Commercial Real Estate Market in Wellman, IA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
4 active listings and 174 off-market properties in Wellman, IA. Commercial property asks $157/SF to buy and $14.14/SF/Yr to lease.
Market Trends
Wellman, IA spans 95.0 square miles in Washington County, Iowa. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Wellman, 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 Wellman, IA runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Wellman, 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 Wellman, 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
- Civic 76.2%
- Agricultural 15.9%
- Industrial 6.7%
- Commercial 0.8%
- Residential 0.5%
Largest Zones share of zoned land by district
Low Density Single Family Residential
Agricultural
Public Use
Light Industrial
Central Business District
Low Density Single Family Residential (R-1)
The R-1 District is intended to provide for all types of residential development with limited commercial and civic use.
Market overview
Demographics & Economy
Wellman, IA has 2,833 residents in 1,228 households. Density runs 30 people per square mile. Median household income here is $54,659 and median gross rent $844 a month.
2,833
Population
1,228
Households
2.3
Avg Household Size
39
Median Age
19%
College-Educated
94%
High-School Grad
95 sq mi
ZIP Area
30
Density / Sq Mi
$54,659
Median Household Income
$41,366
Median Earnings
$844
Median Rent
$205,200
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Frytown | — | — |
| Kalona | — | — |
| Richmond | — | — |
| Kinross | — | — |
Commercial property in Wellman, IA asks $157/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Wellman?
Commercial property in Wellman, IA asks an average of $157 per square foot.
How much does it cost to lease commercial space in Wellman?
Asking lease rates in Wellman, IA average $14.14 per square foot per year.
Where does Realmo's Wellman market data come from?
Realmo compiles Wellman, IA figures from 3 active sale listings, 1 active lease listings, 174 tracked off-market properties, the current Wellman zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 3 active for-sale and 1 active for-lease listings in Wellman, 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: 683 zoned acres across 8 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
