Commercial Real Estate Market in Spencer, IA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
14 active listings and 1,125 off-market properties in Spencer, IA.
Market Trends
Spencer, IA spans 157.7 square miles in Clay County, Iowa. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Spencer, IA runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Spencer, IA runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Spencer, 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%.
Multifamily
Multifamily vacancy in Spencer, IA runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 50.3%
- Industrial 25.3%
- Commercial 23%
- Civic 1.4%
Largest Zones share of zoned land by district
Spencer, IA zones 7,106 acres across 14 districts. Commercial zoning covers 23% of zoned land, residential 50.3% and industrial 25.3%. The largest single district is Residential at 41.2%. For commercial buyers the practical constraint is that only 48.2% of land carries a commercial or industrial designation.
Within the E Heavy Industrial District, unless otherwise provided in this chapter, no building or land shall be used for other than one or more of the following purposes: (A) Commercial uses. (1) Administrative and business offices; (2) Agricultural sales and services; (3) Automotive repair service; (4) Automotive washing; (5) Brewery, winery or distillery;…
Market overview
Demographics & Economy
Spencer, IA has 12,606 residents in 6,096 households. Density runs 80 people per square mile. Median household income here is $61,175 and median gross rent $796 a month.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Spencer?
What zoning applies to commercial property in Spencer?
Where does Realmo's Spencer market data come from?
Methodology & data sources
- Asking prices and medians
- There are 12 active for-sale and 2 active for-lease listings in Spencer, IA. The sale median is based on 7 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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: 7,106 zoned acres across 14 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
