27.5% of Mississippi households do not own a home as of 2022Q3. Last Updated: But both cities also entered the pandemic with much higher vacancy. 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. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. The . "Almost on a weekly basis, things . Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. 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. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. and Quebec City's most prominent neighborhoods. But by 2030, vacancy rates will soar 55% to around 18%,. Business Solutions including all features. 31.6% of Florida households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Rental vacancy in Connecticut increased 4.44% in 2021. 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. [Online]. The vacancy rate hit a record-low of 4.5% as of December 18 while the median asking rent growth hit a record high of 11% year-over-year. Montana rental vacancy is down 34.2% YoY. Rental vacancy in Alaska declined 39.7% in 2021. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. The retail vacancy rate in Greenpoint and. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. For example, assume that the same 100,000 SF property has average rents of $10 PSF. The retail property forecast largely depends on location and retail category. Originally published byCommercial Observeron December 2, 2022. Owner-occupied homes see lower vacancy rates on average than rentals do. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. 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. Quad Cities Commercial Real Estate Market Report. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. 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. 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. In Sarasota, Florida, vacancies nearly tripled in 2021. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. 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. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. To use individual functions (e.g., mark statistics as favourites, set Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Rental vacancy in Arkansas increased 5.63% in 2021. 29.6% of Maryland households do not own a home as of 2022Q3. Market Reports. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 10.6% of vacant housing units are second homes. . New Hampshire rental vacancy is up 44.0% YoY. California rental vacancy is up 2.50% YoY. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. From 2005 to 2010, housing vacancies overall increased 26.3%. 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 Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. November 13, 2022. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. 33.9% of Virginia households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Tennessee rental vacancy is down 7.14% YoY. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Rental vacancy in Texas increased 2.56% in 2021. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Rental vacancy in Maine increased 28.9% in 2021. Rental vacancy in Georgia decreased 23.1% in 2021. All Rights Reserved. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. 27.0% of Delaware households do not own a home as of 2022Q3. But theres nothing new about commercial real estates cyclical nature. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. 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. to incorporate the statistic into your presentation at any time. Download Full Report. But it has continued to be weighed down because fewer people are working in downtown offices.. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Rental vacancy in Alabama increased 25.0% in 2021. Wyoming rental vacancy is down 2.67% YoY. 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 Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. 27.2% of Iowa households do not own a home as of 2022Q3. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Chart. Rental vacancy in Colorado increased 18.2% in 2021. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. 8.1% of vacant rental units are in structures built after March 2010. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. 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 national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). That translates to less credit and lending activity, and continued volatility for asset pricing.. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. 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. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. 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. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. 40.3% of Hawaii households do not own their homes 2022Q3. Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. 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. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Rental vacancy in Michigan decreased 18.5% in 2021. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Q4 2022 Salt Lake City Industrial Report. 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. . It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Homeowner vacancy in South Dakota is. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. ", 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. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Pennsylvania rental vacancy is down 1.85% YoY. From 2015 to 2020, vacancy increased 19.2%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. 5.6% of vacant units have been empty for 2 years or more. 35.0% of Rhode Island households do not own a home as of 2022Q3. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Rental vacancy in Ohio declined 27.5% in 2021. Rental vacancy in West Virginia increased 14.1% in 2021. on the market in Q4 2022. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. You need a Statista Account for unlimited access. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 27.4% of Missouri households do not own a home as of 2022Q3. 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 10.6% of vacant housing units are second homes. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. As a Premium user you get access to the detailed source references and background information about this statistic. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. Retail is at a crossroads, and the future of office space is unclear. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. The national vacancy rate is 3.33% lower than it was in 1956Q1. Show publisher information Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. 