Commercial Real Estate Market in Hastings, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
45 active listings and 677 off-market properties in Hastings, MN. Commercial property asks $15/SF to buy and $14.17/SF/Yr to lease.
Market Trends
Hastings, MN spans 144.3 square miles in Dakota County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hastings, 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 Hastings, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hastings, 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 Hastings, 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 49.8%
- Agricultural 31.2%
- Civic 7.4%
- Industrial 6%
- Commercial 5.3%
- Mixed use 0.3%
Largest Zones share of zoned land by district
Agriculture
Low Density Residence
Medium Density Residence
Medium High Density Residence Planned Residential Development
Public Institution
Agriculture (A)
The intent of an Agricultural District is to allow maximum freedom of operation for agricultural purposes and to protect the uses from untimely encroachment by potential conflicting urban uses, it is also the intent to protect the natural amenities of the Hastings area from harmful exploitation.
Market overview
Demographics & Economy
Hastings, MN has 29,701 residents in 11,884 households. Density runs 206 people per square mile. Median household income here is $102,026 and median gross rent $1,174 a month.
29,701
Population
11,884
Households
2.5
Avg Household Size
42
Median Age
31%
College-Educated
96%
High-School Grad
144.3 sq mi
ZIP Area
206
Density / Sq Mi
$102,026
Median Household Income
$55,060
Median Earnings
$1,174
Median Rent
$335,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Prescott | — | — |
| Cottage Grove | — | — |
| Vermillion | — | — |
| Grey Cloud Island | — | — |
Commercial property in Hastings, MN asks $15/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hastings?
Commercial property in Hastings, MN asks an average of $15 per square foot. The 5 most recent recorded sales traded at a median of $159/SF. Multifamily carries the highest asking price at $173/SF.
How much does it cost to lease commercial space in Hastings?
Asking lease rates in Hastings, MN average $14.17 per square foot per year.
Where does Realmo's Hastings market data come from?
Realmo compiles Hastings, MN figures from 5 recent recorded sales, 36 active sale listings, 9 active lease listings, 677 tracked off-market properties, the current Hastings zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 36 active for-sale and 9 active for-lease listings in Hastings, 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: 6,889 zoned acres across 19 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
