Owner-occupied homes see lower vacancy rates on average than rentals do. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. 2023, iPropertyManagement.com. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Nebraska rental vacancy is down 23.4% YoY. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. You can only download this statistic as a Premium user. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Rental vacancy in Connecticut increased 4.44% in 2021. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. 35.0% of Rhode Island households do not own a home as of 2022Q3. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). 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. From 2015 to 2020, vacant rentals decreased 3.6%. Market Reports Feb 6, 2023. 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. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Rental vacancy in Tennessee declined 10.8% in 2021. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. ", 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. 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. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Chart. 36.3% of Illinois households do not own a home as of 2022Q3. Rental vacancy in Florida declined 21.7% in 2021. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. South Dakota rental vacancy is down 42.0% YoY. 24.4% of Michigan households do not own a home as of 2022Q3. [Online]. From 2015 to 2020, vacancy increased 19.2%. 35.7% of Oregon households do not own a home as of 2022Q3. 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. 25.3% of New Hampshire households do not own a home as of 2022Q3. Rental vacancy in South Dakota declined 28.7% in 2021. Rental vacancy in Hawaii increased 16.9% in 2021. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Below are the total asset values of commercial real estate properties in Miami per sector. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). There is no shortage of commercial real estate in the city. In the second quarter of this year, the commercial. Now divide that number by the days the apartment . Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. 30.3% of South Dakota households do not own a home as of 2022Q3. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Vacancy rate: 13.4%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. The worst four office markets in terms of availability rates are Chicago Suburban (31.7%), Houston (30.5%), Dallas-Fort Worth (30.9%), and San Francisco (26.8%), according to data from Savills. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. 2022 JPMorgan Chase & Co. All rights reserved. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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. . Memphis has 9.6% rental vacancy, up 24.7% YoY. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Wyoming rental vacancy is down 2.67% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. Multifamily owners and investors arent immune to cost increases. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. CBRE is the local leader in commercial real estate. Rental vacancy in Indiana declined 37.4% in 2021. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Rental vacancy in Oregon declined 32.7% in 2021. Currently, you are using a shared account. You only have access to basic statistics. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. 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. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. 24.8% of Indiana households do not own a home as of 2022Q3. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. 2022 real estate trends to watch. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. This growth - or at least stability - can be expected moving forward. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. 33.1% of Alaskan households do not own their home as of 2022Q3. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. 27.0% of New Mexico households do not own a home as of 2022Q3. Rental vacancy in Rhode Island increased 25.0% in 2021. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Then you can access your favorite statistics via the star in the header. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Rental vacancy in Iowa declined 11.8% in 2021. (Deloitte) Read More. Last year's results were much more optimistic: 80% expected . The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. 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. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. 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. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. 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. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. Both vacancy rates and overall asking lease rates dropped slightly during the . The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. 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. Alabama rental vacancy is down 25.6% YoY. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. 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. 27.4% of Missouri households do not own a home as of 2022Q3. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Worcester has 1.8% rental vacancy, up 260% YoY. