Commercial Real Estate Market in Owatonna, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
50 active listings and 1,007 off-market properties in Owatonna, MN. Commercial property asks $82/SF to buy and $10.00/SF/Yr to lease.
Market Trends
Owatonna, MN spans 249.7 square miles in Steele County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Owatonna, 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 Owatonna, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Owatonna, 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 Owatonna, 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 55%
- Industrial 27.3%
- Commercial 12.8%
- Civic 3.1%
- Planned_development 1.7%
Largest Zones share of zoned land by district
Single Family Residential
Light Industrial
Community Business
Heavy Industrial
Single And Two Family Residential
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.
Single Family Residential (R-1)
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.
32,312
Population
13,620
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
94%
High-School Grad
249.7 sq mi
ZIP Area
129
Density / Sq Mi
$84,403
Median Household Income
$49,079
Median Earnings
$1,037
Median Rent
$238,797
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Havana | — | — |
| Pratt | — | — |
| Medford | — | — |
| Deerfield | — | — |
Commercial property in Owatonna, MN asks $82/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Owatonna?
Commercial property in Owatonna, MN asks an average of $82 per square foot.
How much does it cost to lease commercial space in Owatonna?
Asking lease rates in Owatonna, MN average $10.00 per square foot per year.
What zoning applies to commercial property in Owatonna?
Owatonna, MN zones 9,708 acres across 16 districts, of which 12.8% is commercial and 27.3% industrial. The largest single district is Single Family Residential at 45.1% of zoned land. The purpose of R-1 zone is to provide for low density single family detached residential dwelling units and directly related, complementary uses Residential zoning covers 55% and open space 0%.
Where does Realmo's Owatonna market data come from?
Realmo compiles Owatonna, MN figures from 6 recent recorded sales, 41 active sale listings, 9 active lease listings, 1,007 tracked off-market properties, the current Owatonna zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 41 active for-sale and 9 active for-lease listings in Owatonna, 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: 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 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
