Commercial Real Estate Market in Norfolk, NE
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
48 active listings and 1,553 off-market properties in Norfolk, NE. Commercial property asks $299/SF to buy and $17.50/SF/Yr to lease.
Market Trends
Norfolk, NE spans 188.5 square miles in Madison County, Nebraska. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Norfolk, NE runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Norfolk, NE runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Norfolk, NE 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 Norfolk, NE 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 56.3%
- Residential 26.8%
- Industrial 14.3%
- Commercial 2.6%
- Mixed use 0%
Largest Zones share of zoned land by district
Agricultural District
Single Family Residential District
Rural Residential District
Light Industrial District
Heavy Industrial District
Agricultural District (A)
The Agricultural District (A) is intended to recognize the use of agricultural land for purposes of farming and other agricultural practices and to protect the land from premature urbanization.
Market overview
Demographics & Economy
Norfolk, NE has 31,257 residents in 13,806 households. Density runs 166 people per square mile. Median household income here is $64,862 and median gross rent $855 a month.
31,257
Population
13,806
Households
2.3
Avg Household Size
37
Median Age
24%
College-Educated
93%
High-School Grad
188.5 sq mi
ZIP Area
166
Density / Sq Mi
$64,862
Median Household Income
$40,713
Median Earnings
$855
Median Rent
$200,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hadar | — | — |
| Hoskins | — | — |
| Battle Creek | — | — |
| Stanton | — | — |
Commercial property in Norfolk, NE asks $299/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Norfolk?
Commercial property in Norfolk, NE asks an average of $299 per square foot. The 4 most recent recorded sales traded at a median of $295/SF, so asking sits 1% above the achieved median.
How much does it cost to lease commercial space in Norfolk?
Asking lease rates in Norfolk, NE average $17.50 per square foot per year.
Where does Realmo's Norfolk market data come from?
Realmo compiles Norfolk, NE figures from 5 recent recorded sales, 44 active sale listings, 4 active lease listings, 1,553 tracked off-market properties, the current Norfolk zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 44 active for-sale and 4 active for-lease listings in Norfolk, NE. 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: 47,437 zoned acres across 18 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
