Commercial Real Estate Market in Excelsior, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
15 active listings and 268 off-market properties in Excelsior, MN.
Market Trends
Excelsior, MN spans 16.3 square miles in Hennepin County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Excelsior, 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 Excelsior, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Excelsior, 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 Excelsior, MN asks $176/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 67.1%
- Commercial 9.9%
- Civic 8.6%
- Open space 7.6%
- Mixed use 3.9%
- Planned_development 2.9%
Largest Zones share of zoned land by district
Single Family Residential
Single And Two Family
Public Park
High Density Residential
General Commercial
Excelsior, MN zones 382 acres across 11 districts. Commercial zoning covers 9.9% of zoned land, residential 67.1% and open space 7.6%. The largest single district is Single Family Residential at 31.9%. For commercial buyers the practical constraint is that only 9.9% of land carries a commercial or industrial designation.
Single Family Residential (R-1)
The purpose of the R-1, Single Family Residential district is to provide for low density single-family detached residential dwelling uses and directly related, complementary uses. (b) The purpose of the R-2, Single and Two Family Residential district is to provide for one- and two-family dwellings and directly related, complementary uses. (c) The purpose of…
Market overview
Demographics & Economy
Excelsior, MN has 19,568 residents in 8,275 households. Density runs 1,199 people per square mile. Median household income here is $160,029 and median gross rent $1,208 a month.
19,568
Population
8,275
Households
2.4
Avg Household Size
46
Median Age
71%
College-Educated
99%
High-School Grad
16.3 sq mi
ZIP Area
1,199
Density / Sq Mi
$160,029
Median Household Income
$75,771
Median Earnings
$1,208
Median Rent
$707,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Greenwood | — | — |
| Tonka Bay | — | — |
| Silver Lake | — | — |
| Deephaven | — | — |
Commercial property in Excelsior, MN asks $376/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Excelsior?
Commercial property in Excelsior, MN asks an average of $376 per square foot. Multifamily carries the highest asking price at $176/SF.
What zoning applies to commercial property in Excelsior?
Excelsior, MN zones 382 acres across 11 districts, of which 9.9% is commercial and 0% industrial. The largest single district is Single Family Residential at 31.9% of zoned land. The purpose of the R-1, Single Family Residential district is to provide for low density single-family detached residential dwelling uses and directly related, complementary uses. (b) The purpose of the R-2, Single and Two Family Residential district is to provide for one- and two-family dwellings and directly related, complementary uses. (c) The purpose of… Residential zoning covers 67.1% and open space 7.6%.
Where does Realmo's Excelsior market data come from?
Realmo compiles Excelsior, MN figures from 5 recent recorded sales, 13 active sale listings, 2 active lease listings, 268 tracked off-market properties, the current Excelsior zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 13 active for-sale and 2 active for-lease listings in Excelsior, 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: 382 zoned acres across 11 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
