Commercial Real Estate Market in Independence, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
33 active listings and 124 off-market properties in Independence, VA. Commercial property asks $344/SF to buy and $10.00/SF/Yr to lease.
Market Trends
Independence, VA spans 101.9 square miles in Grayson County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Independence, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Independence, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Independence, VA 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 vacancy in Independence, VA runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 64.9%
- Agricultural 20.3%
- Commercial 9.5%
- Industrial 5.3%
Largest Zones share of zoned land by district
Agriculture District
Single Family Residential
Conservation
General Commercial
Industrial
Independence, VA zones 1,376 acres across 9 districts. Commercial zoning covers 9.5% of zoned land, residential 64.9% and industrial 5.3%. The largest single district is Agriculture District at 35.8%. For commercial buyers the practical constraint is that only 14.7% of land carries a commercial or industrial designation.
Agriculture District (A)
This district is designed to encompass agricultural areas into which urban development could logically expand as the need arises. This district generally surrounds residential development. Public water and sewerage facilities, police and fire protection, and other community services necessary to accommodate urban development already exist in the district or…
Market overview
Demographics & Economy
Independence, VA has 4,725 residents in 2,414 households. Density runs 46 people per square mile. Median household income here is $42,408 and median gross rent $621 a month.
4,725
Population
2,414
Households
2
Avg Household Size
47
Median Age
14%
College-Educated
83%
High-School Grad
101.9 sq mi
ZIP Area
46
Density / Sq Mi
$42,408
Median Household Income
$36,195
Median Earnings
$621
Median Rent
$146,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Twin Oaks | — | — |
| Elk Creek | — | — |
| Stratford | — | — |
| Edwards Crossroads | — | — |
Commercial property in Independence, VA asks $344/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Independence?
Commercial property in Independence, VA asks an average of $344 per square foot. The 8 most recent recorded sales traded at a median of $44/SF, so asking sits 684% above the achieved median.
How much does it cost to lease commercial space in Independence?
Asking lease rates in Independence, VA average $10.00 per square foot per year.
What zoning applies to commercial property in Independence?
Independence, VA zones 1,376 acres across 9 districts, of which 9.5% is commercial and 5.3% industrial. The largest single district is Agriculture District at 35.8% of zoned land. This district is designed to encompass agricultural areas into which urban development could logically expand as the need arises. This district generally surrounds residential development. Public water and sewerage facilities, police and fire protection, and other community services necessary to accommodate urban development already exist in the district or… Residential zoning covers 64.9% and open space 0%.
Where does Realmo's Independence market data come from?
Realmo compiles Independence, VA figures from 8 recent recorded sales, 31 active sale listings, 2 active lease listings, 124 tracked off-market properties, the current Independence zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 31 active for-sale and 2 active for-lease listings in Independence, VA. 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: 1,376 zoned acres across 9 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
- office vacancy is reported at South region level, retail vacancy is reported at South region level, industrial vacancy is reported at South region level and asking prices run materially above recent closed pricing.
- 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