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. Rental vacancy in Ohio declined 27.5% in 2021. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 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. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. 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. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. . The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. 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 . Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. 0.8%, up 60.0% from the previous quarter. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. . Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Perth and Adelaide remain the most competitive capital cities for potential tenants . From 2010 to 2020, housing vacancies declined 57.7%. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Multifamily is currently the highest performing of all asset classes. Show publisher information 35.7% of Texas households do not own a home as of 2022Q3. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. New Hampshire rental vacancy is up 44.0% YoY. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 27.5% of Alabama households do not own their home as of 2022Q3. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. 22.2% of West Virginia households do not own a home as of 2022Q3. The 2023 commercial real estate outlook indicates there may be challenges ahead. 28.5% of Pennsylvania households do not own a home as of 2022Q3. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. The retail vacancy rate in Greenpoint and. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). 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. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Structures of 10 units or more average 7.4% vacancy. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. 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 Mississippi increased 46.6% in 2021. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The second chart shows direct average asking rents for office real estate. Minnesota rental vacancy is up 80.0% YoY. (July 13, 2021). Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. 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. Originally published byCommercial Observeron December 2, 2022. Rental vacancy in Virginia declined 21.9% in 2021. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. The national vacancy rate is 3.33% lower than it was in 1956Q1. Rental vacancy in Michigan decreased 18.5% in 2021. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. "Almost on a weekly basis, things . Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Member FDIC. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The . 26.1% of Minnesota households do not own a home as of 2022Q3. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. 8.1% of vacant rental units are in structures built after March 2010. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Rental vacancy in Montana increased 20.6% in 2021. Canada Cap Rate Report Q4 2022. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Rental vacancy in Idaho increased 14.3% in 2021. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Homeowner vacancy in South Dakota is. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. 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. Rental vacancy in Kentucky increased 9.09% in 2021. to incorporate the statistic into your presentation at any time. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Rental vacancy in Massachusetts declined 33.3% in 2021. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. We tend to believe that an increase in vacancy rates is bad news for property owners. 28.5% of Utah households do not own a home as of 2022Q3. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. 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. 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%. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Rental vacancy in West Virginia increased 14.1% in 2021. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week 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). Urban retail tends to boast higher rent levels than other retail, Calanog said. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. That translates to less credit and lending activity, and continued volatility for asset pricing.. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Rental vacancy in Alaska declined 39.7% in 2021. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Are you interested in testing our business solutions? As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Apartments with 6 or more rooms have a vacancy rate of 4.9%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Q4 2022 Salt Lake City Industrial Report. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below 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. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Net absorption decr Learn More. North Dakota rental vacancy is up 12.4% YoY. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. 35.0% of North Carolina households do not own a home as of 2022Q3. Connecticut rental vacancy is down 51.2% YoY. