Commercial Real Estate Market in Gilbert, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
6 active listings and 188 off-market properties in Gilbert, MN.
Market Trends
Gilbert, MN spans 69.7 square miles in St. Louis County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Gilbert, 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 Gilbert, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Gilbert, 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 Gilbert, MN asks $129/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
- Open space 41.1%
- Industrial 28.4%
- Commercial 15.1%
- Residential 12%
Largest Zones share of zoned land by district
Public Recreation And Forest Reserve District
Mining And Related Activity
Medium Density Residential
Low Density Residential
Floating Zone
Gilbert, MN zones 8,092 acres across 8 districts. Commercial zoning covers 15.1% of zoned land, residential 12%, open space 41.1% and industrial 28.4%. The largest single district is Public Recreation And Forest Reserve District at 41.1%. For commercial buyers the practical constraint is that only 43.5% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Gilbert, MN has 3,110 residents in 1,610 households. Density runs 45 people per square mile. Median household income here is $66,528 and median gross rent $671 a month.
3,110
Population
1,610
Households
1.9
Avg Household Size
50
Median Age
19%
College-Educated
97%
High-School Grad
69.7 sq mi
ZIP Area
45
Density / Sq Mi
$66,528
Median Household Income
$44,688
Median Earnings
$671
Median Rent
$151,900
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Gilbert?
Gilbert, MN zones 8,092 acres across 8 districts, of which 15.1% is commercial and 28.4% industrial. The largest single district is Public Recreation And Forest Reserve District at 41.1% of zoned land. Residential zoning covers 12% and open space 41.1%.
Where does Realmo's Gilbert market data come from?
Realmo compiles Gilbert, MN figures from 3 recent recorded sales, 6 active sale listings, 188 tracked off-market properties, the current Gilbert zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 6 active for-sale and 0 active for-lease listings in Gilbert, 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: 8,092 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
