Commercial Real Estate Market in Mandan, ND
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
129 active listings and 739 off-market properties in Mandan, ND. Commercial property asks $337/SF to buy and $17.02/SF/Yr to lease.
Market Trends
Mandan, ND spans 572.6 square miles in Morton County, North Dakota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Mandan, ND runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Mandan, ND runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Mandan, ND 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 Mandan, ND 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
- Agricultural 71.2%
- Residential 17.7%
- Commercial 6.7%
- Industrial 3.2%
- Planned_development 0.9%
- Open space 0.2%
- Mixed use 0.2%
Largest Zones share of zoned land by district
Agriculture
Residential
Residential
Commercial
Commercial
Residential (R7)
Sec. 101-9-3. R7 Residential District. 1) General description. It is the intent of the R7 Residential District is to encourage development of lands within the city on lots primarily for detached dwelling units and related residential neighborhood uses. The R7 district falls within the low density residential land use category of the City of Mandan Future Lan…
Market overview
Demographics & Economy
Mandan, ND has 28,642 residents in 13,066 households. Density runs 50 people per square mile. Median household income here is $82,168 and median gross rent $1,048 a month.
28,642
Population
13,066
Households
2.2
Avg Household Size
37
Median Age
31%
College-Educated
95%
High-School Grad
572.6 sq mi
ZIP Area
50
Density / Sq Mi
$82,168
Median Household Income
$43,771
Median Earnings
$1,048
Median Rent
$266,900
Median Home Value
Tools
Lease vs Buy Breakeven
At $17.02/SF/Yr lease vs $337/SF buy → buying wins if held > 9.7 years.
At a 5.1% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Huff | — | — |
| Lincoln | — | $18.00 |
| Livona | — | — |
| Bismarck | — | $14.76 |
Commercial property in Mandan, ND asks $337/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Mandan?
Commercial property in Mandan, ND asks an average of $337 per square foot.
How much does it cost to lease commercial space in Mandan?
Asking lease rates in Mandan, ND average $17.02 per square foot per year.
Is it cheaper to lease or buy commercial space in Mandan?
Buying beats leasing in Mandan, ND if the property is held longer than 9.7 years, comparing $17.02/SF/Yr asking rent with $337/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Mandan market data come from?
Realmo compiles Mandan, ND figures from 8 recent recorded sales, 101 active sale listings, 28 active lease listings, 739 tracked off-market properties, the current Mandan zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 101 active for-sale and 28 active for-lease listings in Mandan, ND. 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: 17,463 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 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
