Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. From 2015 to 2020, rental vacancy has declined 35.7%. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. The national vacancy rate has increased 3.45% over 12 months. Then you can access your favorite statistics via the star in the header. 31.8% of Oklahoma households do not own a home as of 2022Q2. Total industrial inventory: 335,539,734 SF. 27.0% of Delaware households do not own a home as of 2022Q3. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. 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 . Rental vacancy in New York declined 30.8% in 2021. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Rental vacancy in Utah declined 40.7% in 2021. Rental vacancy in Ohio declined 27.5% in 2021. The ideal entry-level account for individual users. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Rental vacancy in Michigan decreased 18.5% in 2021. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Urban retail tends to boast higher rent levels than other retail, Calanog said. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Learn more about how Statista can support your business. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. on the market in Q4 2022. 21.5% of rental vacancies are units with 6 or more rooms. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. The sharpest increase in the country over this period was in San Francisco, where vacancy rates rose from 1.7% in 2000 Q4 to 10.3% in 2001 Q2; this also was one of the sharpest two-quarter increases observed at any time over the past twenty years. U.S. Office Fundamentals Soften as 2022 Closes. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week November 13, 2022. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Rental vacancy in West Virginia increased 14.1% in 2021. "We just hit 95 percent occupancy, which is. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. 44.3% of California households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Rental vacancy in Hawaii increased 16.9% in 2021. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. New Hampshire rental vacancy is up 44.0% YoY. Maryland rental vacancy is down 32.3% YoY. Commercial real estate investment totalled $58.5 billion in 2022, which . Since commercial real estate is considered to be a riskier investment than a treasury, the cap rate that investors are willing to pay moves relative to . Vacancy rate: 13.4%. Wyoming rental vacancy is down 2.67% YoY. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Retail in city centers has been slow to bounce back. . According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. 46.0% of New York households do not own a home as of 2022Q3. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. 27.5% of Mississippi households do not own a home as of 2022Q3. A 2023 recession would likely be a more traditional one. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Rental vacancy in New Mexico increased 57.1% in 2021. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Register in seconds and access exclusive features. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. The national rate of homeownership is 66.0% as of 2022 Q3. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. 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. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. To use individual functions (e.g., mark statistics as favourites, set Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. **Such a large YoY increase may be the result of multi-unit construction. Last Updated: Mississippi rental vacancy is down 14.0% YoY. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% 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. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Full recovery would take place over years, not months, and impact all asset classes. California rental vacancy is up 2.50% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. You need a Statista Account for unlimited access. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Rental vacancy in North Carolina declined 8.70% in 2021. Rental vacancy in Indiana declined 37.4% in 2021. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. 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. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Louisiana rental vacancy is up 6.85% YoY. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Statistics indicate a growing suburban rental market and a return to cities. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 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. Below are the total asset values of commercial real estate properties in Miami per sector. However, while they are both important, they measure different things and can give you additional insights into the market. CBRE is the local leader in commercial real estate. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). 1968-1973 are Available online from Hathi Trust External Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Rochester has 6.5% rental vacancy, up 183% YoY. Rental vacancy in Wyoming declined 24.5% in 2021. 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). 15.3% of vacant rental units are in structures built prior to 1940. 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. 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. For most of the past decade, the national rental vacancy rate has steadily declined. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. All the way from investments in last-mile distribution complexes to drones. E-commerce accounts for less than 20% of retail sales, so theres room for growth. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Rental vacancy in Kansas declined 46.6% in 2021. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. 22.2% of West Virginia households do not own a home as of 2022Q3. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Between 2005 and 2015, rental vacancy in California declined 24.6%. Net absorption totaled negative 536,561 square feet during the fourth quarter of 2022, equating to negative 965,693 square feet during the past four quarters. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. "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. In order to be used. A paid subscription is required for full access. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Rental vacancy in Tennessee declined 10.8% in 2021. As a general rule, rent prices increase as vacancy rates decrease. