The Springfield Commercial Real Estate Market

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Springfield sits in the southwestern part of Missouri, along the Ozark Mountain Range. The metro area is only a few hours by car from the major metropolitan areas of Kansas City and St. Louis. Nicknamed the “Queen City of the Ozarks” and the “Birthplace of Route 66,” Springfield is home to a dynamic population of students, millennials, and baby boomers.

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 $600 billion in property transactions and represented over $5.5 trillion in commercial real estate listings.

Football players line up in a break at JFK Stadium in Springfield Missouri.

The State of Commercial Real Estate in Springfield

Springfield, Missouri’s third most populous city, holds the county seat of Greene County. Nestled at the northern edge of the Ozark Highlands and near the James River, it is a city that effortlessly combines natural beauty with urban sophistication. Springfield serves as the metropolitan hub for southwestern Missouri.

Living and investing in Springfield is an easy decision for many, given its balance of amenities and lifestyle offerings. The city boasts a thriving job market, top-notch schools, and world-class healthcare facilities. Its rich history, dating back to when Missouri became a state in 1821, adds a unique charm to the area, making it an attractive destination for those looking to relocate. 

The region is also a hotspot for recreational activities, with many attractions, museums, restaurants, and shopping districts. Those who love the great outdoors will find plenty to do, with opportunities for boating, hiking, and exploring the scenic surroundings. 

Springfield’s vibrant community spirit, economic growth, and development potential make it an attractive choice for residents and investors alike. 

Springfield Regional Breakdown

Springfield’s metropolitan area is among the fastest-growing regions in the state, with a vibrant and expanding community. The city’s population has steadily increased over the years, outpacing the growth rate of the state and even the nation. 

With a thriving economy and an inviting environment, the region continues to draw newcomers. The consistent rise in population also demonstrates the city’s capacity for sustainable development, making it a promising area for commercial investment.

  • Springfield is home to over 170,000 in the city and nearly 500,000 in the metropolitan area.
  • Metro Springfield comprises Greene and Christian counties, with population growth averaging 3.1% since 2020.
  • 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 $31,259, and median household income is $57,822, both figures about three-quarters less than in the US.
  • Median age is 37.4, with 28% of the population between the ages of 20 and 39, according to CensusReporter.org
A large neon-outlined sign saying "SPRINGFIELD" with "ROUTE 66 BIRTHPLACE" beneath it.

Springfield Job Market

Springfield’s economy is a blend of traditional and emerging sectors, contributing to its sustained growth. Major industries have played a key role in this upswing, with the workforce growing more than 5% in the past decade. Nearly 7,000 new jobs were created in the metro area over the last five years. Various initiatives, such as the Springfield Economic Empowerment Project (SEEP), focus on addressing employment gaps and fostering economic development. 

  • The GDP of Springfield has soared by more than 35% over the past ten years, coming in at $26.7 billion, according to the St. Louis Federal Reserve.
  • The unemployment rate is 2.5%, with the education, health service, and trade and transportation 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, Springfield Public Schools, and Bass Pro Shops.
  • Key industries in Springfield are distribution and logistics, advanced manufacturing, call centers and back office, technology and innovation, corporate offices, and data centers.
  • Noteworthy real estate developments include the redevelopment of the historic Kavanagh Furniture building at 443 State St. to mixed-use and the construction of numerous housing developments around the city.
  • 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).

Bottom view of a carnival ride patterned after the U.S. flag.

Springfield Industrial Market

The industrial market in Springfield has an interesting contrast to nationwide trends. While demand for industrial spaces is relatively weaker, with slower rent price growth and absorption rates, the vacancy rate remains lower than the national average. Despite the softer demand, the market remains resilient, maintaining a tight supply of available space.

Significant industrial developments include SPX Cooling Tech, a full-service cooling tower and air-cooled heat exchanger manufacturer, which decided to establish its manufacturing operations in Springfield. 

