Commercial Real Estate Market in Hermantown, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
25 active listings and 219 off-market properties in Hermantown, MN.
Market Trends
Hermantown, MN spans 111.8 square miles in St. Louis County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hermantown, 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 Hermantown, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hermantown, 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 Hermantown, 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
- Residential 51%
- Agricultural 19.6%
- Open space 14.5%
- Commercial 7.6%
- Industrial 7.2%
- Planned_development 0.2%
Largest Zones share of zoned land by district
Residential
Rural And Suburban
Residential
Conservation And Open Space
Public Facilities
Hermantown, MN zones 22,002 acres across 13 districts. Commercial zoning covers 7.6% of zoned land, residential 51%, open space 14.5% and industrial 7.2%. The largest single district is Residential at 32.4%. For commercial buyers the practical constraint is that only 14.7% of land carries a commercial or industrial designation.
Residential (R3)
Section 515 - R-3, Residential 515.01 Purpose. The R-3 Zone District will provide for the highest density residential use in those areas of the community where the demand for residential property is the highest. It is within this R-3 District that the City will plan for public utilities. The main uses of the District will be residential; however, certain com…
Market overview
Demographics & Economy
Hermantown, MN has 36,461 residents in 15,288 households. Density runs 326 people per square mile. Median household income here is $78,836 and median gross rent $1,282 a month.
36,461
Population
15,288
Households
2.4
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
111.8 sq mi
ZIP Area
326
Density / Sq Mi
$78,836
Median Household Income
$40,989
Median Earnings
$1,282
Median Rent
$281,261
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Duluth | — | — |
| Proctor | — | — |
| Twig | — | — |
| Superior | — | — |
Commercial property in Hermantown, MN asks $286/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hermantown?
Commercial property in Hermantown, MN asks an average of $286 per square foot. The 8 most recent recorded sales traded at a median of $204/SF, so asking sits 40% above the achieved median. Multifamily carries the highest asking price at $129/SF.
What zoning applies to commercial property in Hermantown?
Hermantown, MN zones 22,002 acres across 13 districts, of which 7.6% is commercial and 7.2% industrial. The largest single district is Residential at 32.4% of zoned land. Section 515 - R-3, Residential 515.01 Purpose. The R-3 Zone District will provide for the highest density residential use in those areas of the community where the demand for residential property is the highest. It is within this R-3 District that the City will plan for public utilities. The main uses of the District will be residential; however, certain com… Residential zoning covers 51% and open space 14.5%.
Where does Realmo's Hermantown market data come from?
Realmo compiles Hermantown, MN figures from 8 recent recorded sales, 23 active sale listings, 2 active lease listings, 219 tracked off-market properties, the current Hermantown 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 2 active for-lease listings in Hermantown, 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: 22,002 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 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
