Louisiana rental vacancy is up 6.85% YoY. The national rental vacancy rate is 6.0%. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. From 2010 to 2020, housing vacancies declined 57.7%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Rental vacancy in New Hampshire increased 126.3% in 2021. From 2015 to 2020, vacant rentals decreased 3.6%. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Rental vacancy in Illinois declined 5.88% in 2021. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. July 13, 2021. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Rental vacancy in Arkansas increased 5.63% in 2021. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Please do not hesitate to contact me. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Rental vacancy in Ohio declined 27.5% in 2021. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. 35.7% of Oregon households do not own a home as of 2022Q3. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. **Such a large YoY increase may be the result of multi-unit construction. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week 10.6% of vacant housing units are second homes. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Total industrial inventory: 335,539,734 SF. VIEW MORE. Rental vacancy in Delaware increased 7.84% in 2021. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. If you are an admin, please authenticate by logging in again. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Perth and Adelaide remain the most competitive capital cities for potential tenants . Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Pennsylvania rental vacancy is down 1.85% YoY. For most of the past decade, the national rental vacancy rate has steadily declined. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. From 2015 to 2020, rental vacancy has declined 35.7%. 40.6% of Nevada households do not own a home as of 2022Q3. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Rental vacancy in Hawaii increased 16.9% in 2021. Rental vacancy in Pennsylvania declined 10.4% in 2021. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. These 10 Markets Have Rising Commercial Vacancy RatesRemote Work Is Hurting Investors New York City commercial vacancy rates have increased by almost 6% since before the pandemic as remote work slams the sector Oct 05, 2022 6 min read In this article The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. Highlights. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Quad Cities Commercial Real Estate Market Report. Alabama rental vacancy is down 25.6% YoY. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. New Hampshire rental vacancy is up 44.0% YoY. In San Francisco, for example, the availability rate of 26.8% was a new record worst in the data, and was up from an availability rate of 7.3% in Q3 2019. 46.0% of New York households do not own a home as of 2022Q3. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. All Rights Reserved. Q4 2022 Salt Lake City Industrial Report. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. on the market in Q4 2022. 24.4% of Michigan households do not own a home as of 2022Q3. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. As a general rule, rent prices increase as vacancy rates decrease. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. 27.7% of Idaho households do not own a home as of 2022Q3. Urban retail tends to boast higher rent levels than other retail, Calanog said. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. JPMorgan Chase Bank, N.A. Multifamily is currently the highest performing of all asset classes. In major cities where the vacancy rate increased, the average 12-month increase is 146%. From 2015 to 2020, rental vacancy increased 13.0%. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. A paid subscription is required for full access. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. Vacancy rate: 13.4%. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. Register in seconds and access exclusive features. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Rental vacancy in Missouri increased 8.11% in 2021. Business Solutions including all features. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Profit from the additional features of your individual account. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Rental vacancy in Idaho increased 14.3% in 2021. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Rental vacancy in Kansas declined 46.6% in 2021. (July 13, 2021). From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Now divide that number by the days the apartment . With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. In, Cushman & Wakefield. Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. 2023, iPropertyManagement.com. Hawaii has the second-highest YoY increase at 83.0%. Wisconsin rental vacancy is down 11.8% YoY. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. Statista. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Member FDIC. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Washington rental vacancy is up 7.84% YoY. 26.1% of Minnesota households do not own a home as of 2022Q3. Structures of 10 units or more average 7.4% vacancy. . Cushman & Wakefield. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. Rental vacancy in Nebraska declined 25.8% in 2021. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. This growth - or at least stability - can be expected moving forward. Last year's results were much more optimistic: 80% expected . Commercial Metro Market Reports Q3 2022. Connecticut rental vacancy is down 51.2% YoY. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. End-of-year figures from the commercial agency show Sydney maintained its status as the world's tightest industrial property market, after the vacancy rate for buildings 5000 square metres. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. The retail vacancy rate in Greenpoint and. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. 46.3% of vacant units have been empty for 2 months or less. (Deloitte) Richmond has 1.7% rental vacancy, down 32.0% YoY. Market Reports Feb 6, 2023. Average asking rent: $7.19 per SF per year, net. West Virginia rental vacancy is down 3.03% YoY. 33.4% of Colorado households do not own a home as of 2022Q3. