Commercial Real Estate Market in Spearfish, SD
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
161 active listings and 789 off-market properties in Spearfish, SD. Commercial property asks $463/SF to buy and $22.84/SF/Yr to lease.
Market Trends
Spearfish, SD spans 213.4 square miles in Lawrence County, South Dakota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Spearfish, SD runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Spearfish, SD runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Spearfish, SD 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 Spearfish, SD 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 40.5%
- Open space 12.7%
- Residential 10%
- Commercial 6.2%
- Special 6.1%
- Planned_development 5.7%
- Industrial 4.1%
- Civic 2.4%
Largest Zones share of zoned land by district
Agricultural
Parks Recreation And Open Space
Development Review District
Airport Zoning
Planned Unit Development
Agricultural (AG)
Map 156.015 Establishment of zoning districts 156.016 Zoning map 156.017 Rules for interpretation of district boundaries District Regulations 156.030 Rural Large Lot Single-Family (RLS-1) 156.031 Agricultural District (AG) 156.032 Single-Family Residential District (R-1) 156.033 One- and Two-Family Residential District (R-2) 156.034 Multi-Family Residential…
Market overview
Demographics & Economy
Spearfish, SD has 16,840 residents in 8,350 households. Density runs 79 people per square mile. Median household income here is $64,970 and median gross rent $946 a month.
16,840
Population
8,350
Households
2
Avg Household Size
39
Median Age
39%
College-Educated
96%
High-School Grad
213.4 sq mi
ZIP Area
79
Density / Sq Mi
$64,970
Median Household Income
$33,952
Median Earnings
$946
Median Rent
$332,300
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Maverick | — | — |
| Saint Onge | — | — |
| Central City | — | — |
| Terraville | — | — |
Commercial property in Spearfish, SD asks $463/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Spearfish?
Commercial property in Spearfish, SD asks an average of $463 per square foot.
How much does it cost to lease commercial space in Spearfish?
Asking lease rates in Spearfish, SD average $22.84 per square foot per year.
Where does Realmo's Spearfish market data come from?
Realmo compiles Spearfish, SD figures from 155 active sale listings, 6 active lease listings, 789 tracked off-market properties, the current Spearfish zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 155 active for-sale and 6 active for-lease listings in Spearfish, SD. 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: 9,745 zoned acres across 16 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
