The Springfield Commercial Real Estate Market

Shanti Ryle

April 21, 2025

Overhead view of colorful buildings in Springfield

Nestled in the heart of the Ozarks, Springfield offers the perfect blend of natural beauty and economic momentum. Just a few hours from Kansas City and St. Louis, this regional hub is known for its strong community spirit, historic Route 66 heritage, and growing reputation as a center for education, healthcare, and manufacturing. With a population that spans students, young professionals, and retirees alike, Springfield supports a dynamic and evolving commercial real estate landscape.

Crexi proudly serves Springfield, MO, and the surrounding markets as the fastest-growing online commercial real estate platform. Across the CRE transaction lifecycle, listing brokers, tenants, buyers, investors, and principals enjoy unparalleled transparency and ease of use in the industry. Crexi’s tech tools have helped brokers nationwide facilitate more than $330 billion in property transactions and represented over $1.2 trillion in commercial real estate listings.

A strip of sunset between two tall buildings in Philadelphia

The State of Springfield Commercial Real Estate

Set against the beautiful backdrop of the Ozark Highlands, Springfield blends small-city charm with the energy of a growing metro hub. As the third-largest city in Missouri and the seat of Greene County, it serves as the economic and cultural anchor of southwestern Missouri. With a welcoming atmosphere and a strong sense of community, Springfield continues to attract new residents, businesses, and investors.

The city’s appeal lies in its well-rounded lifestyle - affordable living, quality healthcare, excellent education, and a business-friendly environment all contribute to its steady growth. It also boasts a rich historical legacy, lively entertainment districts, and easy access to outdoor recreation, from hiking trails to nearby lakes.

Whether you're looking to relocate, expand your portfolio, or launch a business, Springfield offers the right mix of stability, opportunity, and momentum. Its growing commercial real estate market reflects a region on the rise, supported by a strong workforce and long-term economic promise.

Springfield Regional Breakdown

Springfield, Missouri continues to establish its status as a dynamic regional hub, drawing attention for its steady population growth and business-friendly environment. Anchored by a strong sense of community and affordability, the metro area offers a high quality of life with a cost of living well below the national average.

Income levels are steadily climbing, and the area’s youthful, working-age population supports both workforce development and long-term economic potential. With a growing metro footprint, Springfield has emerged as an attractive location for both residents and commercial real estate investors.

Springfield is home to over 170,000 people in the city and nearly 500,000 in the metropolitan area.
Metro Springfield comprises Green, Christian, Webster, Polk, and Dallas Counties.
The cost of living is 15% below the US average, with per capita income consistently trending upward over the past two decades.
Per capita income is $48,664, and average household income is $67,384, with the metro area boasting a higher rate of annual income growth (3.9%) when compared to the Missouri overall average.
Median age is 37.4, with 28% of the population between the ages of 20 and 39.

Colorful bridges in Philadelphia's downtown

Springfield Job Market

Springfield’s job market is thriving, fueled by a mix of longstanding industries and new growth sectors. The region's strong economic performance, steady employment gains, and business-friendly climate have made it a hub for both established companies and growing ventures.

With nationally recognized healthcare systems, major universities, and a competitive cost of doing business, Springfield offers a stable foundation for economic development. From education and health services to logistics and manufacturing, the area supports a diverse and skilled workforce that keeps the momentum going.

The GDP of Springfield has soared by more than 70% over the past decade, increasing from about $16.5 billion to an outstanding $28.5 billion.
The unemployment rate is 3.8%, with the education and health services, trade and transportation, and government sectors reporting the strongest growth.
The Springfield MSA has added more than 40,000 jobs since 2000, according to data from The Springfield Missouri Regional Economic Partnership.
Major employers (based on the number of employees) include CoxHealth, Mercy Hospital Springfield, the State of Missouri, Walmart and Sam’s Club, the U.S. Government, and Springfield Public Schools.
Key industries in Springfield are education and health services, government, retail trade, professional and business services, leisure and hospitality, and manufacturing.
Springfield consistently files a significantly higher number of permits for new commercial construction when compared the the overall data for Greene County.
About 30% of residents hold bachelor’s or post-graduate degrees.
The metro area is home to three major institutions for higher education: Missouri State University, Drury University, and Evangel University, each renowned for their comprehensive programs and significant contributions to the local economy.
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 is resilient, with exceptionally low vacancy and consistent leasing activity, even as absorption lags behind national benchmarks. Tight supply and rising rents reflect steady interest in the region, particularly from manufacturing and logistics operators seeking affordable, strategically located space.

