Commercial Real Estate Market in Richfield, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
15 active listings and 590 off-market properties in Richfield, MN.
Market Trends
Richfield, MN spans 7.1 square miles in Hennepin County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Richfield, 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 Richfield, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Richfield, 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 space in Richfield, MN asks $176/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 71.9%
- Open space 14.2%
- Planned_development 6.8%
- Mixed use 4.4%
- Commercial 2.7%
Largest Zones share of zoned land by district
Low Density Residential
Parks
Planned General Commercial
Mixed Use Community
High Density Multifamily Residential
Richfield, MN zones 3,255 acres across 14 districts. Commercial zoning covers 2.7% of zoned land, residential 71.9% and open space 14.2%. The largest single district is Low Density Residential at 66.3%. For commercial buyers the practical constraint is that only 2.7% of land carries a commercial or industrial designation.
Low Density Residential (R)
The purposes of the R District regulations are to protect and preserve the low density residential character of the R District, reserve appropriate locations for low density dwellings, provide opportunities for cluster housing development, minimize traffic congestion and the overloading of utilities, and provide residential locations that are safe, attractiv…
Market overview
Demographics & Economy
Richfield, MN has 37,137 residents in 16,792 households. Density runs 5,256 people per square mile. Median household income here is $84,102 and median gross rent $1,334 a month.
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,256
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Bloomington | — | $16.88 |
| Saint Louis Park | — | — |
| Golden Valley | — | — |
| Mendota | — | — |
Commercial property in Richfield, MN asks $108/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Richfield?
Commercial property in Richfield, MN asks an average of $108 per square foot. Multifamily carries the highest asking price at $176/SF.
What zoning applies to commercial property in Richfield?
Richfield, MN zones 3,255 acres across 14 districts, of which 2.7% is commercial and 0% industrial. The largest single district is Low Density Residential at 66.3% of zoned land. The purposes of the R District regulations are to protect and preserve the low density residential character of the R District, reserve appropriate locations for low density dwellings, provide opportunities for cluster housing development, minimize traffic congestion and the overloading of utilities, and provide residential locations that are safe, attractiv… Residential zoning covers 71.9% and open space 14.2%.
Where does Realmo's Richfield market data come from?
Realmo compiles Richfield, MN figures from 4 recent recorded sales, 10 active sale listings, 5 active lease listings, 590 tracked off-market properties, the current Richfield zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 10 active for-sale and 5 active for-lease listings in Richfield, 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: 3,255 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 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
