Commercial Real Estate Market in Hugo, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
18 active listings and 195 off-market properties in Hugo, MN. Commercial property asks $1,406/SF to buy and $7.00/SF/Yr to lease.
Market Trends
Hugo, MN spans 50.5 square miles in Washington County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Hugo, 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 Hugo, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Hugo, 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 vacancy in Hugo, MN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Agricultural 40.3%
- Residential 27.2%
- Planned_development 8.8%
- Commercial 2.4%
- Industrial 1.7%
- Civic 0.4%
Largest Zones share of zoned land by district
Agricultural
Future Urban Service
Rural Residential
Single Family Detached Residential
Planned Unit Development
Future Urban Service (FUS)
Sec. 90-109. - Future urban service district (FUS). (a) Purpose. The future urban service district (FUS) represents transition areas of the city that have been identified in the city's comprehensive land use plan as being physically eligible, fiscally practical, and generally suitable for future staging of urban services. The identified areas may be located…
Market overview
Demographics & Economy
Hugo, MN has 23,735 residents in 9,355 households. Density runs 470 people per square mile. Median household income here is $127,194 and median gross rent $1,844 a month.
23,735
Population
9,355
Households
2.5
Avg Household Size
39
Median Age
49%
College-Educated
98%
High-School Grad
50.5 sq mi
ZIP Area
470
Density / Sq Mi
$127,194
Median Household Income
$67,946
Median Earnings
$1,844
Median Rent
$408,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Centerville | — | — |
| White Bear Township | — | — |
| Lino Lakes | — | — |
| Dellwood | — | — |
Commercial property in Hugo, MN asks $1,406/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Hugo?
Commercial property in Hugo, MN asks an average of $1,406 per square foot.
How much does it cost to lease commercial space in Hugo?
Asking lease rates in Hugo, MN average $7.00 per square foot per year.
Where does Realmo's Hugo market data come from?
Realmo compiles Hugo, MN figures from 8 recent recorded sales, 13 active sale listings, 5 active lease listings, 195 tracked off-market properties, the current Hugo 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 5 active for-lease listings in Hugo, 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: 22,323 zoned acres across 18 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
