The Springfield Commercial Real Estate Market

Shanti Ryle

April 24, 2026

Overhead view of colorful buildings in Springfield

Springfield’s growth is steady and locally driven, supported by affordability and a diverse mix of industries.
The job market remains stable, with a reliable workforce pipeline coming from local colleges and universities.
Industrial space is in short supply, with demand continuing to fill new space as it becomes available.
The office market has stayed relatively balanced, with leasing activity keeping vacancy low and little new construction underway.
Retail space is limited, though leasing has slowed and rent growth has leveled off compared to stronger periods.
Multifamily development is picking up in key areas, with new projects following population and retail growth.

Springfield sits at the center of southwest Missouri, where regional business activity, healthcare, and education all play a central role. Known as a gateway to the Ozarks, the city is home to a mix of students, working professionals, and long-time locals, contributing to steady, ongoing growth.

Crexi supports commercial real estate activity throughout Springfield and surrounding communities by giving brokers, buyers, and tenants a single place to list, market, and evaluate opportunities. From launching a listing to tracking engagement and closing a deal, the platform brings key parts of the process into one connected workflow.

Across the country, Crexi has supported more than $900 billion in closed transactions and brought over $7 trillion in commercial assets to market, supporting activity in Springfield and beyond.

A strip of sunset between two tall buildings in Philadelphia

Springfield Commercial Real Estate Overview

The city of Springfield has a pace and scale that feels different from larger metro areas, but that’s part of its appeal. It functions as a regional anchor, with a strong local identity shaped by healthcare systems, universities, and a growing base of small and mid-sized businesses. The city continues to attract people looking for affordability and a straightforward path to growth, whether that means starting a business, expanding operations, or investing in property.

What stands out in Springfield is its consistency. Growth tends to happen in steps rather than spikes, supported by a stable population and a business environment that rewards long-term planning. Commercial real estate activity reflects that same pattern, with demand tied closely to local needs and steady development rather than rapid swings. For investors and operators, it’s a market with attainable entry points and room to grow over time.

Springfield Regional Context

Springfield’s growth is easy to see in both its city center and the surrounding counties, with more people choosing to live and work across the broader metro. The area stands out for its affordability, which makes day-to-day living and long-term planning more manageable than in many larger markets. A slightly younger population and steady income levels help support a reliable workforce and local demand.

In 2026, Springfield was named one of Livability’s Top 100 Best Places to Live in the U.S., reinforcing its reputation as a place where people want to put down roots.

More than 170,000 people live in Springfield, and the larger metro area is home to more than 500,000.
The Springfield metropolitan area includes Green, Christian, Webster, Polk, and Dallas Counties.
The cost of living in Springfield, MO is about 8% lower than the national average, thanks to affordable housing, utilities, transportation, and everyday expenses alike.
Per capita income in the Springfield metro is $37,496, while the median household income is $67,219. About 30% of residents have a six-figure income.
Springfield’s median age is 37.1, which is younger than the overall US figure.
In 2026, Springfield was named one of Livability’s Top 100 Best Places to Live in the US, a ranking that considers factors like economy, amenities, education, affordability, and safety.

Colorful bridges in Philadelphia's downtown

Springfield Job Market

Springfield’s job market is built on a balance of industries that keep the local economy moving, from healthcare and manufacturing to retail and hospitality. Large employers and national brands have a presence here, but so do smaller businesses that play a big role in day-to-day economic activity.

The workforce is supported by a steady pipeline of graduates from local colleges and universities, helping employers find talent without needing to look far. While conditions can shift from time to time, employment levels have remained relatively stable, giving the region a solid foundation for growth.

The GDP of Springfield has surpassed $28.5 billion, serving as a cornerstone of the steadily growing GDP of the larger Ozarks region ($36.7 billion in 2024).
Although the unemployment rate jumped to 4% as of January 2026, it remains lower than the overall national average.
The largest industries in the Springfield MSA include healthcare and social assistance, retail, hospitality and food service, and manufacturing.
Major employers in the Ozarks region span a variety of industries, featuring well-known names such as 3M, Amazon, AT&T, Bass Pro Shops, FedEx, Kraft Heinz, and O’Reilly Automotive.
About 33% of Springfield metro residents hold bachelor’s or post-graduate degrees.
Several respected higher education institutions are located in the metro area, including Missouri State University, Drury University, Ozarks Tech, and Evangel University.
Springfield boasts a robust transportation infrastructure, encompassing major highways like Interstate 55, a comprehensive public transit system, and the Springfield-Branson National Airport (SGF).

Tall colorful buildings on a busy Philadelphia street

Springfield Industrial Market

Springfield’s industrial market has been moving at a steady clip, with space continuing to fill as quickly as it comes online. Demand has stayed ahead of supply, keeping vacancy tight and giving well-located properties a clear advantage.

