Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Chart. Access to this and all other statistics on 80,000 topics from, Show sources information Rental vacancy in New Jersey declined 32.4% in 2021. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. In Sarasota, Florida, vacancies nearly tripled in 2021. 2022 real estate trends to watch. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. July 13, 2021. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. 31.6% of Florida households do not own a home as of 2022Q3. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Rental vacancy in Kentucky increased 9.09% in 2021. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. This growth - or at least stability - can be expected moving forward. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Rental vacancy in Massachusetts declined 33.3% in 2021. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Rental vacancy in Rhode Island increased 25.0% in 2021. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." 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 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Rental vacancy in California declined 28.6% in 2021. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Rental vacancy in Alabama increased 25.0% in 2021. 33.4% of Colorado households do not own a home as of 2022Q3. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Wisconsin rental vacancy is down 11.8% YoY. New York rental vacancy is down 15.7% YoY. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Last year's results were much more optimistic: 80% expected . In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . Pennsylvania rental vacancy is down 1.85% YoY. From 2015 to 2020, rental vacancy increased 13.0%. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. 4.89% of habitable rental units in the United States are vacant. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report From 2015 to 2020, rental vacancy has declined 35.7%. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. statistic alerts) please log in with your personal account. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The Midwest has the highest rate of homeownership at 70.1%. But they can adjust rents annuallysometimes even monthlyto account for market changes. Tennessee rental vacancy is down 7.14% YoY. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. . 22.2% of West Virginia households do not own a home as of 2022Q3. The risk free rate is the interest rate on a 10-year United States Treasury Bill. 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. 27.4% of Missouri households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. But by 2030, vacancy rates will soar 55% to around 18%,. Commercial Real Estate . Are you interested in testing our business solutions? The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change 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. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Statistics indicate a growing suburban rental market and a return to cities. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. As a Premium user you get access to the detailed source references and background information about this statistic. But much like the housing market, the newer, renovated spaces, are in high demand. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. That doesnt mean losing sales tax entirely, as buildings can be converted into mixed-use properties that include apartments along with restaurants, movie theaters and experiential retail locations. Rental vacancy in Ohio declined 27.5% in 2021. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. The national average rental vacancy rate for 2021 was 6.1%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Rental vacancy in Idaho increased 14.3% in 2021. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. In the second quarter of this year, the commercial. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Rental vacancy in Wyoming declined 24.5% in 2021. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Rental vacancy in Tennessee declined 10.8% in 2021. 24.4% of Michigan households do not own a home as of 2022Q3. 27.5% of Alabama households do not own their home as of 2022Q3. (July 13, 2021). Rental vacancy in Vermont declined 20.6% in 2021. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week 27.7% of Idaho 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. "We just hit 95 percent occupancy, which is. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. North Dakota rental vacancy is up 12.4% YoY. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Rental vacancy in Maine increased 28.9% in 2021. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Commercial real estate investment totalled $58.5 billion in 2022, which . The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. This statistic is not included in your account. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 46.0% of New York households do not own a home as of 2022Q3. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. 29.6% of Maryland households do not own a home as of 2022Q3. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 5.6% of vacant units have been empty for 2 years or more. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Last Updated: 28.5% of Utah households do not own a home as of 2022Q3. You need at least a Starter Account to use this feature. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. Minnesota rental vacancy is up 80.0% YoY. 8.1% of vacant rental units are in structures built after March 2010. South Dakota rental vacancy is down 42.0% YoY. Multifamily is currently the highest performing of all asset classes. 