Realmo compiles Salem, OR figures from 8 recent recorded sales, 319 active sale listings, 203 active lease listings, 6,028 tracked off-market properties, the current Salem zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 319 active for-sale and 203 active for-lease listings in Salem, OR. 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: 25,855 zoned acres across 30 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 West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West 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 30 September 2026 · report a data issue
