Commercial Real Estate Market in Owatonna, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
34 active listings and 1,007 off-market properties in Owatonna, MN.
Market Trends
Owatonna, MN spans 249.7 square miles in Steele County, Minnesota. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Owatonna, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Owatonna, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial space in Owatonna, MN has a median asking sale price of $224/SF (based on 6 listings). Vacancy 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 vacancy in Owatonna, MN 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 55%
- Industrial 27.3%
- Commercial 12.8%
- Civic 3.1%
- Planned_development 1.7%
Largest Zones share of zoned land by district
Owatonna, MN zones 9,708 acres across 16 districts. Commercial zoning covers 12.8% of zoned land, residential 55% and industrial 27.3%. The largest single district is Single Family Residential at 45.1%. For commercial buyers the practical constraint is that only 40.1% of land carries a commercial or industrial designation.
The purpose of R-1 zone is to provide for low density single family detached residential dwelling units and directly related, complementary uses
Market overview
Demographics & Economy
Owatonna, MN has 32,312 residents in 13,620 households. Density runs 129 people per square mile. Median household income here is $84,403 and median gross rent $1,037 a month.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Owatonna?
What zoning applies to commercial property in Owatonna?
Where does Realmo's Owatonna market data come from?
Methodology & data sources
- Asking prices and medians
- There are 22 active for-sale and 12 active for-lease listings in Owatonna, MN. The sale median is based on 8 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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: 9,708 zoned acres across 16 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
