Commercial Real Estate Market in Millwood, WA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
3 active listings and 69 off-market properties in Millwood, WA.
Market Trends
Millwood, WA spans 35.6 square miles in Spokane County, Washington. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Millwood, WA asks $145/SF to buy. Vacancy runs 20.8% across the West region in 2025, up from 11% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Retail
Retail vacancy in Millwood, WA runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Millwood, WA runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily space in Millwood, WA asks $196/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 57.5%
- Industrial 17.7%
- Commercial 13.1%
- Mixed use 4.1%
Largest Zones share of zoned land by district
Residential
Manufacturing And Industrial
Residential
General Commercial
Public Reserve
Millwood, WA zones 435 acres across 8 districts. Commercial zoning covers 13.1% of zoned land, residential 57.5% and industrial 17.7%. The largest single district is Residential at 46.2%. For commercial buyers the practical constraint is that only 30.7% of land carries a commercial or industrial designation.
Residential (UR-2)
The Medium Density Residential district provides for typical suburban neighborhood development limited to primarily single family and duplex dwellings in neighborhoods characterized by low traffic volumes, abundant trees and other landscaping features, and easy access to parks and other recreational opportunities
Market overview
Demographics & Economy
Millwood, WA has 61,514 residents in 26,835 households. Density runs 1,727 people per square mile. Median household income here is $72,266 and median gross rent $1,178 a month.
61,514
Population
26,835
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
95%
High-School Grad
35.6 sq mi
ZIP Area
1,727
Density / Sq Mi
$72,266
Median Household Income
$41,247
Median Earnings
$1,178
Median Rent
$345,260
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Spokane Valley | — | $18.84 |
| Mead | — | — |
| Spokane | — | $18.43 |
| Liberty Lake | — | $13.48 |
Commercial property in Millwood, WA asks $339/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Millwood?
Commercial property in Millwood, WA asks an average of $339 per square foot. The 5 most recent recorded sales traded at a median of $170/SF, so asking sits 99% above the achieved median. Multifamily carries the highest asking price at $196/SF.
What zoning applies to commercial property in Millwood?
Millwood, WA zones 435 acres across 8 districts, of which 13.1% is commercial and 17.7% industrial. The largest single district is Residential at 46.2% of zoned land. The Medium Density Residential district provides for typical suburban neighborhood development limited to primarily single family and duplex dwellings in neighborhoods characterized by low traffic volumes, abundant trees and other landscaping features, and easy access to parks and other recreational opportunities Residential zoning covers 57.5% and open space 0%.
Where does Realmo's Millwood market data come from?
Realmo compiles Millwood, WA figures from 5 recent recorded sales, 3 active sale listings, 69 tracked off-market properties, the current Millwood zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 3 active for-sale and 0 active for-lease listings in Millwood, WA. 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: 435 zoned acres across 8 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 West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West 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 · report a data issue
