Mr Wade was elected to the board in the 2021 local elections and his resignation means a by-election will take place.
He said: ‘The opening of my new business in Peel has placed an increased demand on my time recently.
‘This will only increase this year and unfortunately I have found I will have insufficient time left available to successfully fulfil my commissioners’ obligations.
‘There is a lot going on this year including the development of the Western Area Plan and bringing forward a new event to compliment the amended TT schedule which will require commissioner input to make sure the town moves forward in the right direction.
‘I hope my resignation will allow someone with the necessary time to take these matters forward.’
Commissioners chairman Voirrey Heaton said she was sad to receive his notice but he made valuable contributions during his time at the local authority.
Mr Wade, who is a member of the Ballaghs band, topped the poll in the local authority election in 2021 with 1,114 votes.