Commercial Real Estate Market in Marion, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
61 active listings and 538 off-market properties in Marion, VA. Commercial property asks $11/SF to buy and $6.00/SF/Yr to lease.
Market Trends
Marion, VA spans 119.7 square miles in Smyth County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Marion, 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 Marion, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Marion, 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 Marion, 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 59.4%
- Open space 12.7%
- Mixed use 10.6%
- Industrial 8.6%
- Commercial 1%
- Special 0.7%
Largest Zones share of zoned land by district
Residential Single And Two Family
Residential Single Family
Recreational
Commercial General
Industrial General
Marion, VA zones 2,629 acres across 12 districts. Commercial zoning covers 1% of zoned land, residential 59.4%, open space 12.7% and industrial 8.6%. The largest single district is Residential Single And Two Family at 39.8%. For commercial buyers the practical constraint is that only 9.6% of land carries a commercial or industrial designation.
Residential Single And Two Family (R-2)
The purpose of this district is to provide areas for the development of moderately higher-density residential uses and structures in moderately spacious surroundings
Market overview
Demographics & Economy
Marion, VA has 14,446 residents in 6,929 households. Density runs 121 people per square mile. Median household income here is $42,076 and median gross rent $686 a month.
14,446
Population
6,929
Households
2.1
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
119.7 sq mi
ZIP Area
121
Density / Sq Mi
$42,076
Median Household Income
$35,662
Median Earnings
$686
Median Rent
$142,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Thomas Bridge | — | — |
| Atkins | — | — |
| Seven Mile Ford | — | — |
| Stony Battery | — | — |
Commercial property in Marion, VA asks $11/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Marion?
Commercial property in Marion, VA asks an average of $11 per square foot. The 6 most recent recorded sales traded at a median of $62/SF.
How much does it cost to lease commercial space in Marion?
Asking lease rates in Marion, VA average $6.00 per square foot per year.
What zoning applies to commercial property in Marion?
Marion, VA zones 2,629 acres across 12 districts, of which 1% is commercial and 8.6% industrial. The largest single district is Residential Single And Two Family at 39.8% of zoned land. The purpose of this district is to provide areas for the development of moderately higher-density residential uses and structures in moderately spacious surroundings Residential zoning covers 59.4% and open space 12.7%.
Where does Realmo's Marion market data come from?
Realmo compiles Marion, VA figures from 8 recent recorded sales, 59 active sale listings, 2 active lease listings, 538 tracked off-market properties, the current Marion zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 59 active for-sale and 2 active for-lease listings in Marion, 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: 2,629 zoned acres across 12 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 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 31 August 2026 · report a data issue