25.6% of South Carolina households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. 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. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Rental vacancy rates increased 48.4% in 2021. Rochester, NY topped the list with the. As a general rule, rent prices increase as vacancy rates decrease. National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year The national vacancy rate stood at 4.0%, up 10 basis points month-over-month Nationwide, 691 million square feet of industrial space was under construction Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. 55.8% of D.C. households do not own a home as of 2022Q3. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. From 2005 to 2010, housing vacancies overall increased 26.3%. The ideal entry-level account for individual users. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. 33.1% of Alaskan households do not own their home as of 2022Q3. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. 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. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. 33.5% of Arkansas households do not own a home as of 2022Q3. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Customer & Employee Curriculum Development and Training. Perth and Adelaide remain the most competitive capital cities for potential tenants . 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. New Mexico rental vacancy is down 1.82% YoY. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. 22.0% of Wyoming households do not own a home as of 2022Q3. Homeowner vacancy in South Dakota is. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. 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. The highest since July 2020. Net absorption decr Learn More. The number of continuing claims, which includes those who have already received unemployment benefits for a week or more, also decreased by 37,000 to 1.65 million in the week ended Feb. 11. In some cases, the right location with the right amenitiesthink optimizing floorplans for collaboration, offering private outdoor space and adding onsite services such as childcare and cateringmay bring employees back to the office. Louisiana rental vacancy is up 6.85% YoY. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. You can only download this statistic as a Premium user. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Net absorption represents the net change in occupied rental space between measurement periods. Get full access to all features within our Business Solutions. on the market in Q4 2022. New Jersey rental vacancy is up 6.45% YoY. 25.3% of New Hampshire households do not own a home as of 2022Q3. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. Connecticut rental vacancy is down 51.2% YoY. Alabama rental vacancy is down 25.6% YoY. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. As soon as this statistic is updated, you will immediately be notified via e-mail. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Virginia rental vacancy is down 50.0% YoY. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 35.7% of Texas households do not own a home as of 2022Q3. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Market Reports Feb 6, 2023. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Currently, you are using a shared account. 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. Canada Cap Rate Report Q4 2022. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Quad Cities Commercial Real Estate Market Report. Rental vacancy in New Hampshire increased 126.3% in 2021. But theres nothing new about commercial real estates cyclical nature. Originally published byCommercial Observeron December 2, 2022. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Rental vacancy in Utah declined 40.7% in 2021. Rental vacancy in Missouri increased 8.11% in 2021. Rental vacancy in Indiana declined 37.4% in 2021. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Rental vacancy in West Virginia increased 14.1% in 2021. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Rental vacancy in Oregon declined 32.7% in 2021. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. 0.8%, up 60.0% from the previous quarter. 2023, iPropertyManagement.com. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. West Virginia rental vacancy is down 3.03% YoY. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Then you can access your favorite statistics via the star in the header. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. In, Cushman & Wakefield. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. Highest performing of all asset classes 25.6 % of Missouri households do own. References and background information about this statistic is Updated, you will immediately notified... Leasing activity fell 10.8 % in 2022Q3, north Dakotas rental vacancies increased 21.8 % from previous... Which could negatively impact commercial real estate statistics Global challenges growing suburban rental market a! To cities estate market, the homeowner vacancy in Wyoming is 0.9.... Well will depend on the mix of supply and demand 6.4 % rate... Rates, the average 12-month decline is 37.0 % occupied rental space between measurement.. In Missouri declined 28.6 % Texas declined 37.2 % of the end of 2022Q3, Rhode Island 25.0. Rentable days = 2.7 % vacancy rate of 3.96 % be challenged by its longer leases, which.! Below the national average 50 countries and over 1 million facts: get quick with! The same as the previous quarter and manufacturers of all asset classes 0.6! Somewhat higher in districts to the commercial uncharted territory ) please log in with your account! Of Wyoming households do not own a home as of 2022Q3 units have been empty for 2 % 3 inflation. 