Activity across manufacturing, distribution, and logistics continues to support consistent leasing, even as available space remains limited. At the same time, the city is already planning ahead, exploring a third industrial park as existing sites near capacity. For investors, it’s a market defined by limited availability, steady user demand, and a development pipeline that’s working to keep up.

Market overview (NAR Commercial Metro Market Reports Q4 2025)

Inventory: 50,304,413 SF
Vacancy rate: 1.6%
Net absorption: 618,206 SF (12 month)
Net deliveries: 594,069 SF (12 month)

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Insights (as of April 2026):

For Lease (active)

Asking rate/SqFt (median): $8 per year
Median SqFt/listing: 4,860
Days on market: 204
Total listings on Crexi: 43 spaces

For Sale (active)

Median asking price: $948,500
Price/SqFt: $103
Asking cap rate: 8%
Days on market: 184
Total listings on Crexi: 31

Sales Comps (past 12 months)

Median sold price: $532,000
Sold price/SqFt: $93
Total sales volume: $45.3 million
Median SqFt sold/transaction: 6,764
Total SqFt sold: 253,000

Find Springfield industrial space for rent.

Two industrial port sides along the river next to Philadelphia

Springfield Office Market

Springfield’s office market has held up well, especially compared to larger metros that are still working through excess space. Demand has remained steady, with space continuing to lease at a pace that keeps vacancy relatively low.

With little to no new construction coming online, existing buildings are carrying most of the activity, which has helped support stable conditions. Overall, the market feels stable, with demand holding firm and little to no signs of oversupply.

Market overview (NAR Commercial Metro Market Reports Q4 2025)

Inventory: 15,578,571 SF
Vacancy rate: 4.2%
Net absorption: 38,355 SF (past 12 months)
Net deliveries: 0 SF (12 month)

Crexi Insights

If you're in search of the freshest data on Springfield's office market, turn to Crexi Insights as your first choice. The platform provides up-to-date data on the city's commercial real estate market, including lease trends, sale listings, comparables.

Here are the most recent office lease and sales trends from Crexi Insights (as of April 2026):

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 1,905 SF
Days on market: 282
Total listings on Crexi: 216

For Sale (active)

Median asking price: $600,000
Price/SqFt: $150
Asking cap rate: 6.7%
Median sold cap rate: 7.1%
Days on market: 154
Total listings on Crexi: 63

Sales Comps (past 12 months)

Median sold price: $553,900
Sold price/SqFt: $141
Total sales volume: $37.3 million
Median SqFt sold/transaction: 6,604 SF
Days on market (median): 231

Find Springfield office space for rent.

tall buildings in Philadelphia in silhouette at sunset

Springfield Retail Market

The retail market in Springfield remains tight, with limited available space keeping vacancy low even as leasing activity slows. Demand hasn’t moved as quickly as in some larger markets, which has tempered rent growth, but well-located centers continue to hold their footing.

New development is still happening in pockets of the city, particularly along the southwest corridor, where projects like West Sunshine Marketplace are moving forward. Retailers are also continuing to expand in these growth areas, with plans for additional stores near existing shopping hubs. Space is limited, activity is more selective, and new projects tend to follow where consumers are already spending time.

Market overview (NAR Commercial Metro Market Reports Q4 2025)

Inventory: 32,579,776 SF
Vacancy rate: 2.4%
Net absorption: -135,707 SF (12 month)
Market rent growth: 0.3% (12 month)

Crexi Insights

Here’s a snapshot of the latest retail lease and sales trends from Crexi Insights (as of April 2026):

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 2,042 SF
Days on market: 379
Total listings on Crexi: 222 spaces

For Sale (active)

Median asking price: $635,000
Price/SqFt: $131
Asking cap rate: 6.4%
Days on market: 216
Total listings on Crexi: 62

Sales Comps (past 12 months)

Median sold price: $1.1 million
Sold price/SqFt: $164
Total sales volume: $604.3 million
Sold cap rate: 5.7%
Median SqFt sold/transaction: 4,568 SF
Days on market (median): 180

Find Springfield retail space for rent.

Springfield Multifamily Market

Multifamily demand in Springfield has stayed fairly consistent, even as leasing activity has cooled a bit compared to national trends. Rents have continued to edge up, supported in part by limited availability and a market that hasn’t seen the same level of oversupply as larger metros.

New development is still moving forward, with projects like The Arcadian and additional planned communities along the Sunshine corridor adding to the pipeline. At the same time, those projects reflect where growth is happening locally, with developers targeting areas that are already seeing new retail and residential momentum.