Market overview (NAR Commercial Metro Market Reports Q3 2023

  • Inventory: 45,847,428 SF
  • Vacancy rate: 1.1%
  • Net absorption:  309,554 SF (12 month)
  • Net deliveries: 11,000 SF (12 month)

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Insights (as of January 2024):

For Lease (active)

  • Asking rate/SqFt (median): $8 per year
  • Median SqFt/listing: 4,125
  • Days on market: 145
  • Total listings on Crexi: 31 spaces

For Sale (active)

  • Median asking price: $1.19 million
  • Price/SqFt: $83
  • Asking cap rate: 9.0%
  • Days on market: 106
  • Total listings on Crexi: 13

Sales Comps (past 12 months)

  • Median sold price: $921,000
  • Sold price/SqFt: $93
  • Total sales volume: $59.3 million
  • Sold cap rate: 7.0%
  • Median SqFt sold/transaction: 14,400
  • Total SqFt sold: 271,000 
  • Days on market (median): 132

Find Springfield industrial property for rent.

Springfield Office Market

Despite decreased absorption and delivery, the Springfield office market remains robust. With fewer teleworkers than the national average, demand for office spaces is improving, driving rental growth and low vacancy rates. 

The market cap rate, an indicator of risk and return for real estate investments, suggests Springfield’s office sector is a potentially profitable investment. Notable office developments in Springfield include a six-story office complex in south Springfield being developed by BiBi Investments and Development LLC.

Market overview (NAR Commercial Metro Market Reports Q3 2023)

  • Inventory: 14,918,529 SF
  • Vacancy rate: 4.3%
  • Net absorption:  204,070 SF (past 12 months)
  • Net deliveries:  228,000 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.

For Lease (active)

  • Asking rate/SqFt (median): $14 per year
  • Median SqFt/listing: 2,000 SF
  • Days on market: 331
  • Total listings on Crexi: 200 spaces

For Sale (active)

  • Median asking price: $975,000
  • Price/SqFt: $156 
  • Asking cap rate: 6.9%
  • Days on market: 257
  • Total listings on Crexi: 26

Sales Comps (past 12 months)

  • Median sold price: $668,000
  • Sold price/SqFt: $158
  • Total sales volume: $24.5 million
  • Sold cap rate: 7.0%
  • Median SqFt sold/transaction: 2,823 SF
  • Days on market (median): 94

Find Springfield office space for rent. 

Produce aisle of a grocery store.

Springfield Retail Market

The retail market is witnessing a unique dynamic with slower demand and rent price growth than the national average. Yet, it maintains a low vacancy rate, reflecting the limited availability of retail spaces. 

A new Target store is set to anchor a retail development with construction beginning in the summer, and an expected opening in April 2025. The city also welcomed its first Buc-ee’s location in December 2023.

Market overview (NAR Commercial Metro Market Reports Q3 2023

  • Inventory:  45,847,428 SF
  • Vacancy rate: 1.1%
  • Net absorption: 309,554 SF (12 month)
  • Net deliveries: 11,000 SF (12 month)

Crexi Insights

Retail lease and sales trends from Crexi Insights (as of January 2024):

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

Although the absorption rate in the multifamily market is slower compared to nationwide trends, the region exhibits robust demand for apartments. Rents are rising, and the vacancy rate is notably low.

The Verdant, a 55-plus community, is recognized as the multifamily development of the year in the Springfield market in 2023. In addition, the Nordic Landing project stands out as a mixed-income development contributing to housing diversity in the city.

Market overview (NAR Commercial Metro Market Reports Q3 2023)

  • Total housing units: 212,378
  • Multi-unit inventory: 24,428 units
  • Vacancy rate: 4.7%
  • Effective rent per unit: $877
  • Net absorption: 459 units (12 month)
  • Net units delivered: 790 (12 month)

Crexi Insights

Here are the most recent multifamily Insights from Crexi (as of January 2024):

For Sale (active)

  • Median asking price: $1.38 million
  • Price/SqFt: $159
  • Price/Unit: $154,000
  • Asking cap rate: 6.3%
  • Days on market: 58
  • Total listings on Crexi: 11

Sales Comps (past 12 months)

  • Median sold price: $285,000
  • Sold price/SqFt: $112
  • Sold price/unit: $107,000
  • Total sales volume: $117 million
  • Sold cap rate: 7.0%
  • Total SqFt sold: 339,000
  • Days on market (median): 65

Find Springfield multifamily property for sale.


Learn more about the Springfield commercial real estate market with Crexi Intelligence.

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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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