Commercial Real Estate Market in Memphis, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
1,069 active listings and 13,703 off-market properties in Memphis, TN. Commercial property asks $100/SF to buy and $15.99/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 October 2026.
Office
Office space in Memphis, TN asks $18.36/SF/Yr to lease; the median asking sale price is $183/SF. Vacancy runs 17.6% in 2025, up from 14.6% in 2019.
Typical asking range for active listings in Memphis, TN (the middle half): Lease $12.38–$22.13/SF/Yr (median $17.00/SF/Yr, 32 listings); Sale $109–$246/SF (median $183/SF, 13 listings).
Retail
Retail space in Memphis, TN has a median asking sale price of $120/SF. Vacancy runs 6.8% in 2025, little changed from 6.5% in 2019. Nearly 1.4x the 2022 low of 4.9%.
Typical asking range for active listings in Memphis, TN (the middle half): Lease $12.50–$17.00/SF/Yr (median $14.54/SF/Yr, 13 listings); Sale $86.99–$169/SF (median $120/SF, 10 listings).
Industrial
Industrial space in Memphis, TN has a median asking sale price of $50/SF (based on 5 listings). Vacancy runs 8.5% in 2025, up from 5.5% in 2019. Nearly 1.9x the 2022 low of 4.5%.
Multifamily
Multifamily space in Memphis, TN has a median asking sale price of $100/SF. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Typical asking range for active listings in Memphis, TN (the middle half): Sale $82.02–$120/SF (median $100/SF, 139 listings).
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
R-6, R-3, RU-1, RU-2, RU-3, RU-4, RU-5 and RW), with the exception of Community Supported Agriculture. 2. Neighborhood gardens shall: a. be managed to prevent the harborage of rodents and pests; b. be maintained to prevent odors; and c. be managed to (to the extent that is possible), to prevent the runoff of top soil and composting materials from flowing ont…
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.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Southaven | $198 | $20.00 |
| Horn Lake | $242 | $16.91 |
| Olive Branch | $86 | $22.00 |
Commercial property in Memphis, TN asks $100/SF. The 3 bordering markets run from $86/SF in Olive Branch to $242/SF in Horn Lake, and the city sits below their $198/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Memphis?
How much does it cost to lease commercial space in Memphis?
What is the office vacancy rate in Memphis?
Which property type has the lowest vacancy in Memphis?
How does Memphis compare to nearby markets on price?
Where does Realmo's Memphis market data come from?
Methodology & data sources
- Asking prices and medians
- There are 508 active for-sale and 561 active for-lease listings in Memphis, TN. The medians are based on 172 of the for-sale and 48 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
