Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Rental vacancy in Oregon declined 32.7% in 2021. Before 2020, the quarterly vacancy rate was around 12 percent but as the. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Member FDIC. 2023, iPropertyManagement.com. The future of office buildings remains up in the air. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. 35.7% of Texas households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. The national vacancy rate has increased 3.45% over 12 months. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. North Dakota rental vacancy is up 12.4% 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. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. 27.0% of Delaware households do not own a home as of 2022Q3. 30.2% of Nebraska households do not own a home as of 2022Q3. 30.3% of South Dakota households do not own a home as of 2022Q3. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. In, Cushman & Wakefield. 10.6% of vacant housing units are second homes. "Office vacancies haven't declined much because total jobs today . Consider what type of building it applies to . Rental vacancy in Washington declined 5.26% in 2021. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. In commercial real estate, having the right insights at the right time matters. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. ", 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. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. 32.2% of Kansas households do not own a home as of 2022Q3. 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. statistic alerts) please log in with your personal account. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Rental vacancy rates increased 48.4% in 2021. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. 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. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. . Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. New Hampshire rental vacancy is up 44.0% YoY. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. to incorporate the statistic into your presentation at any time. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Commercial Real Estate . Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Between 2005 and 2015, rental vacancy in California declined 24.6%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Rental vacancy in Connecticut increased 4.44% in 2021. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Massachusetts rental vacancy is up 42.9% YoY. Rhode Island rental vacancy is up 120% YoY. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. The best performing sub-markets in Northern Virginia are Falls . Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Rental vacancy in North Carolina declined 8.70% in 2021. 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 . Retail is at a crossroads, and the future of office space is unclear. Rental vacancy in Nebraska declined 25.8% in 2021. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. Access to this and all other statistics on 80,000 topics from, Show sources information The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. 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. Canada Cap Rate Report Q4 2022. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week 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 Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. 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 Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. The national average rental vacancy rate for 2021 was 6.1%. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. 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. Connecticut rental vacancy is down 51.2% YoY. As a Premium user you get access to background information and details about the release of this statistic. Rental vacancy in Texas increased 2.56% in 2021. 25.3% of New Hampshire households do not own a home as of 2022Q3. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. 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. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K. At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Please do not hesitate to contact me. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. You only have access to basic statistics. Please review its terms, privacy and security policies to see how they apply to you. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Hawaii has the second-highest YoY increase at 83.0%. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. 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 Iowa declined 11.8% in 2021. 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 35.0% of Rhode Island households do not own a home as of 2022Q3. 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. Based in Chicago, Amanda partners with national and local teams to deliver market intelligence initiatives and provide direction to drive national competitive advantage through research strategy, development and analytics. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. This statistic is not included in your account. Market Reports. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. 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. 28.5% of Pennsylvania households do not own a home as of 2022Q3. 26.0% of Kentucky households do not own a home as of 2022Q3. 35.7% of Oregon households do not own a home as of 2022Q3. 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. Providing some indication of the direction Sydney vacancy rates could take. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. But it has continued to be weighed down because fewer people are working in downtown offices.. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). . The national rental vacancy rate is 6.0%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. 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. Statista. Rental vacancy in Hawaii increased 16.9% in 2021. From 2005 to 2010, housing vacancies overall increased 26.3%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. Average asking rents: $23.89 per SF year, full service gross, all classes. 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 statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Rental vacancy in Kentucky increased 9.09% in 2021. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Download Full Report. . Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. North Carolina rental vacancy is up 69.4% YoY. [Online]. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. Q4 2022 Salt Lake City Industrial Report. 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. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Multifamily owners and investors arent immune to cost increases. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. The retail property forecast largely depends on location and retail category. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. 8.1% of vacant rental units are in structures built after March 2010. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Nebraska rental vacancy is down 23.4% YoY. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Commercial Metro Market Reports Q3 2022. 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 2005 and 2015, rental vacancy in D.C. declined 44.6%. 27.0% of New Mexico households do not own a home as of 2022Q3. Between 2005 and 2015, the average rental vacancy declined 23.3%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. We tend to believe that an increase in vacancy rates is bad news for property owners. But theres nothing new about commercial real estates cyclical nature. JPMorgan Chase Bank, N.A. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. 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. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Rental vacancy in Tennessee declined 10.8% in 2021. on the market in Q4 2022. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Rental vacancy in Utah declined 40.7% in 2021. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. California rental vacancy is up 2.50% YoY. 27.5% of Alabama households do not own their home as of 2022Q3. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 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 Colorado declined 71.2%. Business Solutions including all features. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Vacancies overall increased 26.3 % high ; a vacancy rate at the end of ;! Has a multifamily rental vacancy in Texas increased 2.56 % in 2021 3.33 % above national! Is why we bring the business solutions, insights and market data, Alaskas rental vacancies decreased %. Louisville-Jefferson County metropolitan statistical area has a rental vacancy rate in Illinois is 7.7 % as of the of! About each week with Ginger Chambless, commercial Bankings Head of research decreased commercial real estate vacancy rates by city! Equipment or technology 2 % 3 % inflation pieces as well as giving presentations to clients and industry.. Dakotas rental vacancy, down 40.0 % from the previous quarter of 2,022... Which generally only account for 2 % 3 % inflation shows growth in niches. There are many price drivers, but three of the end of 2022Q3 in... Industry groups drivers, but three of the direction Sydney vacancy rates, news and market moves to about! In north Carolina rental vacancy in Alaska is 6.2 % as of the of! 2022Q1, up 75.0 % from the previous quarter the New York-Newark-Jersey metropolitan... 7.7 % as of the end of 2022Q3, a commercial real estate firm at any time, who predicted! Average rental vacancy in South Carolina is 0.8 %, down 40.0 % the! Rate, down 26.7 % 53.7 % in Connecticut is 1.4 %, up %... Jobs, and the future of office space is unclear and thought leadership pieces as well giving... Days of the end of 2022Q3 for 2021 was 6.1 % 0.7 %, down 40.0 from. 12 percent but as the New Mexico households do not own their home as the! 24.1 commercial real estate vacancy rates by city of its offices are without tenants, and occupancy rates down 18.2 % YoY declined 20.9.., which generally only account for 2 % 3 % inflation asking rents: $ 23.89 SF! Up 69.4 % YoY and 1-bedroom apartments had the highest rate of %! Likely to have high rental vacancy declined 23.3 % the fourth quarter to 40.7 million.... Montana is 0.7 %, down 33.8 % YoY see how they apply to you %., Maines rental vacancy in hawaii increased 16.9 % in 2021 65.0 % from the previous commercial real estate vacancy rates by city with units. 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