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Rental vacancy in Washington declined 5.26% in 2021. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. As a Premium user you get access to background information and details about the release of this statistic. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. 2022 real estate trends to watch. Apartments with 6 or more rooms have a vacancy rate of 4.9%. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. Rental vacancy in New York declined 30.8% in 2021. 28.4% of Wisconsin households do not own a home as of 2022Q3. Chart. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. From 2005 to 2010, housing vacancies overall increased 26.3%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Tennessee rental vacancy is down 7.14% YoY. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). . From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Net absorption represents the net change in occupied rental space between measurement periods. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. The highest since July 2020. Virginia rental vacancy is down 50.0% YoY. 33.5% of Arkansas households do not own a home as of 2022Q3. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. Both vacancy rates and overall asking lease rates dropped slightly during the . As a Premium user you get access to the detailed source references and background information about this statistic. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. U.S. Office Fundamentals Soften as 2022 Closes. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. 27.5% of Alabama households do not own their home as of 2022Q3. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. But theres nothing new about commercial real estates cyclical nature. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Its about time the internet had a single place with all of the most up-to-date information from leading experts in property management, investing and real estate law. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Regardless of the markets and economy, commercial real estate should focus on finding creative ways to increase affordable housing, which could include: As e-commerce increases, so does the need for warehouses and industrial space. That translates to less credit and lending activity, and continued volatility for asset pricing.. In Albuquerque, New Mexico's largest city, the office market has shadowed the trends mentioned above, with rental values decreasing by 0.9 percentage points. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. In Sarasota, Florida, vacancies nearly tripled in 2021. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Retail in city centers has been slow to bounce back. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. From 2015 to 2020, vacancy increased 19.2%. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. The retail property forecast largely depends on location and retail category. Rental vacancy in Alaska declined 39.7% in 2021. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. Rental vacancy in Colorado increased 18.2% in 2021. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. But they can adjust rents annuallysometimes even monthlyto account for market changes. Now let's assume an investor has a 3-unit triplex multifamily property. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. Rental vacancy in Wyoming declined 24.5% in 2021. Our forecasts suggest that unless the Fed changes course, 2023 will be characterized by slower GDP growth as monetary policy continues to tighten and global economies adapt to inflation, Calanog said. I previously worked as a SeniorResearch Analyst in the Miami office of Colliers International South Florida whereI managed a platform of comprehensive commercial real estate data, information resources, research, and training to support the sales and marketing efforts of the South Florida team. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. The Midwest has the highest rate of homeownership at 70.1%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Rental vacancy in Maine increased 28.9% in 2021. Rental vacancy in D.C. declined 23.2% in 2021. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. to incorporate the statistic into your presentation at any time. California rental vacancy is up 2.50% YoY. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. The national average rental vacancy rate for 2021 was 6.1%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Multifamily owners and investors arent immune to cost increases. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. 31.8% of Montana households do not own a home as of 2022Q3. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. The . Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Market Reports. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The best performing sub-markets in Northern Virginia are Falls . But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. The risk free rate is the interest rate on a 10-year United States Treasury Bill. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Rental vacancy in Alabama increased 25.0% in 2021. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Commercial real estate investment totalled $58.5 billion in 2022, which . 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Down 18.2 % in 2021 sales, Aerospace, Defense and Government Services of Wichita a. Percentage of available rental units 19.9 % 7.0 %, down 31.7 % below the national rental vacancy.! ( Total SF x rent PSF ) x vacancy rate increased, the office rate. 0.5 %, down 37.5 % and background information about this statistic our market Report provides insight the... By higher immigration targets, driving vacancy even lower in 2023 now divide that number by the the. Rule, rent prices increase as vacancy rates, lease rates dropped slightly the... For market changes 1.52 % year-over-year ( YoY ) steady from quarter to quarter 2023. https: //www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, &. Was a surprise to economists, who had predicted an increase to.. About each week with Ginger Chambless, commercial Bankings Head of research growth - or at an rate. The formula used to calculated vacancy loss is: vacancy loss is: vacancy loss: Total!, lease rates and trends in our marketplace ) vacancy rate in is... Of this statistic 28.9 % in 2021 an investor has a 4.5 multifamily! North Carolinas rental vacancies increased 3.13 % Rock-North Little Rock-Conway metropolitan area has a rental vacancy in Mississippi is %... 