Commercial Real Estate Market in Lakeland, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
116 active listings and 414 off-market properties in Lakeland, TN. Commercial property asks $40/SF to buy and $15.55/SF/Yr to lease.
Market Trends
Lakeland, TN spans 116.3 square miles in Shelby County, Tennessee. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Lakeland, TN runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Lakeland, TN runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Lakeland, TN runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Lakeland, TN asks $97/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Commercial 80.5%
- Residential 16.5%
- Industrial 2%
- Civic 0.7%
- Open space 0.4%
Largest Zones share of zoned land by district
Agriculture
Suburban Estate
Suburban Manor
Regional Commercial
Exurban
Lakeland, TN zones 14,041 acres across 15 districts. Commercial zoning covers 80.5% of zoned land, residential 16.5%, open space 0.4% and industrial 2%. The largest single district is Agriculture at 76%. For commercial buyers the practical constraint is that only 82.4% of land carries a commercial or industrial designation.
Suburban Estate (R1)
Suburban Estate (R1) Suburban Manor (R2) Suburban Cottage (R3) Urban Estate (R4) Attached (RM1) Multifamily (RM2) Agriculture (A) Community Commercial (C1) Regional Commercial (C2) Neighborhood Office (NO) Office (O) Institutional (P) General Government (GG) Outdoor Recreation (OR) Conservation (CON) Light Manufacturing (M1) Manufacturing (M2) Infrastructure…
Market overview
Demographics & Economy
Lakeland, TN has 44,385 residents in 15,448 households. Density runs 382 people per square mile. Median household income here is $115,478 and median gross rent $1,695 a month.
44,385
Population
15,448
Households
2.9
Avg Household Size
38
Median Age
47%
College-Educated
97%
High-School Grad
116.3 sq mi
ZIP Area
382
Density / Sq Mi
$115,478
Median Household Income
$56,917
Median Earnings
$1,695
Median Rent
$363,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Cordova | — | $15.95 |
| Millington | — | — |
Commercial property in Lakeland, TN asks $40/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lakeland?
Commercial property in Lakeland, TN asks an average of $40 per square foot. The 4 most recent recorded sales traded at a median of $128/SF. Multifamily carries the highest asking price at $97/SF.
How much does it cost to lease commercial space in Lakeland?
Asking lease rates in Lakeland, TN average $15.55 per square foot per year.
What zoning applies to commercial property in Lakeland?
Lakeland, TN zones 14,041 acres across 15 districts, of which 80.5% is commercial and 2% industrial. The largest single district is Agriculture at 76% of zoned land. Residential zoning covers 16.5% and open space 0.4%.
Where does Realmo's Lakeland market data come from?
Realmo compiles Lakeland, TN figures from 7 recent recorded sales, 99 active sale listings, 17 active lease listings, 414 tracked off-market properties, the current Lakeland zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 99 active for-sale and 17 active for-lease listings in Lakeland, TN. 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: 14,041 zoned acres across 15 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 South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South 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
