Finding the 6 Cities for Cheapest Commercial Real Estate in the US in 2024

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Commercial real estate is a sizable investment, and calculating the markets and assets where you can derive the highest ROI often means looking in markets where the price is right. As global and economic factors shift and headwinds ebb and flow, the new opportunities arising in these yet-untapped markets are ready for investors to make their next move.

If you want to invest in commercial real estate, here are six U.S. cities where you’ll find the most affordable property prices. Although rents and purchase prices are low now, they may increase over the next few years, making them ideal markets for those looking to get the best possible ROI.

These top low-cost cities are in alphabetical order and listed as “Affordable West” and “Eds and Meds” (with more higher education and medical facilities) markets, according to Emerging Trends in Real Estate 2024 from PwC. Per capita GDP and population growth over the next five years are expected to remain solid and steady, the cost of doing business is low, and rental housing is still relatively affordable.

We also pulled detailed insights from Crexi Intelligence, supplying current market and recent comps data to provide a holistic overview of each city’s CRE market. This data includes price and rent per square foot, days on market, units available, square footage available, and other data points.

Considerations for Commercial Real Estate Investing

It’s essential to closely examine local economic conditions when looking for commercial real estate investments. While significant metro areas such as Atlanta might seem like obvious choices due to their size, smaller cities often offer even more competitive prices for office spaces and residential properties. This affordability factor draws investors towards regions with high population growth, like the Western part of the country.

How to Find Cheap Commercial Real Estate

To find the cheapest commercial real estate in your area, you’ll need to know the right questions to ask. A commercial real estate search platform like Crexi is an excellent place to start your search.

Crexi is the fastest-growing commercial real estate site and currently has more than 185,000 properties for sale, nearly 330,000 spaces for lease, and over 13 million sales comparables. You can refine your search based on a variety of criteria, including size and zoning. Filter listings by price range and property type, including office, retail, industrial, and mixed-use.

Albuquerque, NM, is one of the cheapest real estate in US cities
2009 Albuquerque Internation Balloon Fiesta

Albuquerque

Often referred to as “the land of enchantment,” Albuquerque captivates with its balmy climate and deep-seated cultural heritage, making it a favorite among travelers and investors. The burgeoning tech sector further enhances the city’s appeal for businesses. Major companies, including Airbnb and Netflix, have established their presence here, adding to Albuquerque’s allure.

Metropolitan Albuquerque ranks 4th in the nation in construction jobs added over the past 12 months, recording a 15% increase year-over-year. The Albuquerque Journal notes, “With rock bottom vacancies in the industrial real estate market and increasing demand in all real estate markets, finding affordable space is becoming more difficult around Albuquerque.” As of this writing, there are nearly 900 spaces for rent in the city listed on Crexi.

Crexi Intelligence Insights

Crexi Intelligence allows users to evaluate commercial real estate properties and markets instantly. It provides access to a comprehensive database of sales comparables, market reports, analytics, and demographics. Here is the most recent Albuquerque leasing and sales data as of October 2023:

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $19/SF
Spaces available on Crexi: 547
Median SqFt: 2,000
Days on market: 236
Asking rent (annual): $18/SF
Spaces available on Crexi: 400
Median SqFt: 2,121
Days on market: 277
N/AAsking rent (annual): $12/SF
Spaces available on Crexi: 110
Median SqFt: 10,700
Days on market: 191
SalesAsking sale price (median): $1.28 million
Price/SqFt: $161
Asking cap rate: 7.2%
Total listings: 36
Days on market: 120
Asking sale price (median): $1.55 million
Price/SqFt: $173Asking cap rate: 6.1%
Total listings: 81
Days on market: 142
Asking sale price (median): $925,000
Price/SqFt: $149
Price/unit: $117,000
Asking cap rate: 5.9%
Total listings on Crexi: 35
Days on market: 171
Asking sale price (median): $1.27 million
Price/SqFt: $118
Asking cap rate: 2.3%
Total listings: 30
Days on market: 131
CompsMedian sales price (last 1 year): $760,000
Sold price /SqFt: $165
Sold cap rate: 8.2%
Total sales volume: $141 million
Days on market: 531
Median sales price (last 1 year): $612,000
Sold price /SqFt: $142
Sold cap rate: 6.7%
Total sales volume: $93.3 million
Days on market: 133
Median sales price (last 1 year): $1.7 million
Sold price/SqFt: $284
Sold price/unit: $227,000
Sold cap rate: 3.0%
Total sales volume: $171 million
Days on market: 50
Median sales price (last 1 year): $831,000
Sold price /SqFt: $129
Sold cap rate: 7.2%
Total sales volume: $76.2 million
Days on market: 423
Madison, WI, is one of the cheapest real estate in US cities

