Commercial Real Estate Market in Northfield, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
15 active listings and 520 off-market properties in Northfield, MN. Commercial property asks $750/SF to buy and $18.00/SF/Yr to lease.
Market Trends
Northfield, MN spans 124.7 square miles in Rice County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Northfield, 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 Northfield, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Northfield, 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 Northfield, 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 29.5%
- Commercial 28.4%
- Agricultural 20.2%
- Industrial 15%
- Civic 6.1%
- Open space 0.8%
- Mixed use 0%
Largest Zones share of zoned land by district
Neighborhood General 1 District Fixed Boundary
College Development Special Base Zoning District
Industrial District
Public Benefit Special Base Zoning District
Low Density Residential District
Northfield, MN zones 4,692 acres across 14 districts. Commercial zoning covers 28.4% of zoned land, residential 29.5%, open space 0.8% and industrial 15%. The largest single district is Neighborhood General 1 District Fixed Boundary at 21.4%. For commercial buyers the practical constraint is that only 43.4% of land carries a commercial or industrial designation.
Neighborhood General 1 District Fixed Boundary (N1)
The Neighborhood General 1 (N1) district is applied to existing residential neighborhoods of the city that are found outside the R1 district.
Market overview
Demographics & Economy
Northfield, MN has 25,519 residents in 8,494 households. Density runs 205 people per square mile. Median household income here is $97,521 and median gross rent $1,042 a month.
25,519
Population
8,494
Households
3
Avg Household Size
34
Median Age
49%
College-Educated
97%
High-School Grad
124.7 sq mi
ZIP Area
205
Density / Sq Mi
$97,521
Median Household Income
$27,507
Median Earnings
$1,042
Median Rent
$338,800
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Waterford | — | — |
| Dundas | — | — |
| Castle Rock | — | — |
| Stanton | — | — |
Commercial property in Northfield, MN asks $750/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Northfield?
Commercial property in Northfield, MN asks an average of $750 per square foot. The 4 most recent recorded sales traded at a median of $285/SF, so asking sits 163% above the achieved median.
How much does it cost to lease commercial space in Northfield?
Asking lease rates in Northfield, MN average $18.00 per square foot per year.
What zoning applies to commercial property in Northfield?
Northfield, MN zones 4,692 acres across 14 districts, of which 28.4% is commercial and 15% industrial. The largest single district is Neighborhood General 1 District Fixed Boundary at 21.4% of zoned land. The Neighborhood General 1 (N1) district is applied to existing residential neighborhoods of the city that are found outside the R1 district. Residential zoning covers 29.5% and open space 0.8%.
Where does Realmo's Northfield market data come from?
Realmo compiles Northfield, MN figures from 8 recent recorded sales, 13 active sale listings, 2 active lease listings, 520 tracked off-market properties, the current Northfield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 13 active for-sale and 2 active for-lease listings in Northfield, 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: 4,692 zoned acres across 14 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, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- 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
