Commercial Real Estate Market in Memphis, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
1,821 active listings and 13,713 off-market properties in Memphis, TN. Commercial property asks $4/SF to buy and $16.08/SF/Yr to lease. Office vacancy runs 17.6%, the loosest of the segments tracked here.
Market Trends
Memphis, TN spans 379.3 square miles in Shelby County, Tennessee. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Memphis, TN runs 17.6% in 2025, up from 14.6% in 2019.
Vacancy Rate %
Retail
Retail vacancy in Memphis, TN runs 6.8% in 2025, little changed from 6.5% in 2019. Nearly 1.4x the 2022 low of 4.9%.
Vacancy Rate %
Industrial
Industrial vacancy in Memphis, TN runs 8.5% in 2025, up from 5.5% in 2019. Nearly 1.9x the 2022 low of 4.5%.
Vacancy Rate %
Multifamily
Multifamily space in Memphis, TN asks $99/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
- Residential 56.6%
- Mixed use 18.9%
- Industrial 11.8%
- Agricultural 7.8%
- Special 3.8%
- Civic 0.8%
- Commercial 0.2%
- Open space 0%
Largest Zones share of zoned land by district
Residential Single Family 6
Heavy Industrial
Employment
Residential Single Family 10
Residential Single Family 8
Residential Single Family 6 (R-6)
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Market overview
Demographics & Economy
Memphis, TN has 722,592 residents in 322,891 households. Density runs 1,905 people per square mile. Median household income here is $61,338 and median gross rent $1,218 a month.
722,592
Population
322,891
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
379.3 sq mi
ZIP Area
1,905
Density / Sq Mi
$61,338
Median Household Income
$40,530
Median Earnings
$1,218
Median Rent
$182,877
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Southaven | — | $18.76 |
| Horn Lake | — | $18.09 |
| Olive Branch | — | $22.75 |
| Days | — | — |
Commercial property in Memphis, TN asks $4/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Memphis?
Commercial property in Memphis, TN asks an average of $4 per square foot. The 8 most recent recorded sales traded at a median of $95/SF. Multifamily carries the highest asking price at $99/SF.
How much does it cost to lease commercial space in Memphis?
Asking lease rates in Memphis, TN average $16.08 per square foot per year.
What is the office vacancy rate in Memphis?
Office vacancy in Memphis, TN is 17.6% as of 2025, up from 14.6% in 2019. That is the highest in the 7-year series. Retail vacancy is 6.8%, below Office vacancy.
Which property type has the lowest vacancy in Memphis?
Retail has the lowest vacancy in Memphis, TN at 6.8%, inside a 4.9–6.9% band since 2019. For comparison: office 17.6%, industrial 8.5% and multifamily 11.3% (South).
Where does Realmo's Memphis market data come from?
Realmo compiles Memphis, TN figures from 8 recent recorded sales, 1,228 active sale listings, 593 active lease listings, 13,713 tracked off-market properties, the current Memphis zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,228 active for-sale and 593 active for-lease listings in Memphis, 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: 178,500 zoned acres across 60 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
- multifamily 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 31 August 2026 · report a data issue