Madison

Madison, the capital of Wisconsin, boasts a thriving economy powered by the technology, healthcare, insurance, and education sectors. The city’s multicultural demographics and dynamic arts environment attract many young professionals. Moreover, Madison’s emphasis on creating a bike-friendly ecosystem allows businesses to serve eco-minded consumers.

WalletHub ranks Madison as the 9th best city for STEM jobs, far ahead of other up-and-coming tech centers like Salt Lake City, Raleigh, and Denver. The metro area also receives top ratings for professional opportunities and quality of life based on metrics such as STEM graduates per capita and housing affordability. Per Crexi data, household income has steadily increased over the last few years and is expected to grow by 3% by 2026, pointing to a healthy population and spending capital growth.

Crexi Intelligence Insights

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $16/SF
Spaces available on Crexi: 368
Median SqFt: 2,416
Days on market: 221
Asking rent (annual): $20/SF
Spaces available on Crexi: 148
Median SqFt: 2,972
Days on market: 237
N/AAsking rent (annual): $8/SF
Spaces available on Crexi: 48
Median SqFt: 8,266
Days on market: 156
SalesAsking sale price (median): $3.75 million
Price/SqFt: $137
Asking cap rate: 7.7%
Total listings: 18
Days on market: 221
Asking sale price (median): $2.09 million
Price/SqFt: $153
Asking cap rate: 7.3%
Total listings: 30
Days on market: 153
Asking sale price (median): $2.4 million
Price/SqFt: $315Asking cap rate: 12.8%
Total listings on Crexi: 4
Days on market: 135
Asking sale price (median): $1.97 million
Price/SqFt: $84
Asking cap rate: 8.0%
Total listings: 12
Days on market: 183
CompsMedian sales price (last 1 year): $410,000
Sold price /SqFt: $83
Sold cap rate: 8.7%
Total sales volume: $410,000
Days on market: 181
Median sales price (last 2 years): $529,000
Sold price /SqFt: $110
Sold cap rate: 8.7%
Total sales volume: $6.4 million
Days on market: 338
Median sales price (last 1 year): $400,000
Sold price /SqFt: $120
Sold price/unit: $200,000
Sold cap rate: 8.7%Total sales volume: $55.4 million
Median sales price (last 1 year): $1.9 million
Sold price /SqFt: $298
Sold cap rate: 8.7%
Total sales volume: $21.4 million
Sacramento, CA, is one of the cheapest real estate in US cities

Sacramento

Sacramento may not be as well-known as California’s coastal cities, but it offers a lot to investors seeking affordable commercial real estate. The city’s low cost of living and proximity to major tech markets like San Francisco and Silicon Valley make it an attractive option for businesses.


As the most recent Sacramento MarketBeat reports from Cushman & Wakefield reveal, the professional services, government and education, and software/tech and life science sectors continue to drive leasing activity.

Crexi Intelligence Insights

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $22/SF
Spaces available on Crexi: 1,353
Median SqFt: 2,498
Days on market: 400 
Asking rent (annual): $20/SF
Spaces available on Crexi: 829
Median SqFt: 2,132
Days on market: 339
N/AAsking rent (annual): $12/SF
Spaces available on Crexi: 299
Median SqFt: 4,499
Days on market: 156
SalesAsking sale price (median): $1.7 million
Price/SqFt: $207
Asking cap rate: 6.9%
Total listings: 91
Days on market: 185
Asking sale price (median): $2.36 million
Price/SqFt: $297
Asking cap rate: 5.8%
Total listings: 106
Days on market: 191
Asking sale price (median): $1.47 million
Price/SqFt: $336Price/unit: $249,000
Asking cap rate: 4.6%
Total listings on Crexi: 41
Days on market: 88
Asking sale price (median): $3.33 million
Price/SqFt: $216
Asking cap rate: 6.3%
Total listings: 50
Days on market: 177
CompsMedian sales price (last 1 year): $1.55 million
Sold price /SqFt: $190
Sold cap rate: 5.6%
Total sales volume: $233 million
Days on market: 318
Median sales price (last 1 year): $2 million
Sold price /SqFt: $359
Sold cap rate: 5.6%
Total sales volume: $508 million
Days on market: 258
Median sales price (last 1 year): $597,000
Sold price /SqFt: $287
Sold price/unit: $251,000
Sold cap rate: 5.6%
Total sales volume: $397 million
Days on market: 66
Median sales price (last 1 year): $1.65 million
Sold price /SqFt: $185
Sold cap rate: 5.6%
Total sales volume: $283 million
Days on market: 155