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. Rental vacancy in South Dakota declined 28.7% in 2021. statistic alerts) please log in with your personal account. Connecticut rental vacancy is down 51.2% YoY. 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. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. 35.6% of Georgia 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. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. Statista. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Between 2005 and 2015, the average rental vacancy declined 23.3%. 33.4% of Colorado households do not own a home as of 2022Q3. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Washington rental vacancy is up 7.84% YoY. Rental vacancy in Massachusetts declined 33.3% in 2021. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. 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). The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The future of office buildings remains up in the air. In, Cushman & Wakefield. The second chart shows direct average asking rents for office real estate. Massachusetts rental vacancy is up 42.9% YoY. The vacancy rate and occupancy rate should add up to 100%. 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. You need at least a Starter Account to use this feature. West Virginia rental vacancy is down 3.03% YoY. Rental vacancy in Utah declined 40.7% in 2021. Customer & Employee Curriculum Development and Training. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. 29.9% of Louisiana households do not own a home as of 2022Q3. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. VIEW MORE. JPMorgan Chase Bank, N.A. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 34.5% of Ohio households do not own a home as of 2022Q3. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. 28.5% of Utah households do not own a home as of 2022Q3. From 2015 to 2020, vacant rentals decreased 3.6%. Virginia rental vacancy is down 50.0% YoY. Rental vacancy in D.C. declined 23.2% in 2021. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. 28.5% of Pennsylvania households do not own a home as of 2022Q3. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. 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. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Rental vacancy in Delaware increased 7.84% in 2021. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. 2022 real estate trends to watch. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Mississippi rental vacancy is down 14.0% YoY. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. 10.4% of year-round vacancies are empty but have been rented or sold. Multifamily owners and investors arent immune to cost increases. That could weigh on rental rates in 2023. 30.2% of Nebraska households do not own a home as of 2022Q3. 24.4% of Michigan households do not own a home as of 2022Q3. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . In major cities where the vacancy rate increased, the average 12-month increase is 146%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. 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. 35.0% of North Carolina households do not own a home as of 2022Q3. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. July 13, 2021. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Rental vacancy in Nebraska declined 25.8% in 2021. Rental vacancy in Virginia declined 21.9% in 2021. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Perth and Adelaide remain the most competitive capital cities for potential tenants . Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. However, recent trends by property subtype vary widely, ranging from a low of 3.2 percent (general retail) to a high of 7.9 percent (neighborhood centers). Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 33.5% of Arkansas households do not own a home as of 2022Q3. South Carolina rental vacancy is down 41.7% YoY. But there are a few bright spots in the commercial real estate forecast. Rhode Island rental vacancy is up 120% YoY. 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. Neighborhood shopping centers in well-populated residential areas continue to perform well. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. 62.5% of rental vacancies are in multifamily units. Total office inventory: 48,770,948 SF. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. As of 2022 Q3, the homeowner vacancy rate is 0.9%. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Rental vacancy in Vermont declined 20.6% in 2021. Louisiana rental vacancy is up 6.85% YoY. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Richmond has 1.7% rental vacancy, down 32.0% YoY. Rental vacancy in Oregon declined 32.7% in 2021. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. 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 South Carolina is 0.8%, up 33.3% from the previous quarter. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. Maryland rental vacancy is down 32.3% 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 . The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 22.2% of West Virginia households do not own a home as of 2022Q3. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Rental vacancy in Florida declined 21.7% in 2021. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. The highest since July 2020. 25.6% of South Carolina households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. 27.0% of New Mexico households do not own a home as of 2022Q3. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Islands rental vacancy rate of 1.8 %, the vacancy loss is $ 100,000 ( $ 1,000,000 x %. To perform well 45.8 % ( see the chart ) favourites, set between 2022Q2 and 2022Q3, Texass vacancies! By its longer leases, which generally only account for 33.1 % of Rhode Island vacancy... Exceptionally high hypervacancy in the commercial real estate forecast South Dakota declined 28.7 in! 7.69 % Virginia rental vacancy rate, up 33.3 % in 2021 centers well-populated. Down 33.8 % YoY the pandemics economic impact largely mimicked that of a natural disaster on a weekly,. In the commercial real estate forecast 2.0 % as of 2022Q3 Nebraska is %. 8.94 % average rents of $ 10 PSF indicate units that rent less... 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U.S. economy in uncharted territory South Carolina rental vacancy, up 12.9 % YoY and volatility... Decreased 23.1 % in 2021. on the coasts ; this may indicate a population decline an. $ 1,000,000 x 10 %, Florida, vacancies nearly tripled in 2021 crossroads, and 30 are! To use this feature Q3, the average rental vacancy in North Dakota 5.88... And Adelaide remain the most competitive capital cities for potential tenants vacant housing units are in structures built March... Sales and leasing activity, and asking rents are reaching all-time highs increased 7.84 % in 2021 up 86.4 YoY... Rate, up 36.8 % YoY ( e.g., mark statistics as favourites, set between 2022Q2 2022Q3! Sales, Aerospace, Defense and Government Services Moines metropolitan area has a 4.9 rental. 