Recent developments, like Press Room Equipment’s $6.5 million expansion at Partnership Industrial Center West, highlight Springfield’s ongoing appeal for industrial growth. As new projects break ground and local companies scale operations, the market remains well-positioned for stable performance in the year ahead.

Market overview (NAR Commercial Metro Market Reports Q3 2024)

Inventory: 47,734,530 SF
Vacancy rate: 1.5%
Net absorption: 105,532 SF (12 month)
Net deliveries: 231,280 SF (12 month)

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Insights (as of April 2025):

For Lease (active)

Asking rate/SqFt (median): $9 per year
Median SqFt/listing: 4,000
Days on market: 85
Total listings on Crexi: 35 spaces

For Sale (active)

Median asking price: $724,500
Price/SqFt: $108
Asking cap rate: 5.5%
Days on market: 164
Total listings on Crexi: 16

Sales Comps (past 12 months)

Median sold price: $1.3 million
Sold price/SqFt: $59
Total sales volume: $33.3 million
Median SqFt sold/transaction: 16,600
Total SqFt sold: 408,400

Find Springfield industrial space for rent.

Two industrial port sides along the river next to Philadelphia

Springfield Office Market

Springfield’s office market is holding strong, especially compared to national trends. With fewer remote workers than in many parts of the country, demand for office space is staying steady - and that’s keeping vacancies low and rent growth moving in the right direction. New construction has been modest, but interest from both tenants and investors remains solid. The market’s cap rates point to healthy returns, making Springfield an solid option for those looking to invest or expand their footprint in the region.

Market overview (NAR Commercial Metro Market Reports Q3 2024)

Inventory: 15,257,361 SF
Vacancy rate: 4.4%
Net absorption: -24,975 SF (past 12 months)
Net deliveries: 20,000 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 2025):

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 2,026 SF
Days on market: 205
Total listings on Crexi: 180

For Sale (active)

Median asking price: $667,500
Price/SqFt: $162
Asking cap rate: 3.3%
Median sold cap rate: 7.5%
Days on market: 174
Total listings on Crexi: 42

Sales Comps (past 12 months)

Median sold price: $789,700
Sold price/SqFt: $175
Total sales volume: $62.7 million
Median SqFt sold/transaction: 4,704 SF
Days on market (median): 209

Find Springfield office space for rent.

tall buildings in Philadelphia in silhouette at sunset

Springfield Retail Market

Springfield’s retail market is seeing strong momentum, with high absorption rates and minimal vacancies signaling consistent tenant demand. While rent growth has been more measured than national averages, the overall stability and low vacancy create a competitive environment for quality retail space.

Several exciting new developments are underway, including the Sunshine Towne Center, which will soon feature a new Target, Olive Garden, and other major retailers. Additional projects, like The Table - a new restaurant and retail concept near National and Chestnut - highlight the market’s evolving mix of national brands and local ventures. With both expansion and reinvestment on the rise, Springfield’s retail landscape is primed for continued growth.

Market overview (NAR Commercial Metro Market Reports Q3 2024)

Inventory: 33,382,397 SF
Vacancy rate: 2.2%
Net absorption: 468,982 SF (12 month)
Market rent growth: 2.0% (12 month)

Crexi Insights

Here’s a snapshot of the latest retail lease and sales trends from Crexi Insights (as of April 2025):

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 2,120 SF
Days on market: 367
Total listings on Crexi: 185 spaces

For Sale (active)

Median asking price: $750,000
Price/SqFt: $191
Asking cap rate: 5.8%
Days on market: 191
Total listings on Crexi: 41

Sales Comps (past 12 months)

Median sold price: $538,000
Sold price/SqFt: $93
Total sales volume: $36.5 million
Sold cap rate: 7.0%
Median SqFt sold/transaction: 4,500 SF
Days on market (median): 83

Find Springfield retail space for rent.

Springfield Multifamily Market

Springfield’s multifamily market is keeping steady, with low vacancy rates and modest rent growth pointing to a healthy, if measured, pace of demand. While absorption has slowed compared to national averages, the area’s affordability continues to attract renters, especially as homeownership remains out of reach for many.

A wave of new developments - such as The Crescent Apartments and the upcoming Finley Ridge Phase II - highlights ongoing investment in rental housing across the region. These projects aim to expand both workforce and market-rate housing options, helping meet the needs of Springfield’s growing and diverse population.