Wright County Commercial Real Estate Market Update — November 2025

Written By Trent Meseck

A ground-level look at what’s moving across Buffalo, Monticello, St. Michael, Albertville, Delano & beyond.

📊 Market Snapshot: Lease & Sale Activity

Using current active listings across LoopNet, Crexi, and direct owner outreach, here’s where Wright County stands today:

For Lease — 74 Active Listings Countywide

Breakdown by property type:

  • Retail: ~29 listings

  • Office: ~20 listings

  • Industrial / Flex: ~19 listings

  • Other (medical, mixed-use, specialty): ~6 listings

Rents range widely depending on building age, visibility, and condition:

Retail:
$14–$25/SF/yr (higher-end in Albertville, St. Michael, and Monticello corridors)

Office:
$12–$18/SF/yr (Class B/C inventory dominates; newer suites command more)

Industrial/Flex:
$8–$12/SF/yr NNN (small-bay flex continues to see strong demand)

🛍 Retail & Office — What We’re Seeing

Retail

Retail remains steady, particularly in:

  • Albertville Premium Outlet corridor

  • St. Michael Town Center

  • Monticello Hwy 25 & 94 trade area

Most openings fall in the 1,500–3,000 SF range — well-positioned for:

  • Boutique fitness

  • Service retail

  • Medical users

  • Coffee or grab-and-go food operators

Vacancy is lowest in newer centers and highest in older Class C retail buildings where owners haven’t updated facades or signage.

Office

The office market remains competitive but not depressed. Key takeaways:

  • Functional, affordable suites (< 3,000 SF) lease the quickest

  • Buffalo continues to see professional office users (financial, insurance, medical)

  • St. Michael and Albertville office users prefer walkable or main-street locations

  • Owner-occupied office buildings with vacancy are increasingly open to leasing space

The biggest opportunity is for owners willing to modernize older space (paint, flooring, lighting).

🏭 Industrial & Flex — Still the County’s Strongest Category

Wright County continues to attract:

  • Tradespeople

  • Light manufacturers

  • Contractors

  • Storage-heavy users

Demand is highest for:

  • 1,200–5,000 SF flex bays

  • Overhead doors

  • Simple office buildouts

With only ~19 active industrial listings, it remains a tight submarket.

Monticello and Delano remain the strongest nodes for industrial activity, and Buffalo is seeing increased small-bay inquiries.

📌 Major Developments & Growth Drivers

Across Wright County, several new developments are shaping demand:

1. Costco coming near the I-94 corridor (St. Michael area)

The planned Costco is expected to:

  • Increase traffic flows

  • Accelerate nearby retail and QSR interest

  • Kickstart redevelopment of surrounding parcels

  • Draw additional regional tenants north/west of the metro

This will meaningfully impact St. Michael, Albertville, and parts of Otsego.

2. Downtown Buffalo Momentum

Buffalo is seeing:

  • Renewed interest from service-based businesses

  • New restaurants and boutique retailers exploring spots near the lake

  • A handful of off-market owners considering disposition or redevelopment

  • Several underutilized buildings positioned for adaptive reuse

Buffalo’s walkable waterfront is becoming a major draw for office and retail tenants seeking character vs. strip-center space.

3. Industrial land scarcity is driving adaptive reuse

With limited new industrial land being listed publicly, tenants are increasingly targeting:

  • Underused office buildings

  • Old retail units (for showroom-style concepts)

  • Smaller industrial condos

Owners open to creative tenants will see the fastest absorption.

4. Delano & Monticello seeing strong small-business formation

Delano’s historic downtown and Monticello’s I-94 access continue to attract:

  • Therapists

  • Fit-out office users

  • Coffee and food concepts

  • Small retailers

  • Craft/service industrial

Redevelopment interest is rising in both cities as owner-occupants relocate or expand.

🔎 Key Trends You Should Know

1. Small-bay industrial & flex continues to outperform

If you own flex space in the 1,000–5,000 SF range, vacancy is likely temporary.

2. Retail demand is shifting toward “experience-based”

Coffee, boutique fitness, small medical, and service retail are the most active.

3. Older office buildings need updates to compete

Carpet, lighting, paint — low-cost improvements dramatically shorten time on market.

4. Owner-occupied buildings are showing movement

Many long-time owners are:

  • Downsizing

  • Preparing to sell

  • Opening up second floors or extra bays

These opportunities don’t hit the market without brokerage outreach.

🧭 What This Means for Wright County Owners

If you’re a property owner in Wright County, now is the time to consider:

Pricing Strategy

Rates are stabilizing — underpricing leaves money on the table; overpricing results in long vacancy.

Exposure

Off-market space doesn’t lease itself.
Listings with visibility (LoopNet, broker networks, signage) move significantly faster.

Tenant Fit

Finding the right tenant is more important than filling quickly, especially for older buildings.

Leverage Local Demand

Buffalo, St. Michael, Monticello, and Delano all have active tenant pipelines — owners who engage brokers are capturing this movement.

📩 Final Thoughts

Wright County continues to show steady, resilient demand across all commercial sectors — especially small-bay industrial and locally focused retail. With new developments and infrastructure improvements across the NW Metro, the next 12 months will bring meaningful opportunity for property owners and tenants alike.

If you’d like a tailored look at how your building fits into today’s market — or want help evaluating lease rates, visibility, or tenant demand — feel free to reach out.

Trent Meseck