Spokane, WA, and Coeur d'Alene, ID, are together one of the cheapest real estate in US cities.

Spokane, WA/Coeur d’Alene, ID

The Spokane/Coeur d’Alene region allows investors to tap into a bustling metropolitan area and beautiful natural surroundings. Spokane is known for its healthcare industry and the transformation of its historic buildings into unique shopping and dining destinations.

Coeur d’Alene, about 36 minutes east of Spokane, provides a gateway to a myriad of outdoor activities amidst plentiful lakes and mountains. Commercial real estate investment in this area leverages the urban charm of Spokane and the inherent allure of Coeur d’Alene while offering cost advantages compared to larger coastal metropolises such as Seattle or Los Angeles.


According to the Spokane Workforce Council, healthcare and social assistance are the fastest-growing industry sectors in Spokane County. Nearly 4,000 jobs in the sector have been created over the past five years alone, turning Spokane into a regional healthcare hub for Eastern Washington and Northern Idaho.

Crexi Intelligence Insights

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $20/SF
Spaces available on Crexi: 403
Median SqFt: 2,505
Days on market: 325
Asking rent (annual): $18/SF
Spaces available on Crexi: 209
Median SqFt: 3,500
Days on market: 295
N/AAsking rent (annual): $10/SF
Spaces available on Crexi: 55
Median SqFt: 11,400
Days on market: 188
SalesAsking sale price (median): $1.25 million
Price/SqFt: $151
Asking cap rate: 6.7%
Total listings: 47
Days on market: 191
Asking sale price (median): $995,000
Price/SqFt: $132
Asking cap rate: 6.2%
Total listings: 34
Days on market: 198
Asking sale price (median): $512,000
Price/SqFt: $190
Price/unit: $223,000
Asking cap rate: 6.0%
Total listings on Crexi: 38
Days on market: 151
Asking sale price (median): $1.07 million
Price/SqFt: $135
Asking cap rate: 4.1%
Total listings: 34
Days on market: 155
CompsMedian sales price (last 1 year): $1.19 million
Sold price /SqFt: $162
Sold cap rate: 6.0%
Total sales volume: $71.8 million
Days on market: 142
Median sales price (last 1 year): $522,000
Sold price /SqFt: $137
Sold cap rate: 6.0%
Total sales volume: $107 million
Days on market: 122
Median sales price (last 1 year): $416,000
Sold price /SqFt: $145
Sold price/unit: $183,000
Sold cap rate: 6.7%Total sales volume: $128 million
Days on market: 72
Median sales price (last 1 year): $1.15 million
Sold price /SqFt: $93
Sold cap rate: 6.0%
Total sales volume: $12.6 million
Days on market: 167
Tacoma, WA, is one of the cheapest real estate in US cities

Tacoma

Though frequently overshadowed by nearby Seattle, Tacoma boasts significant commercial real estate investment potential. The city has recently undergone revitalization initiatives to rejuvenate its city center while preserving its historic charm, reflected in structures such as the neoclassical City Hall building and Wing Luke Museum that honors Tacoma’s Asian-Pacific American heritage.

The South Sound area is one of the hottest submarkets in Tacoma. Investors and tenants are attracted by land availability, good highway access, proximity to Portland and Seattle, lower rents, and housing affordability.

