Commercial Real Estate Market in Norwalk, IA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
117 active listings and 290 off-market properties in Norwalk, IA. Commercial property asks $10/SF to buy and $27.50/SF/Yr to lease.
Market Trends
Norwalk, IA spans 58.6 square miles in Warren County, Iowa. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Norwalk, IA runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Norwalk, IA runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Norwalk, IA runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Norwalk, IA runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Planned_development 35.6%
- Residential 27.4%
- Agricultural 26.7%
- Industrial 4.3%
- Open space 3.4%
- Commercial 2.6%
Largest Zones share of zoned land by district
Agricultural Reserve District
Single Family Residential District
Single Family Residential District Planned Unit Development
Planned Unit Development
Single Family Residential District
Agricultural Reserve District (A-R)
The regulations set forth in this section, or elsewhere in this ordinance as applicable, shall apply in the A-R Agricultural Reserve District. (ORD. 06-06) 1. Statement of Intent. The A-R District is intended to provide for the protection and preservation of agricultural land until such time as urban services are available to the area and the land is ready f…
Market overview
Demographics & Economy
Norwalk, IA has 15,158 residents in 6,469 households. Density runs 259 people per square mile. Median household income here is $97,661 and median gross rent $883 a month.
15,158
Population
6,469
Households
2.3
Avg Household Size
37
Median Age
37%
College-Educated
98%
High-School Grad
58.6 sq mi
ZIP Area
259
Density / Sq Mi
$97,661
Median Household Income
$52,755
Median Earnings
$883
Median Rent
$293,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Prole | — | — |
| Martensdale | — | — |
| Conger | — | — |
| West Des Moines | — | $18.18 |
Commercial property in Norwalk, IA asks $10/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Norwalk?
Commercial property in Norwalk, IA asks an average of $10 per square foot. The 5 most recent recorded sales traded at a median of $228/SF.
How much does it cost to lease commercial space in Norwalk?
Asking lease rates in Norwalk, IA average $27.50 per square foot per year.
Where does Realmo's Norwalk market data come from?
Realmo compiles Norwalk, IA figures from 6 recent recorded sales, 114 active sale listings, 3 active lease listings, 290 tracked off-market properties, the current Norwalk zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 114 active for-sale and 3 active for-lease listings in Norwalk, IA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 7,653 zoned acres across 40 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
