Commercial Real Estate Market in Lake Elmo, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
22 active listings and 145 off-market properties in Lake Elmo, MN. Commercial property asks $134/SF to buy and $16.50/SF/Yr to lease.
Market Trends
Lake Elmo, MN spans 24.9 square miles in Washington County, Minnesota. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Lake Elmo, 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 Lake Elmo, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Lake Elmo, 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 Lake Elmo, MN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Lake Elmo, MN has 12,044 residents in 4,987 households. Density runs 484 people per square mile. Median household income here is $154,779 and median gross rent $2,204 a month.
12,044
Population
4,987
Households
2.4
Avg Household Size
42
Median Age
62%
College-Educated
99%
High-School Grad
24.9 sq mi
ZIP Area
484
Density / Sq Mi
$154,779
Median Household Income
$81,406
Median Earnings
$2,204
Median Rent
$594,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Oakdale | — | — |
| Stillwater | — | — |
Commercial property in Lake Elmo, MN asks $134/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lake Elmo?
Commercial property in Lake Elmo, MN asks an average of $134 per square foot. The 4 most recent recorded sales traded at a median of $190/SF.
How much does it cost to lease commercial space in Lake Elmo?
Asking lease rates in Lake Elmo, MN average $16.50 per square foot per year.
Where does Realmo's Lake Elmo market data come from?
Realmo compiles Lake Elmo, MN figures from 5 recent recorded sales, 13 active sale listings, 9 active lease listings, 145 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 13 active for-sale and 9 active for-lease listings in Lake Elmo, 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.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 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 30 September 2026 · How Realmo checks market page data · Report a data issue