Crexi Intelligence Insights

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $21/SF
Spaces available on Crexi: 180
Median SqFt: 2,554
Days on market: 320
Asking rent (annual): $20/SF
Spaces available on Crexi: 159
Median SqFt: 2,234
Days on market: 241
N/AAsking rent (annual): $14/SF
Spaces available on Crexi: 63
Median SqFt: 8,457
Days on market: 188
SalesAsking sale price (median): $2.06 million
Price/SqFt: $191
Asking cap rate: 5.9%
Total listings: 21
Days on market: 181
Asking sale price (median): $1.53 millionPrice/SqFt: $184
Asking cap rate: 5.8%
Total listings: 30
Days on market: 154
Asking sale price (median): $1.65 million
Price/SqFt: $246Price/unit: $235,000
Asking cap rate: 5.3%
Total listings on Crexi: 10
Days on market: 76
Asking sale price (median): $2.24 million
Price/SqFt: $242
Asking cap rate: 6.0%
Total listings: 9
Days on market: 223
CompsMedian sales price (last 1 year): $1.52 million
Sold price /SqFt: $239
Sold cap rate: 5.8%
Total sales volume: $104 million
Days on market: 309
Median sales price (last 1 year): $1.2 million
Sold price /SqFt: $212
Sold cap rate: 6.2%
Total sales volume: $121 million
Days on market: 157
Median sales price (last 1 year): $544,000
Sold price /SqFt: $274
Sold price/unit: $227,000
Sold cap rate: 5.0%
Total sales volume: $162 million
Days on market: 69
Median sales price (last 1 year): $2.85 million
Sold price /SqFt: $170
Sold cap rate: 5.8%
Total sales volume: $56.4 million
Days on market: 152
Tucson, AZ, is one of the cheapest real estate in US cities

Tucson

Tucson, though often eclipsed by larger Arizona cities like Phoenix and Flagstaff, is a desert city with much to offer. It is a hub for thriving sectors including aerospace and defense, education, technology, and healthcare. Tucson also offers breathtaking natural beauty, with attractions like Saguaro National Park where visitors can witness the iconic towering cacti that define the Sonoran Desert landscape.

The city’s diverse economy presents potential benefits for commercial real estate investors, including access to domestic and international markets and talented employees from nearby universities.

Experts project Tucson’s annual population growth rate over the next five years to surpass the national average due in part to the lower cost of housing and abundant job opportunities in the region. According to Inside Tucson Business, employment increased to 393,000 (up 2.2% compared to the fourth quarter of 2021), while median household income grew by nearly 6% year over year.

Crexi Intelligence Insights

OfficeRetailMultifamilyIndustrial
LeaseAsking rent (annual): $19/SF
Spaces available on Crexi: 589
Median SqFt: 2,106
Days on market: 330
Asking rent (annual): $18/SF
Spaces available on Crexi: 698
Median SqFt: 2,354
Days on market: 347
N/AAsking rent (annual): $10/SF
Spaces available on Crexi: 160
Median SqFt: 8,431
Days on market: 205
SalesAsking sale price (median): $1.39 million
Price/SqFt: $205
Asking cap rate: 6.2%
Total listings: 89
Days on market: 230
Asking sale price (median): $1.45 million
Price/SqFt: $209
Asking cap rate: 5.8%
Total listings: 88
Days on market: 228
Asking sale price (median): $1.33 million
Price/SqFt: $206
Price/unit: $95,500
Asking cap rate: 5.9%
Total listings on Crexi: 20
Days on market: 150
Asking sale price (median): $2.12 million
Price/SqFt: $127
Asking cap rate: 5.5%
Total listings: 39
Days on market: 215
CompsMedian sales price (last 1 year): $517,000
Sold price /SqFt: $180
Sold cap rate: 6.2%
Total sales volume: $136 million
Days on market: 221
Median sales price (last 1 year): $814,000
Sold price /SqFt: $184
Sold cap rate: 6.1%
Total sales volume: $525 million
Days on market: 93
Median sales price (last 1 year): $400,000
Sold price /SqFt: $176
Sold price/unit: $150,000
Sold cap rate: 6.9%
Total sales volume: $451 million
Days on market: 58
Median sales price (last 1 year): $565,000
Sold price /SqFt: $104
Sold cap rate: 6.9%
Total sales volume: $121 million
Days on market: 185

Ready to invest? Find your next property in one of these cities on Crexi.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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