Commercial Real Estate Market in Lexington, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
Market Trends
Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Lexington, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Lexington, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Lexington, 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%.
Multifamily
Multifamily space in Lexington, MN asks $185/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 74.6%
- Commercial 17%
- Open space 4.4%
- Planned_development 4.1%
Largest Zones share of zoned land by district
Lexington, MN zones 440 acres across 13 districts. Commercial zoning covers 17% of zoned land, residential 74.6% and open space 4.4%. The largest single district is Single Family Detached And Two Family Residential at 54.3%. For commercial buyers the practical constraint is that only 17% of land carries a commercial or industrial designation.
Low Density Residential Subdivisions with a minimum lot size of 10000 for a single family and 12000 square feet duplex.
Market overview
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Circle Pines | — | — |
| Mounds View | — | — |
| Blaine | — | — |
| Spring Lake Park | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Lexington?
Methodology & data sources
- 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: 440 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
