Commercial Real Estate Market in Lebanon, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
27 active listings and 185 off-market properties in Lebanon, VA. Commercial property asks $311/SF to buy and $12.45/SF/Yr to lease.
Market Trends
Lebanon, VA spans 125.9 square miles in Russell County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lebanon, 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 Lebanon, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Lebanon, 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 Lebanon, 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 64.7%
- Commercial 20.4%
- Industrial 14.9%
Largest Zones share of zoned land by district
Single Family
General Dwelling
Commercial
Industrial
Lebanon, VA zones 3,153 acres across 4 districts. Commercial zoning covers 20.4% of zoned land, residential 64.7% and industrial 14.9%. The largest single district is Single Family at 39.3%. For commercial buyers the practical constraint is that only 35.3% of land carries a commercial or industrial designation.
Single Family (R-1)
The purpose of this district is to promote single family dwellings.
Market overview
Demographics & Economy
Lebanon, VA has 8,705 residents in 4,188 households. Density runs 69 people per square mile. Median household income here is $54,806 and median gross rent $643 a month.
8,705
Population
4,188
Households
2.1
Avg Household Size
46
Median Age
18%
College-Educated
89%
High-School Grad
125.9 sq mi
ZIP Area
69
Density / Sq Mi
$54,806
Median Household Income
$37,035
Median Earnings
$643
Median Rent
$131,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Barnett | — | — |
| Cleveland | — | — |
| Hansonville | — | — |
| Rosedale | — | — |
Commercial property in Lebanon, VA asks $311/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lebanon?
Commercial property in Lebanon, VA asks an average of $311 per square foot. The 4 most recent recorded sales traded at a median of $68/SF, so asking sits 357% above the achieved median.
How much does it cost to lease commercial space in Lebanon?
Asking lease rates in Lebanon, VA average $12.45 per square foot per year.
What zoning applies to commercial property in Lebanon?
Lebanon, VA zones 3,153 acres across 4 districts, of which 20.4% is commercial and 14.9% industrial. The largest single district is Single Family at 39.3% of zoned land. The purpose of this district is to promote single family dwellings. Residential zoning covers 64.7% and open space 0%.
Where does Realmo's Lebanon market data come from?
Realmo compiles Lebanon, VA figures from 6 recent recorded sales, 24 active sale listings, 3 active lease listings, 185 tracked off-market properties, the current Lebanon zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 24 active for-sale and 3 active for-lease listings in Lebanon, 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: 3,153 zoned acres across 4 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