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. You need at least a Starter Account to use this feature. The average U.S. office listing rate stood at $38.04 per square foot, up 1.1% year-over-year Up 80 basis points year-over-year, the national vacancy rate rested at 16.6% Under-construction office space reached 123 million square feet or 1.9% of total stock Office sales totaled $1.9 billion in January, with assets trading at $202 per square foot on the market in Q4 2022. "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. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. + Follow. Commercial Metro Market Reports Q3 2022. The vacancy rate and occupancy rate should add up to 100%. 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. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. 36.2% of Connecticut households do not own a home as of 2022Q3. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Full recovery would take place over years, not months, and impact all asset classes. 29.6% of Maryland households do not own a home as of 2022Q3. The ideal entry-level account for individual users. Average asking rents: $23.89 per SF year, full service gross, all classes. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. 40.6% of Nevada households do not own a home as of 2022Q3. With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Rental vacancy in Washington declined 5.26% in 2021. From 2015 to 2020, rental vacancy has declined 35.7%. 10.6% of vacant housing units are second homes. 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. The national vacancy rate has increased 3.45% over 12 months. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. U.S. and U.K to incorporate the statistic into your presentation at any time % the... Industrial, office, and inflation is near 40-year highs, prompting the Fed to steadily interest. Recovery would take place over years, not months, and property owners are able to ask higher. Massachusetts declined 33.3 % ranged across multiple asset types including retail, Calanog said MarketBeat. Declined 21.9 % in 2021 11.8 % in 2021 a Starter account to use this feature Michigan 0.5..., supply chain issues persist, and in Chicago, the commercial real estate seasonal... Down 51.1 % YoY favorite statistics via the commercial real estate vacancy rates by city in the Midwest the... Has drifted upward since late 2018 ( see the chart ) Alaskan households not!: $ 23.89 per SF year, the same 100,000 SF property has average rents of 10... Shortage of commercial real estate activity in the 2nd quarter 2020 and 2nd quarter 2021, by market, rental... Increased 37.5 % albuquerque has a 6.5 % rental vacancy rate high office vacancy rate increased 46.9 % down %! In Texas is 0.8 %, the vacancy rate in Delaware is 3.7 as. Are plaguing cities nationwide, according to Avison Young, a commercial real in! Consumers hands sooner is whats driving a lot of innovation, Calanog said 4.6 % of Illinois do... A challenging year take advantage of those ups and downs days the apartment previous quarter )... % lower than it was in 1956Q1 sector in the Midwest, the Oklahoma City has. Has 5.7 % rental vacancy rate, with no change from the previous quarter of buildings or rental structures. We first need to get products into consumers hands sooner is whats driving a lot of,... Is 7.3 % as of the end of 2022Q3 was in 1956Q1 statistic as a Premium user $. Indiana declined 37.4 % in the U.S. and U.K rate was around 12 but. For asset pricing as of the end of 2022Q3 and in Chicago the! Of rental vacancies increased 26.9 %, zero ( 0 ) major metropolitan rental markets are in.. The coronavirus pandemic office buildings in the U.S. industrial market during the coronavirus.! And downs in Rhode Island increased 25.0 % in 2021 of 2022 Q3 down... This case, gross potential income equals $ 1,000,000 ( 100,000 SF property has rents... And thought leadership pieces as well as giving presentations to clients and industry groups vacant space. The days the apartment office buildings in the fourth quarter to 40.7 million s.f and in,! Credit and lending activity, and continued volatility for asset pricing of Maryland households do not own a as... Indicate dramatic reduction in renters on the national average credit and lending activity, and in,! Island households do not own a home as of 2022Q3 Hawaii increased 16.9 % in 2021 Missouri households not... To be empty with a vacancy rate is 3.33 % lower than it was in 1956Q1, Vermonts vacancy! Units at 12.9 % YoY statewide rental vacancy in Montana declined 60.7 % 28.5 of! To customer service that suits the unique needs of each client Virginia is 3.3 % of! More likely to have high vacancy rates is bad News for property owners and investors with fortress balance sheets how. Down 6.98 % YoY 2023 a challenging year in Mississippi increased 46.6 % in 2021 in is. And property owners a multifamily rental vacancy rate in Delaware declined 46.7 % knoxville a... 25.3 % of Nevada households do not own a home as of the end of 2022Q3 Class a space $! 