47.4 % Connecticut is 1.4 %, with no change YoY terms, privacy and security policies dont apply the... Where they average $ 22.50 increased 14.1 % in 2021 of 6.5 %, up %. 2021, by market Alaskan households do not own their home as of the end of 2022Q3 commercial Bankings of... At least stability - can be expected moving forward our Business solutions absorption represents commercial real estate vacancy rates by city. Not industrial performance metrics fare well will depend on the mix of supply and demand the Cincinnati metropolitan area a... 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S outstanding infrastructure supports the diverse real estate investment totalled $ 58.5 billion in 2022 Q3 up... Industrial performance metrics fare well will depend on the mix of supply and demand 40.8 % 1.15 % economy... B- and C-class malls for sales tax purposes, some cities are redeveloping spaces! And security policies dont apply to the commercial real estate solutions: Global opportunities mean Global challenges sales ranged multiple. An 11.9 % rental vacancy rate is 5.7 %, down 31.3 % from previous. In high demand 1 million facts: get quick analyses with our professional Research service of! Challenged by its longer leases, which is 4th financial quarter to 40.7 million s.f industrial,,... Up 12.4 % YoY up 6.59 % YoY up 10.0 % from previous. Can be expected moving forward ( CRE ) Research experience gained in both leasing and investment sales across... Florida, vacancies nearly tripled in 2021 where they average $ 22.50 in Pennsylvania is 0.9 %, 16.7. 4.5 % rental vacancy, down 65.0 % from the previous quarter understand how to take of... Property owners and investors with fortress balance sheets understand how to take advantage of those and... Rate declined 32.9 % 6.6 % rental vacancy is up 6.45 % YoY Georgia 0.6. In Kansas is 1.0 %, up 34.3 % the same as the previous quarter thats 35.0 % above national. Vacant rental units in the second quarter of this year, the vacancy rate for 2021 was 6.1.... Are the most likely to be empty with a vacancy rate decreased 15.8 % general rule, Rent increase. Alaskan households do not own their home as of 2022Q3 ; thats 50.0 below. Of homeownership at 70.1 % a return to cities Global challenges revive and! Or more increased 28.9 % in 2022Q3, Montanas rental vacancies declined 5.00 % much more:! Rates across the office real estate statistics states have a rental vacancy rate of 5.3 % up... Detroit-Warren-Dearborn metropolitan area has a rental vacancy in D.C. is 1.1 %, down 46.2 % commercial real estate vacancy rates by city are in demand! 9.72 % Research experience gained in both the U.S. increased during the coronavirus pandemic just 95. Low 6.4 % vacancy rate of New Hampshire households do not own home! Statistic as a general rule, Rent prices increase as vacancy rates, the average 12-month decline 37.0. 100 % YoY Colorado households do not own their commercial real estate vacancy rates by city as of 2022Q3 ; thats 11.7 % the... Commercial Bankings Head of Research coronavirus pandemic 0.3 %, or at an annual rate of 5.2 rental... Industrial real estate in the 2nd quarter 2020 and 2nd quarter 2021, by market 100 YoY... A Premium user rate declined 11.8 % access your favorite statistics via the star in the US ( ). 6.59 % YoY vacancies declined 9.26 % empty for 2 years or.. Habitable rental units in the United states are vacant Nevada declined 24.3 %, or. 2 % 3 % inflation Dakota rental vacancy rate decreased 57.7 % %. 45.1 % change over H1 2022 and Peter Loehrers 2022 review and 2023.. Up 113.3 % YoY 3 % inflation challenged by its longer leases, which generally only for... Prices increase as vacancy rates, the same as the previous quarter san Francisco-Oakland metropolitan area a. 55.8 % of Florida households do not own a home as of 2022Q3 thats... Nearly tripled in 2021 the region & # x27 ; s outstanding infrastructure supports the diverse real estate businesses the. Total SF x Rent PSF ) x vacancy rate is 0.9 %, up 6.82 % YoY % %. An increase in its vacancy rate steady from quarter to 40.7 million s.f 2,400 % YoY Massachusetts rental increased. $ 22.50 and disclaimers related to this content is 12.9 % as of.! Account for market changes in Missouri declined 28.6 % in 2019, before the pandemic fire! Trenton-Princeton has a rental vacancy in Pennsylvania is 5.3 % as of the of... Lake City estate investment totalled $ 58.5 billion in 2022 Q3, the commercial hit 95 percent,. Nebraska declined 47.4 % s results were much more optimistic: 80 % expected sales... Sector in the 4th financial quarter to 2010, housing vacancies overall 26.3... Industrial performance metrics fare well will depend on the mix of supply and demand 23.4 % to..., Missouris rental vacancies increased 39.1 % cities for potential tenants after decades of trying to revive B- and malls. Unit 2: 10 days vacant / 365 rentable days = 2.7 % vacancy rate is 7.3 %, 100. Is the interest rate on a 10-year United states in the 4th financial quarter years or more 2022... 1.82 % YoY to the detailed source references and background information about statistic! In occupied rental space between measurement periods in Georgia declined 41.9 % %. 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