Commercial Real Estate Market in Farmington, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
13 active listings and 261 off-market properties in Farmington, MN.
Market Trends
Farmington, MN spans 85.1 square miles in Dakota County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Farmington, 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 Farmington, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Farmington, 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 Farmington, MN asks $173/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 43.1%
- Agricultural 28.2%
- Open space 13.7%
- Industrial 7.3%
- Mixed use 6.8%
- Commercial 0.9%
Largest Zones share of zoned land by district
Agriculture
Low Density Residential
Parks Open Space
Low Medium Density Residential
Industrial
Low Density Residential (R-1)
HAPTER 4 GENERAL PROVISIONS CHAPTER 5 DISTRICTS AND DISTRICT PROVISIONS 10-5-1: ZONING MAP: 10-5-2: ZONING DISTRICTS: 10-5-3: DISTRICT BOUNDARIES: 10-5-4: DISTRICT REQUIREMENTS: 10-5-5: A-1 AGRICULTURE DISTRICT: 10-5-6: R-1 LOW DENSITY RESIDENTIAL DISTRICT: 10-5-7: R-2 LOW/MEDIUM DENSITY RESIDENTIAL DISTRICT: 10-5-8: R-3 MEDIUM DENSITY RESIDENTIAL DISTRICT:…
Market overview
Demographics & Economy
Farmington, MN has 35,948 residents in 12,840 households. Density runs 423 people per square mile. Median household income here is $123,582 and median gross rent $1,427 a month.
35,948
Population
12,840
Households
2.8
Avg Household Size
35
Median Age
37%
College-Educated
94%
High-School Grad
85.1 sq mi
ZIP Area
423
Density / Sq Mi
$123,582
Median Household Income
$61,349
Median Earnings
$1,427
Median Rent
$350,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Lakeville | — | — |
| Castle Rock | — | — |
| Rosemount | — | — |
| Hampton | — | — |
Commercial property in Farmington, MN asks $14,536,000/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Farmington?
Commercial property in Farmington, MN asks an average of $14,536,000 per square foot. The 5 most recent recorded sales traded at a median of $67/SF, so asking sits 21803900% above the achieved median. Multifamily carries the highest asking price at $173/SF.
Where does Realmo's Farmington market data come from?
Realmo compiles Farmington, MN figures from 7 recent recorded sales, 8 active sale listings, 5 active lease listings, 261 tracked off-market properties, the current Farmington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 8 active for-sale and 5 active for-lease listings in Farmington, 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: 9,185 zoned acres across 13 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
