Commercial Real Estate Market in Watertown, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
29 active listings and 133 off-market properties in Watertown, MN.
Market Trends
Watertown, MN spans 37.6 square miles in Carver County, Minnesota. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Watertown, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Watertown, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial space in Watertown, MN has a median asking sale price of $164/SF. 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 Watertown, 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 45.1%
- Planned_development 16.8%
- Civic 14.2%
- Open space 10.4%
- Industrial 2.3%
- Commercial 2.2%
Largest Zones share of zoned land by district
The intent of the medium density residence (R-2) district is to recognize a variety of new and emerging house types, lifestyles and development patterns and to provide for such housing to be developed at somewhat higher densities than the traditional single-family dwelling in response to consumer demands and market restraints, and in order to achieve greater…
Market overview
Demographics & Economy
Watertown, MN has 5,984 residents in 2,386 households. Density runs 159 people per square mile. Median household income here is $92,273 and median gross rent $998 a month.
Tools
Nearby Markets
Commercial property in Watertown, MN asks $164/SF. The 2 bordering markets run from $111/SF in Mound to $208/SF in Delano, and the city sits above their $159/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Watertown?
How does Watertown compare to nearby markets on price?
Where does Realmo's Watertown market data come from?
Methodology & data sources
- Asking prices and medians
- There are 28 active for-sale and 1 active for-lease listings in Watertown, MN. The sale median is based on 23 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: 1,644 zoned acres across 17 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
