Springfield, IL
Commercial Real Estate Market Trends & Data

$97 Avg asking sale price
$13 Avg asking lease rate
11,188 SF Avg unit lease size
51,966 SF Avg building size for sale
8.26% Average cap rate

Springfield's Demographic Profile

Springfield has 52,338 households and a median income of $62,213, providing context for rent absorption and tenant demand across retail and multifamily assets. A 0% five-year population trend is a key signal for evaluating long-term demand in this market.

Key Demographic Metric Value
Population 117,081
# Households 52,338
Median age 41
Median household income $62,213
Avg household size 2.0
Renter-occupied housing units 21,192
5-year population change 0%

{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Springfield, IL

↻ Updated Monthly

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Nearby Office Markets Avg Cost/SF Typical Size Cap Max
Springfield $79 23,757 SF 10.22%
Petersburg $465 3,325 SF 8.65%
Lincoln $81 5,210 SF 9.00%
Nearby Retail Markets Avg Cost/SF Typical Size
Springfield $103 32,789 SF
Southern View $77 94,260 SF
Waverly $18 7,000 SF
Ashland $25 3,544 SF
Lincoln $78 11,500 SF
Nearby Multifamily Markets Avg Cost/SF Typical Size Cap Max
Springfield $69 30,883 SF 9.88%
Harristown $160 10,588 SF 9.90%
Jacksonville $67 4,760 SF 11.02%
Decatur $70 25,722 SF 14.50%

Commercial Properties For Sale in Springfield

The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale

Prime Springfield Restaurant Opportunity

Springfield, IL 62703

  • 4,262 SF Retail Building
  • Auction Sale
For Sale

Hickox Collection

Springfield, IL 62703

  • 53,265 SF Multifamily
  • $3,500,000
For Sale

Walgreens

Springfield, IL 62702

  • 13,450 SF Retail Building
  • 8.50% Cap Rate
  • $1,823,529
For Sale

Normandy Hill Plaza

Springfield, IL 62703

  • 15,100 SF Office Building
  • $460,000
For Sale

Arby's

Springfield, IL 62703

  • 2,800 SF Retail Building
  • 6.25% Cap Rate
  • $1,124,000
For Sale

5901 S 6th St

Springfield, IL 62703

  • 9,100 SF Retail Building
  • 7.00% Cap Rate
  • $1,388,658

Average Price For Sale

↻ Updated Monthly

Average Price For Lease

↻ Updated Monthly

Number of Listings

↻ Updated Monthly

Cap Rate

↻ Updated Monthly

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Nearby Commercial Markets

Comparing nearby markets helps investors see whether Springfield pricing and building scale sit above, below, or in line with surrounding areas.

Commercial Markets Avg Cost/SF Average Size
Springfield $97 51,966 SF
Jerome $131 51,356 SF
Chatham $151 28,250 SF
Edinburg $78 1,800 SF

Multifamily Properties For Sale in Springfield

For Sale

Hickox Collection

Springfield, IL 62703

  • 53,265 SF Multifamily
  • $3,500,000

Regional Demographic Comparison

This comparison places Springfield alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Springfield or distributed across surrounding areas.

City Population # Households Age Median Household Income Avg Household Size Renter Occupied Housing Units Five Yr Pop Growth %
Jerome 1,606 773 40 $62,045 2 255 -3%
Chatham 14,110 5,365 39 $105,383 3 1,250 -2%
Williamsville 1,327 519 43 $113,709 3 80 -3%
Edinburg 1,055 449 42 $79,268 2 110 -4%

Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Springfield, IL and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.

FAQs About Commercial Investing in Springfield

View All Commercial Real Estate For Sale in Springfield
Is Springfield a good market for a first-time commercial real estate investor?

Springfield offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.

How can this market data help me decide whether to buy commercial property for my business in Springfield?

The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Springfield. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.

What should conservative investors focus on when evaluating commercial properties in Springfield?

Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Springfield. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.

How does Springfield compare to nearby commercial real estate markets?

Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Springfield. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.

How can this page support early-stage deal screening for Springfield acquisitions?

This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Springfield, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.

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