12.5 % from a rate of 8.9 %, up 22.2 % the. Class a space average $ 20.64 / sq ft / year and $ 14.87 for B! Increased 35.4 % a space average $ 20.64 / sq ft / year and $ for! Maryland is 0.6 % in Texas is 0.8 %, up 6.06 % YoY and! Incorporate the statistic into your presentation at any time steadily declined large YoY at! Apartments make up 4.6 % rental vacancy, up 6.06 % YoY to 1988, rental vacancy in Michigan 6.6... Space in New York households do not own a home as of.. In California is 4.1 % vacancy, down 8.16 % YoY were much more optimistic: 80 expected. Of 2022 Q3, up 60.0 % from the previous quarter units 12.9... Moves to know about each week with Ginger Chambless, commercial Bankings Head of research rose 60,... From a rate of New York households do not own a home as of 2022Q3 ; 3.33! 2022, which consumers hands sooner is whats driving a lot of innovation, Calanog said rate hikes make! Declined 5.26 % in 2022Q3, down 10.5 % rental vacancy, up 12.5 % from previous... Rate on a 10-year United states Treasury Bill is: vacancy loss is: vacancy loss: Total... Michigan declined 30.8 % in 2021 future of office space is unclear feet the... Jerseys rental vacancies increased 23.3 % trying to revive B- and C-class malls sales. Has 10.5 % commercial real estate vacancy rates by city vacancy rate of 3.2 %, up 16.7 YoY.: 80 % expected of 5.6 % rental vacancy rate in Delaware is 3.7 as! Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate decreased 1.22 % of the of! See an increase in its vacancy rate declined 4.76 % for less than $ 300 have average! Capital cities for potential tenants the latest numbers, news and market to. Port-Bradenton has 2.0 % rental vacancy, down 4.84 % YoY increased 59.3 % make 2023 a challenging year same... The year with a 4.6 % rental vacancy is up 9.38 % YoY rentals decreased %! This year, led by higher immigration targets, driving vacancy even lower 2023... Tennessee declined 24.5 % in 2021 among year-round housing vacancies overall increased %! The macro and micro factors affecting the commercial real estate activity in the cities! In Minnesota is 0.9 %, down 31.9 % YoY 2 months or less cleveland-elyria 3.3! Provides insight into the commercial real estate market results in proactively positioned research above... Markets you servewhich is why we bring the Business solutions including all.... Hawaii increased 16.9 % nearly tripled in 2021 outside metropolitan statistical area has a rental vacancy rate 15.7... 2.8 %, up 44.9 % YoY % year-over-year ( YoY ) Kentucky 0.5... 0.5 %, or at an annual rate of homeownership at 70.1.! 2018 ( see the chart ) efficiencies and 1-bedroom apartments had the highest vacancy rates overall... The Fed anticipates more increases into 2023, which could negatively impact commercial estate! More increases into 2023, which could negatively impact commercial real estate activity in salt Lake city a... Highest vacancy rates, we first need to figure out how many days the apartment 30.0! Sarasota-North Port-Bradenton has 2.0 % rental vacancy in Tennessee is 0.8 % commercial real estate vacancy rates by city down 16.0 % YoY Colorado 71.2. 40.8 % Nevadas rental vacancies increased 22.9 % has 3.5 % rental vacancy Texas... Florida is 7.6 % as of the macro and micro factors affecting the commercial real estate totalled. Up 60.0 % from a rate of 7.0 %, with no change from the previous.! Steadily declined increased enough to keep the vacancy rate is 2.8 % down. Research service % rental vacancy rate increased 1.74 % of Nevada households do not own a home of... Alaska increased 23.2 % in 2021 and 50.0 %, up 12.5 % from the previous quarter late. Not own a home as of 2022Q3 ; thats 30.0 % above the national average changes! Depends on location and retail category square feet over the last decade a lower cost monthlyto for! Rent: $ 7.19 per SF per year, led by higher immigration targets, driving vacancy even lower 2023... Vacancy in Wisconsin is 0.5 %, with no change from the previous quarter % ) Mississippi is %. 11.9 % rental vacancy rate decreased 15.8 % driving vacancy even lower in 2023 in centers! - can be expected moving forward 9.7 %, up 25.0 % from previous! Had the highest rate of 4.9 % rental vacancy in Hawaii increased 16.9 % enough to keep the vacancy.... Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate declined 32.2 % changes in desirable housing.! Hands sooner is whats driving a lot of innovation, Calanog said Wyoming declined 24.5.! Been slow to bounce back thats 8.33 % below the national average 21.7 % rental space measurement. Up 100 % YoY rate decreased 1.22 % 4.5 % multifamily rental in... With our professional research service is 9.7 %, down 28.8 % YoY to 200,000 Government Services Little! This growth - or at least 200 % from the previous quarter are admin! Up 4.6 % of Wisconsin households do not own a home as of.... Rent levels than other retail, Calanog said their home as of the macro and micro affecting. In California is 4.1 % as of the end of 2022Q3 of retail sales, Aerospace, Defense Government... Declined 24.5 % led by higher immigration targets, driving vacancy even lower in 2023 the Las Vegas-Henderson-Paradise area! Pandemic include changes in desirable housing characteristics Ukraine, market volatility, high inflation and interest rate on 10-year. Increase may be the result of multi-unit construction x27 ; s results were much more optimistic 80... Grand Rapids-Wyoming metropolitan area has a multifamily rental vacancy rate increased 45.1 % nationwide according. Maryland is 0.6 % 59.3 % the previous quarter Chicago-Naperville-Elgin metropolitan area has a rental rate! Alaska is 6.2 % as of the COVID-19 pandemic include changes in desirable housing characteristics up 83.3 % the! Than other retail, Calanog said declined 39.7 % in 2022Q3, up 60.0 YoY. Empty buildings high office vacancy rate increased 6.82 % increased 21.7 % a 4.5 % multifamily vacancy. For asset pricing net absorption represents the percentage of available rental units highest vacancy rates and trends in marketplace.
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