Commercial Real Estate Market in Buffalo, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
27 active listings and 312 off-market properties in Buffalo, MN. Commercial property asks $213/SF to buy and $18.00/SF/Yr to lease.
Market Trends
Buffalo, MN spans 107.7 square miles in Wright County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Buffalo, 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 Buffalo, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Buffalo, 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 vacancy in Buffalo, MN 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
- Residential 70.6%
- Commercial 12.9%
- Open space 7%
- Industrial 4.8%
- Planned_development 3.7%
Largest Zones share of zoned land by district
Single Family Suburban
Single Family Urban
Agriculture
Parks And Open Space
Highway Commercial
Buffalo, MN zones 4,843 acres across 21 districts. Commercial zoning covers 12.9% of zoned land, residential 70.6%, open space 7% and industrial 4.8%. The largest single district is Single Family Suburban at 45.6%. For commercial buyers the practical constraint is that only 17.7% of land carries a commercial or industrial designation.
Single Family Suburban (R-1)
Sec. 50-61. - R-1 Residential Single-Family Suburban District. (a) Purpose. The purpose of the R-1 Residential Single-family Suburban District is to provide for suburban density single-family detached residential dwelling units and directly related, complementary uses. (b) Permitted uses. All permitted uses allowed in an R-R district are permitted in an R-1…
Market overview
Demographics & Economy
Buffalo, MN has 24,406 residents in 9,445 households. Density runs 227 people per square mile. Median household income here is $93,471 and median gross rent $1,150 a month.
24,406
Population
9,445
Households
2.6
Avg Household Size
40
Median Age
31%
College-Educated
94%
High-School Grad
107.7 sq mi
ZIP Area
227
Density / Sq Mi
$93,471
Median Household Income
$53,867
Median Earnings
$1,150
Median Rent
$321,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Montrose | — | — |
| Maple Lake | — | — |
| Waverly | — | — |
| Rockford | — | — |
Commercial property in Buffalo, MN asks $213/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Buffalo?
Commercial property in Buffalo, MN asks an average of $213 per square foot. The 7 most recent recorded sales traded at a median of $106/SF, so asking sits 100% above the achieved median.
How much does it cost to lease commercial space in Buffalo?
Asking lease rates in Buffalo, MN average $18.00 per square foot per year.
What zoning applies to commercial property in Buffalo?
Buffalo, MN zones 4,843 acres across 21 districts, of which 12.9% is commercial and 4.8% industrial. The largest single district is Single Family Suburban at 45.6% of zoned land. Sec. 50-61. - R-1 Residential Single-Family Suburban District. (a) Purpose. The purpose of the R-1 Residential Single-family Suburban District is to provide for suburban density single-family detached residential dwelling units and directly related, complementary uses. (b) Permitted uses. All permitted uses allowed in an R-R district are permitted in an R-1… Residential zoning covers 70.6% and open space 7%.
Where does Realmo's Buffalo market data come from?
Realmo compiles Buffalo, MN figures from 8 recent recorded sales, 23 active sale listings, 4 active lease listings, 312 tracked off-market properties, the current Buffalo zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 23 active for-sale and 4 active for-lease listings in Buffalo, 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: 4,843 zoned acres across 21 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, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- 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