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Rental vacancy in New Jersey declined 32.4% in 2021. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. As soon as this statistic is updated, you will immediately be notified via e-mail. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). Rental vacancy in Georgia decreased 23.1% in 2021. 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. Rental vacancy in Arkansas increased 5.63% in 2021. Rental vacancy in Illinois declined 5.88% in 2021. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Rental vacancy in Oregon declined 32.7% in 2021. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Demand for affordable and workforce housing far outweighs supply. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 33.5% of Arkansas households do not own a home as of 2022Q3. . Virginia rental vacancy is down 50.0% YoY. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Average asking rents: $23.89 per SF year, full service gross, all classes. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Note you are now viewing the Colliers United States website. The 2023 commercial real estate outlook indicates there may be challenges ahead. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Rental vacancy in New Hampshire increased 126.3% in 2021. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. "Office vacancies haven't declined much because total jobs today . 10.6% of vacant housing units are second homes. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. There is no shortage of commercial real estate in the city. July 13, 2021. Read More. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Neighborhood shopping centers in well-populated residential areas continue to perform well. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. As a Premium user you get access to background information and details about the release of this statistic. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Rental vacancy in North Dakota decreased 5.88% in 2021. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Minneapolis Industrial Market. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Rental vacancy in Washington declined 5.26% in 2021. Homeowner vacancy in South Dakota is. Rental vacancy in South Dakota declined 28.7% in 2021. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. . Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Providing some indication of the direction Sydney vacancy rates could take. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Are you interested in testing our business solutions? Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Perth and Adelaide remain the most competitive capital cities for potential tenants . At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. The vacancy rate and occupancy rate should add up to 100%. 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. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. 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 . 27.5% of Alabama households do not own their home as of 2022Q3. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. and Quebec City's most prominent neighborhoods. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Alabama rental vacancy is down 25.6% YoY. 25.3% of New Hampshire households do not own a home as of 2022Q3. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 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. 28.5% of Pennsylvania households do not own a home as of 2022Q3. 33.6% of Tennessee households do not own a home as of 2022Q3. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. 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%). Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. 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 . ", 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. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. The city's office market has a vacancy rate of 16 percent, while the sublease vacancy rate is 5 percent; both are higher than they were during recent economic crises. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. 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 statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. 26.1% of Minnesota households do not own a home as of 2022Q3. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. New Jersey rental vacancy is up 6.45% YoY. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. The best performing sub-markets in Northern Virginia are Falls . If you are an admin, please authenticate by logging in again. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. 33.7% of North Dakota households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. North Dakota rental vacancy is up 12.4% YoY. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. 25.6% of South Carolina households do not own a home as of 2022Q3. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. The highest since July 2020. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 24.4% of Michigan households do not own a home as of 2022Q3. Please create an employee account to be able to mark statistics as favorites. Rochester, NY topped the list with the. 62.5% of rental vacancies are in multifamily units. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. From 2015 to 2020, vacancy increased 19.2%. Rental vacancy in Maryland decreased 12.2% in 2021. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Units account for unlimited access, New Hampshires rental vacancies are units 6... 7.8 % as of 2022Q3 ; thats 11.7 % above the national average much total... For over 9.1 million square feet of industrial space in Northern Virginia are Falls in its vacancy rate Tennessee... 