Commercial Real Estate Market in Madison, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
3 active listings and 128 off-market properties in Madison, MN.
Market Trends
Madison, MN spans 230.6 square miles in Lac qui Parle County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Madison, 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 Madison, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Madison, 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 Madison, 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
- Residential 54.8%
- Commercial 19.4%
- Industrial 14.3%
- Civic 11.5%
Largest Zones share of zoned land by district
General Residential District
General Business District
General Industrial District
Agriculture Open Space District
Large Lot Residential District
Madison, MN zones 735 acres across 6 districts. Commercial zoning covers 19.4% of zoned land, residential 54.8% and industrial 14.3%. The largest single district is General Residential District at 51.2%. For commercial buyers the practical constraint is that only 33.7% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Madison, MN has 2,433 residents in 1,349 households. Density runs 11 people per square mile. Median household income here is $62,250 and median gross rent $906 a month.
2,433
Population
1,349
Households
1.8
Avg Household Size
51
Median Age
21%
College-Educated
96%
High-School Grad
230.6 sq mi
ZIP Area
11
Density / Sq Mi
$62,250
Median Household Income
$35,302
Median Earnings
$906
Median Rent
$122,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Dawson | — | — |
| Bellingham | — | — |
| Louisburg | — | — |
| Marietta | — | — |
Commercial property in Madison, MN asks $164/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Madison?
Commercial property in Madison, MN asks an average of $164 per square foot.
What zoning applies to commercial property in Madison?
Madison, MN zones 735 acres across 6 districts, of which 19.4% is commercial and 14.3% industrial. The largest single district is General Residential District at 51.2% of zoned land. Residential zoning covers 54.8% and open space 0%.
Where does Realmo's Madison market data come from?
Realmo compiles Madison, MN figures from 7 recent recorded sales, 3 active sale listings, 128 tracked off-market properties, the current Madison zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 3 active for-sale and 0 active for-lease listings in Madison, 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: 735 zoned acres across 6 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
