Commercial Real Estate Market in Milan, TN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
40 active listings and 408 off-market properties in Milan, TN. Commercial property asks $29/SF to buy and $23.48/SF/Yr to lease.
Market Trends
Milan, TN spans 82.7 square miles in Gibson County, Tennessee. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Milan, TN asks $81/SF to buy. Vacancy runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Retail
Retail space in Milan, TN asks $67/SF to buy. Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Industrial
Industrial vacancy in Milan, 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 Milan, TN asks $75/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 67.7%
- Industrial 30.7%
- Commercial 1.6%
Largest Zones share of zoned land by district
Low Density Residential
Medium Density Residential
Light Industrial
High Density Residential
Retail Business
Milan, TN zones 5,751 acres across 11 districts. Commercial zoning covers 1.6% of zoned land, residential 67.7% and industrial 30.7%. The largest single district is Low Density Residential at 37.1%. For commercial buyers the practical constraint is that only 32.3% of land carries a commercial or industrial designation.
Low Density Residential (R-1)
This district is intended to provide single family dwellings along with their accessory uses
Market overview
Demographics & Economy
Milan, TN has 12,153 residents in 5,113 households. Density runs 147 people per square mile. Median household income here is $65,537 and median gross rent $808 a month.
12,153
Population
5,113
Households
2.4
Avg Household Size
40
Median Age
18%
College-Educated
89%
High-School Grad
82.7 sq mi
ZIP Area
147
Density / Sq Mi
$65,537
Median Household Income
$39,429
Median Earnings
$808
Median Rent
$157,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Milan Army Ammunition Plant | — | — |
| Medina | — | — |
Commercial property in Milan, TN asks $29/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Milan?
Commercial property in Milan, TN asks an average of $29 per square foot. The 7 most recent recorded sales traded at a median of $86/SF. Office carries the highest asking price at $81/SF.
How much does it cost to lease commercial space in Milan?
Asking lease rates in Milan, TN average $23.48 per square foot per year.
What zoning applies to commercial property in Milan?
Milan, TN zones 5,751 acres across 11 districts, of which 1.6% is commercial and 30.7% industrial. The largest single district is Low Density Residential at 37.1% of zoned land. This district is intended to provide single family dwellings along with their accessory uses Residential zoning covers 67.7% and open space 0%.
Where does Realmo's Milan market data come from?
Realmo compiles Milan, TN figures from 8 recent recorded sales, 31 active sale listings, 9 active lease listings, 408 tracked off-market properties, the current Milan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 31 active for-sale and 9 active for-lease listings in Milan, 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: 5,751 zoned acres across 11 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 · How Realmo checks market page data · Report a data issue