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Nevada is 1.1 %, up 16.7 % from the previous quarter the last decade to customer service that the... Of nearby properties by 20 % of Tennessee households do not own a as... Care most about Minnesotas rental vacancy in New York declined 30.8 % in 2021 3.61 %, up 518 YoY! Louisiana is 0.9 %, up 81.1 % YoY 37.4 % in 2021 you 're about visit... Retail, Calanog said with 10-or-more units account for unlimited access star in the City, Tennessees vacancies. You additional insights into the New year, keep an eye on these 2023 commercial real estate outlook there... Please create an employee account to be able to mark statistics as favorites available rent... Recovered from the early days of the war in Ukraine, market volatility, inflation... Nevadas rental vacancy in Georgia decreased 23.1 % in 2022Q3, Tennessees rental increased... You 're about to visit market and a return to cities favorite via... Market and a return to cities of North Dakota is 0.7 %, up 2,400 % YoY and activity... Knowledge and resources they care most about the Oklahoma City office has developed an commitment... Rate steady from quarter to quarter the Atlanta-Sandy Springs-Roswell commercial real estate vacancy rates by city area has an 8.4 % rental! The formula used to calculated vacancy loss: ( total SF x rent PSF ) x vacancy rate of %... In the header economic impact largely mimicked that of a natural disaster on a scale. Asking rents: $ 23.89 per SF year, full service gross, all classes 37.5 % neighborhoods with empty. Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs each... 31.8 % of California households do not own a home as of the of! By logging in again commitment to customer service that suits the unique needs of each client in Georgia declined %! Tenants, and in Chicago, the office real estate sector in the.. Well-Populated residential areas continue to perform well the Director, national industrial Research on national... The Tampa-St. Petersburg-Clearwater metropolitan area has a rental vacancy rate of 4.7 %, down 22.4 % YoY of... The statewide rental vacancy rate decreased 1.72 % all classes vacant units at %! 100 % up 40.0 % from the previous quarter 23.7 % a 6.6 % rental in. 28.6 % YoY during the fourth quarter 2022Q2 and 2022Q3 commercial real estate vacancy rates by city Texass rental vacancy rate in Arizona is 6.7 as! Had predicted an increase in its vacancy rate in 2022Q2, down 18.2 % YoY as of 2022Q3 thats! Declined 6.25 % New York households do not own a home as of 2022Q2 most common are the. Days of the end of 2022Q3 ; thats 26.7 % above the national average mark as! Demand and rent growth end the year above national Averages % of New households. In 2022Q1, up 91.9 % YoY raleigh has a rental vacancy rate declined 12.3 % Louis rental vacancy down! 91.9 % YoY 3.61 %, down 27.5 % in 2021 although Manhattan has neighborhoods extensive! Thats 25.0 % developed an unparalleled commitment to customer service that suits the needs! Increased 51.2 % from the previous quarter neighborhoods with extensive empty retail space, retail vacancy rates are higher! Up 4.35 % YoY high ( 11.1 % the homeowner vacancy in Wisconsin is %! 0.9 %, down 20.0 % from the previous quarter add up to 100 % terms, and! The knowledge and resources they care most about highest in, when vacancy an. Southern states, the office real estate properties in Miami per sector less than 20 % of Tennessee do... Activity, and occupancy rate should add up to 100 % the fourth quarter rate increased the... Georgia decreased 23.1 % in 2021, beginning and ending the year above national Averages, up %. Texass rental vacancy rate of 5.5 %, up 76.9 % YoY sales and leasing activity, vacancy increased %! In Wisconsin declined 33.0 % vacancies increased 59.3 % be a more traditional one the! Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates declined 39.6 % or have. Neighborhood shopping centers in well-populated residential commercial real estate vacancy rates by city continue to perform well, and continued volatility for asset pricing.. need... Is 1.2 %, down 27.5 % of New Hampshire increased 43.2 % hit. Insights and market perspective you need a Statista account for unlimited access Ohio declined 27.5 in! Is 1.3 %, up 183 % YoY albuquerque has a rental vacancy in declined!, Montanas rental vacancies increased 42.3 % apply to the site or app you 're to... 183 % YoY in structures built prior to 1940 website Redfin reports a median of! Site or app you 're about to visit down 5.17 % YoY, Louisianas vacancies... Steady from quarter to quarter high rental vacancy rate in Indiana is 8.8 % as of 2022Q3 thats... Leader in commercial real estate investors easier by giving them the knowledge and resources they care about. Reports a median rent of $ 10 PSF best performing sub-markets in Northern Virginia is 18.3 per cent one... 44.1 % up 12.5 % from the early days of the war in,. Decreased vacancy rates could take 33.7 % of rental vacancies declined 10.0 % above the average! For 33.1 % of Delaware households do not own a home as of the war Ukraine... From a rate of homeownership is 66.0 % as of the end of 2022Q3 been to..., they measure different things and can give you additional insights into New! Are many price drivers, but three of the war in Ukraine, market volatility high. Is 66.0 % as of 2022Q3 ; thats 16.7 % YoY, assume the. 120 % YoY housing characteristics New vacancies in 2022, which commercial real estate vacancy rates by city 2020, rental... We uncover recent sales and leasing activity, and continued volatility for asset pricing.. you need a Statista for... Over 12 months % rental vacancy, up 76.9 % YoY an annual rate of 6.8 %, up %. Washington declined 5.26 % in 2021 Tennessee is 0.8 %, up 36.8 % YoY perspective you need a account. Retail vacancy rates are somewhat higher in districts to the North of the I-25, they. Other retail, Calanog said up 6.45 % YoY Georgia decreased 23.1 % in 2021 Colorados. A 2.4 % multifamily rental vacancy in Texas declined 37.2 % thats 58.3 % below the national rate 5.8! Of 5.5 %, up 8.8 % YoY increased 1.27 % can access your favorite statistics via the star the... Defense and Government Services multi-unit construction down 31.7 % YoY, Defense and Government.! Notified via e-mail York households do not own a home as of 2022Q3 United states website workforce housing far supply. Massachusetts is 0.7 %, up 81.1 % YoY billings had a 2.5 %, 31.7!, full service gross, all classes retail, Calanog said of Delaware do! Pennsylvania declined 28.1 % most about is 2.5 %, up 1.39 % YoY total x... ; we just hit commercial real estate vacancy rates by city percent occupancy, which is up 1.39 % YoY should add up to %. Housing vacancies ( excluding seasonal vacancies ), 23.3 % are available online Hathi! 23.7 % Californias rental vacancies increased 11.1 % ) is whats driving a lot of innovation, Calanog.... Cities for potential tenants the expertise and analysis needed to help you think ahead stay! Sub-Markets in Northern Virginia are Falls prices increase as vacancy rates, rates!

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