Commercial Real Estate Market in Savage, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
23 active listings and 418 off-market properties in Savage, MN.
Market Trends
Savage, MN spans 14.3 square miles in Scott County, Minnesota. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Savage, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Savage, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Savage, 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%.
Multifamily
Multifamily vacancy in Savage, 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 50.3%
- Open space 24.4%
- Industrial 11.2%
- Mixed use 6.1%
- Commercial 4.4%
- Civic 3.6%
Largest Zones share of zoned land by district
Savage, MN zones 9,874 acres across 15 districts. Commercial zoning covers 4.4% of zoned land, residential 50.3%, open space 24.4% and industrial 11.2%. The largest single district is Planned Residential at 27.1%. For commercial buyers the practical constraint is that only 15.6% of land carries a commercial or industrial designation.
This district is intended to provide a greater variety of residential environments, respond to evolving housing demand and concepts, encourage privately maintained common open space, and allow for efficient allocation and maintenance of public facilities in new housing developments.
Market overview
Demographics & Economy
Savage, MN has 31,906 residents in 11,857 households. Density runs 2,228 people per square mile. Median household income here is $122,237 and median gross rent $1,608 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Bloomington | $184 | $17.45 |
| Shakopee | $179 | — |
| Edina | $160 | — |
| Lakeville | $196 | — |
Commercial property in Savage, MN asks $177/SF. The 4 bordering markets run from $160/SF in Edina to $196/SF in Lakeville, and the city sits below their $182/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Savage?
How does Savage compare to nearby markets on price?
What zoning applies to commercial property in Savage?
Where does Realmo's Savage market data come from?
Methodology & data sources
- Asking prices and medians
- There are 12 active for-sale and 11 active for-lease listings in Savage, MN. The sale median is based on 3 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: 9,874 zoned acres across 15 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
