Commercial Real Estate Market in Mankato, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
223 active listings and 1,906 off-market properties in Mankato, MN. Commercial property asks $223/SF to buy and $10.50/SF/Yr to lease.
Market Trends
Mankato, MN spans 158.5 square miles in Blue Earth County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Mankato, 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 Mankato, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Mankato, 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 Mankato, 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 46.8%
- Industrial 26.1%
- Civic 9.9%
- Commercial 1.4%
Largest Zones share of zoned land by district
One Family Dwelling
Transition District
One And Two Family Dwelling
Highway Business District
Heavy Industrial District
Mankato, MN zones 13,156 acres across 17 districts. Commercial zoning covers 1.4% of zoned land, residential 46.8% and industrial 26.1%. The largest single district is One Family Dwelling at 30.6%. For commercial buyers the practical constraint is that only 27.6% of land carries a commercial or industrial designation.
One Family Dwelling (R-1)
The purpose of the R-1 district, is to provide for low density residential development
Market overview
Demographics & Economy
Mankato, MN has 65,950 residents in 28,126 households. Density runs 416 people per square mile. Median household income here is $70,308 and median gross rent $1,049 a month.
65,950
Population
28,126
Households
2.3
Avg Household Size
32
Median Age
38%
College-Educated
95%
High-School Grad
158.5 sq mi
ZIP Area
416
Density / Sq Mi
$70,308
Median Household Income
$33,143
Median Earnings
$1,049
Median Rent
$262,569
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Skyline | — | — |
| North Mankato | — | $23.33 |
| Eagle Lake | — | — |
| Kasota | — | — |
Commercial property in Mankato, MN asks $223/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Mankato?
Commercial property in Mankato, MN asks an average of $223 per square foot. The 4 most recent recorded sales traded at a median of $150/SF, so asking sits 49% above the achieved median.
How much does it cost to lease commercial space in Mankato?
Asking lease rates in Mankato, MN average $10.50 per square foot per year.
What zoning applies to commercial property in Mankato?
Mankato, MN zones 13,156 acres across 17 districts, of which 1.4% is commercial and 26.1% industrial. The largest single district is One Family Dwelling at 30.6% of zoned land. The purpose of the R-1 district, is to provide for low density residential development Residential zoning covers 46.8% and open space 0%.
Where does Realmo's Mankato market data come from?
Realmo compiles Mankato, MN figures from 7 recent recorded sales, 166 active sale listings, 57 active lease listings, 1,906 tracked off-market properties, the current Mankato zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 166 active for-sale and 57 active for-lease listings in Mankato, 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: 13,156 zoned acres across 17 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
