Commercial Real Estate Market in Andover, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
24 active listings and 179 off-market properties in Andover, MN.
Market Trends
Andover, MN spans 133.0 square miles in Anoka County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Andover, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Andover, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Andover, MN 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 space in Andover, MN asks $185/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 90.7%
- Open space 6.9%
- Industrial 1.3%
- Commercial 0.4%
- Planned_development 0.1%
Largest Zones share of zoned land by district
Single Family Rural Residential
Single Family Urban Residential
Park
Single Family Residential Estate
Single Family Rural Reserve
Andover, MN zones 19,559 acres across 16 districts. Commercial zoning covers 0.4% of zoned land, residential 90.7%, open space 6.9% and industrial 1.3%. The largest single district is Single Family Rural Residential at 55.1%. For commercial buyers the practical constraint is that only 1.8% of land carries a commercial or industrial designation.
Single Family Rural Residential (R-1)
B. R-1 Single Family Rural Residential: 1. This district is intended to provide a residential atmosphere for those persons desiring to retain a large parcel of land. Such large lots are logical in areas where development into smaller lots would be difficult, or where public utilities will not be available in the foreseeable future. Furthermore, larger houses…
Market overview
Demographics & Economy
Andover, MN has 100,608 residents in 37,635 households. Density runs 757 people per square mile. Median household income here is $113,946 and median gross rent $1,485 a month.
100,608
Population
37,635
Households
2.7
Avg Household Size
39
Median Age
34%
College-Educated
96%
High-School Grad
133 sq mi
ZIP Area
757
Density / Sq Mi
$113,946
Median Household Income
$57,741
Median Earnings
$1,485
Median Rent
$369,903
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Ham Lake | — | — |
| Coon Rapids | — | — |
| Anoka | — | — |
| Blaine | — | — |
Commercial property in Andover, MN asks $157/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Andover?
Commercial property in Andover, MN asks an average of $157 per square foot. The 3 most recent recorded sales traded at a median of $202/SF. Multifamily carries the highest asking price at $185/SF.
What zoning applies to commercial property in Andover?
Andover, MN zones 19,559 acres across 16 districts, of which 0.4% is commercial and 1.3% industrial. The largest single district is Single Family Rural Residential at 55.1% of zoned land. B. R-1 Single Family Rural Residential: 1. This district is intended to provide a residential atmosphere for those persons desiring to retain a large parcel of land. Such large lots are logical in areas where development into smaller lots would be difficult, or where public utilities will not be available in the foreseeable future. Furthermore, larger houses… Residential zoning covers 90.7% and open space 6.9%.
Where does Realmo's Andover market data come from?
Realmo compiles Andover, MN figures from 7 recent recorded sales, 20 active sale listings, 4 active lease listings, 179 tracked off-market properties, the current Andover zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 20 active for-sale and 4 active for-lease listings in Andover, MN. 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: 19,559 zoned acres across 16 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
