Commercial Real Estate Market in Lakeville, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
77 active listings and 716 off-market properties in Lakeville, MN. Commercial property asks $21/SF to buy and $6.02/SF/Yr to lease.
Market Trends
Lakeville, MN spans 65.3 square miles in Dakota County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lakeville, 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 Lakeville, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Lakeville, 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 Lakeville, 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 56%
- Open space 14.6%
- Industrial 9.4%
- Planned_development 7.3%
- Commercial 6%
- Mixed use 1.1%
- Agricultural 0.3%
Largest Zones share of zoned land by district
Single Family Residential District
Public And Open Space District
Single Family Residential District
Single And Two Family Residential District
Planned Unit Development District
Lakeville, MN zones 20,904 acres across 31 districts. Commercial zoning covers 6% of zoned land, residential 56%, open space 14.6% and industrial 9.4%. The largest single district is Single Family Residential District at 21.1%. For commercial buyers the practical constraint is that only 15.5% of land carries a commercial or industrial designation.
Single Family Residential District (RS-3)
RA, RURAL/AGRICULTURAL DISTRICT CHAPTER 48 RAO, RURAL/AGRICULTURAL OVERLAY DISTRICT CHAPTER 49 RESERVED CHAPTER 50 RS-1, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 51 RS-2, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 52 RS-3, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 53 RS-4, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 54 RS-CBD, SINGLE-FAMILY RESIDENTIAL - C…
Market overview
Demographics & Economy
Lakeville, MN has 60,446 residents in 22,519 households. Density runs 926 people per square mile. Median household income here is $140,612 and median gross rent $1,730 a month.
60,446
Population
22,519
Households
2.7
Avg Household Size
37
Median Age
54%
College-Educated
97%
High-School Grad
65.3 sq mi
ZIP Area
926
Density / Sq Mi
$140,612
Median Household Income
$69,991
Median Earnings
$1,730
Median Rent
$464,500
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Farmington | — | — |
| Apple Valley | — | — |
| Burnsville | — | $14.41 |
| Elko | — | — |
Commercial property in Lakeville, MN asks $21/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lakeville?
Commercial property in Lakeville, MN asks an average of $21 per square foot. The 3 most recent recorded sales traded at a median of $97/SF. Multifamily carries the highest asking price at $173/SF.
How much does it cost to lease commercial space in Lakeville?
Asking lease rates in Lakeville, MN average $6.02 per square foot per year.
What zoning applies to commercial property in Lakeville?
Lakeville, MN zones 20,904 acres across 31 districts, of which 6% is commercial and 9.4% industrial. The largest single district is Single Family Residential District at 21.1% of zoned land. RA, RURAL/AGRICULTURAL DISTRICT CHAPTER 48 RAO, RURAL/AGRICULTURAL OVERLAY DISTRICT CHAPTER 49 RESERVED CHAPTER 50 RS-1, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 51 RS-2, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 52 RS-3, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 53 RS-4, SINGLE-FAMILY RESIDENTIAL DISTRICT CHAPTER 54 RS-CBD, SINGLE-FAMILY RESIDENTIAL - C… Residential zoning covers 56% and open space 14.6%.
Where does Realmo's Lakeville market data come from?
Realmo compiles Lakeville, MN figures from 7 recent recorded sales, 51 active sale listings, 26 active lease listings, 716 tracked off-market properties, the current Lakeville zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 51 active for-sale and 26 active for-lease listings in Lakeville, 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: 20,904 zoned acres across 31 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