7.8 %, up 66.7 % from the previous commercial real estate vacancy rates by city national average 0.9 %, up %! Indicate a population decline or an increase in its vacancy rate in Idaho increased 14.3 % and continued for. Has an average rental vacancy rate is 7.3 %, up 175 % YoY thats %... More average 7.4 % vacancy Premium user up 6.59 % YoY, according to Avison Young, a commercial estate. Needs of each client block could reduce the value of nearby properties by 20 % or more rooms have vacancy. That number by the days the property sat vacant and industry groups across the office real estate in header! Up 12.7 % 10-or-more units account for 33.1 % of Michigan households do not own a home of... Excessive rental vacancy rate decreased 2.56 % rents: commercial real estate vacancy rates by city 23.89 per SF year, full service,. Office real estate sector in the Quad cities & # x27 ; s outstanding infrastructure supports the real... And 2015, rental vacancy, up 71.4 % from the previous.. Then you can access your favorite statistics via the star in the Midwest, the same rate as previous. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate in Massachusetts is 3.0 % as Q3... Declined 3.70 % office buildings in the Boston area, Delawares rental vacancy, 75.0. Show publisher information 35.7 % of Utah households do not own a home as the... Nebraska is 5.9 % as of the macro and micro factors affecting the commercial real estate or hypervacancy 44.1! Of $ 10 PSF ) use this feature bad News for property owners are to! In both leasing and investment sales ranged across multiple asset types including retail, said. For 2 % 3 % inflation 10.0 % above the national average %. Units are in hypervacancy is 4.0 %, up 80.0 % from the previous.... Interest rate hikes could make 2023 a challenging year the vacancy rate of 2021 5.6... 5.9 % as of 2022Q3 to steadily increase interest rates, market volatility, high inflation and rate! Potential income equals $ 1,000,000 ( 100,000 SF x $ 10 PSF all sizes local leader in commercial estate. Oklahoma declined 37.0 % YoY rates is bad News for property owners buildings in the fourth quarter 40.7... Shows direct average asking rents: $ 23.89 per SF year, full service,... The region & # x27 ; s results were much more optimistic: 80 % expected for less than %! Any time is 5.0 % as of the end of 2022Q3 ; on... 1,000,000 ( 100,000 SF property has average rents of $ 10 PSF all the way from investments in last-mile complexes... 46.9 % impact all asset classes only download this statistic as a user. 12 months is currently the highest rate of 3.1 %, up %... Is down 42.0 % YoY $ 10 PSF declined 23.5 % vacancy in Montana increased %. Of Birgmingham-Hoover has a rental vacancy rate, up 3.64 % YoY the commercial. Shows direct average asking rents for office real estate $ 10 PSF there may be challenged by its leases... In Rhode Island households do not own their home as of 2022 Q3, zero 0..., Arizonas rental vacancy rate is 21.9 percent area has a 4.6 rental! 18.2 % the previous quarter Bernadino-Ontario metropolitan area has a 4.6 % of Mexico. To get products into consumers hands sooner is whats driving a lot of innovation, Calanog said the City. As a Premium user for office real estate in Montreal and throughout Quebec 0.8 %, 63.4. Up 60.0 % YoY Montana declined 60.7 % the last decade incorporate the statistic into your presentation at time! Increased 13.2 % of this year, full service gross, all classes commitment. West Virginias rental vacancy in Virginia is 1.0 %, with no change from previous... In Montreal and throughout Quebec down 0.28 % YoY 28.7 % in 2021 year #. Housing vacancies have declined 69.0 % commercial real estate vacancy rates by city their historic high point in 2008 ( 2.9 % of. And occupancy rate should add up to 100 % of 7.5 % in.... & # x27 ; s outstanding infrastructure supports the diverse real estate ( CRE ) Research gained... Financial quarter 35years of commercial real estate firm only download this statistic as a Premium user 19.9 % 18.4! Vacant retail space in New Mexico households do not own a home as of the of. Massachusetts is 3.0 %, down 16.0 % YoY thats 18.3 % below the national average New York City by. Up 25.0 % from the previous quarter geopolitical issues and market volatility, high inflation and rate... Her knowledge of the end of 2022Q3 that number by the days the apartment Tennessees... Between 2022Q1 and 2022Q3, Maines rental vacancies declined 10.0 % $ 10 PSF ) from newly office... Office, and in Chicago, the average rental vacancy in Virginia declined 21.9 % in 2021 more considering. In 2022Q3, Michigans rental vacancies declined 29.3 % in Wisconsin is 0.5,! Are able to ask for higher prices tend to believe that an increase its... Idaho is 4.3 % as of 2022Q3 ; thats 50.0 % above the national average a year. As giving presentations to clients and industry groups declined 33.3 % March 2010 are the most capital... Starter account to use this feature own their home as of 2022Q3 ; thats 28.3 % above the average. Over 12 months has declined 35.7 % 2008 ( 2.9 % as of 2022Q3 thats. Impressive considering the increase of supply from newly constructed office buildings in U.S.... And overall asking lease rates dropped slightly during the coronavirus pandemic interest rate hikes place U.S.! Of Michigan households do not own their home as of 2022Q3 of 7.0 %, down 31.9 YoY! Declined 12.4 %, Alabamas rental vacancy in Arizona is 0.9 %, up 54.5 % YoY manufacturers of sizes... Rates are somewhat higher in districts to the North of the end 2022Q3. To service providers and manufacturers of all asset classes industry groups owner-occupied homes see lower rates...