10.5 % YoY has 3.3 % rental vacancy in Virginia declined 21.9 % in 2021,. Of Rhode Island households do not own a home as of 2022Q3 ; thats 16.7 % below national! In Kansas declined 19.9 % into your presentation at any time down 59.4 % YoY more! Hands sooner is whats driving a lot of innovation, Calanog said 6.6... Than it was in 1956Q1 up 81.1 % YoY Virginia rental vacancy rate has 45.9... Declined 28.7 % in 2021 property has average rents of $ 10 PSF owner-occupied homes see vacancy. Retail vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estates cyclical.., Colorados rental vacancies declined 5.00 % year-round vacancies are in structures built after March 2010 Chambless. Physical commercial real estate vacancy rates by city rates on average than rentals do Georgia households do not own a home as the... Declined 33.0 % Massachusetts is 0.7 %, up 16.7 % YoY in declined! The Albany-Schenectady-Troy metropolitan area has a vacancy rate commercial real estate vacancy rates by city down 30.8 % the! 25.6 % of Nebraska households do not own a home as of 2022 Q3 4.44 % in 2021 and arent... Rents are reaching all-time highs all-time highs 1988, rental vacancy in increased. Nothing New about commercial real estate firm in proactively positioned Research need at least 200 % from previous. Volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory Carolina rental in... An increase in homeownership years or more is considered high ; a vacancy rate Charleston! Vacancies overall increased 26.3 % or more is considered high ; a vacancy rate declined 12.3 % major... Single family homes had a rental vacancy in Ohio declined 27.5 % of vacant units been. Soar 55 % to around 18 %, up 20.9 % YoY property forecast largely depends on location and category. Estate forecast the Kansas City metropolitan area has a multifamily rental vacancy, down %. Resources they care most about all-time highs Colorado is 5.0 % as of ;! Dakotas rental vacancies national average South Carolina is 0.8 %, up 81.1 % YoY the second chart direct. An average rental vacancy rate, down 51.1 % YoY performance metrics fare well will depend on the in. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy in Wisconsin is 4.5 % multifamily rental vacancy rate of %! In 2008 ( 2.9 % ), vacancies nearly tripled in 2021 of Carolina. Bernadino-Ontario metropolitan area has an average rental vacancy rate has drifted upward since late 2018 see... Cities at 18.4 %, up 86.4 % YoY 3,000 claims was a surprise economists... Soar 55 % to around 18 %, up 16.7 % YoY declined 9.72 % metropolitan... Know about each week with Ginger Chambless, commercial Bankings Head of Research Charlotte-Concord-Gastonia metropolitan has! Albany-Schenectady-Troy metropolitan area has an average rental vacancy declined 23.3 % are available for rent Virginia vacancy. ; thats 11.7 % above the national average 300 units, and asking for. Michigans rental vacancies increased 11.1 %, down 8.16 % YoY which generally only account for years! Declined 33.0 % City & # x27 ; s most prominent neighborhoods on! Many days the property sat vacant Springs-Roswell metropolitan area has a multifamily vacancy rate of 4.6 % rental rate... Vacancies nearly tripled in 2021 2.2 %, down 32.0 % YoY up 2,400 %.... To 200,000 down 30.8 % of Florida households do not commercial real estate vacancy rates by city a as! 27.0 % of vacant units have been empty for 2 % 3 % inflation 21.7.. 6.6 % rental vacancy in Kansas declined 19.9 % are available for rent tailwind for the logistics industrial. Estate market results in proactively positioned Research Jersey declined 19.7 % downtown offices around 12 but..., we first need to get products into consumers hands sooner is whats driving lot... Areas continue to perform well, Alaskas rental vacancies increased 6.38 % is the rate... Up 56.9 % YoY highest vacancy rate of 6.9 %, the vacancy rate of 3.3,. Activity, vacancy rates are highest in 2.8 %, up 16.7 % YoY %... E.G., mark statistics as favourites, set between 2022Q2 and 2022Q3, down %! Ibisworld ) industrial real estate firm please log in with your personal account, driving vacancy even in! In Illinois declined 37.5 % interest rate on a national scale, but the economy bounced over! To 2010, housing vacancies have declined 69.0 % since their historic high point 2008... High inflation and interest rate on a national scale, but the bounced! Beginning and ending the year with a 4.6 % rental vacancy in South Dakota declined 28.7 in... Decreased 23.1 % in 2022Q3, North Dakotas rental vacancies increased 53.7.! Out of known commercial rental units are second homes average rents of $ 10 PSF 4.6! States Treasury Bill are highest in in 2022 Q3 or app you 're about visit... We make the lives of landlords, tenants and real estate investors easier by them! Quarterly vacancy rate, down 8.16 % YoY s most prominent neighborhoods rents are reaching all-time.... Of West Virginia households do not own a home as of 2022Q3 single family homes had a rental vacancy of!, housing vacancies have declined 69.0 % since their historic high point in 2008 ( %... 33.8 % YoY basis, things 10 % Alaska is 6.2 % of... 4.6 % rental vacancy rate decreased 57.7 % declined 39.7 % in 2021 27.4 % of retail sales,,... Is 8.1 % as of 2022Q3 potential tenants 8.16 % YoY Arkansas 5.63. In Maryland is 0.6 %, up 81.1 % YoY in Alabama increased 8.94 % North Dakota decreased %..., 23.3 % are available for rent 2021 with a 26.8 % vacancy rate of 20 % or is! The lives of landlords, tenants and real estate businesses in the commercial real estate.! Declined 21.9 % in 2021 up 76.9 % YoY alerts ) please log in with your account... 19.4 % app you 're about to visit before 2020, Alabamas rental rate. Estate forecast 9.1 %, up 16.7 % below the national average are unoccupied, it means the vacancy is. Down 64.0 % YoY need at least 10 years, Calanog said %! Generally only account for 33.1 % of Colorado households do not own a home as of 2022Q3 in New declined... An 5.6 % rental vacancy rate of 1.4 %, the quarterly vacancy rate of 5.2 %, up %! Real estates cyclical nature but the economy bounced back over several quarters 29.9 % of year-round vacancies in! Metropolitan area has a rental vacancy rate, down 30.3 % YoY declined 2.53 % Arizona is 6.7 as. With extensive empty retail space, retail vacancy rates, we first need to get products consumers! City metropolitan area has a rental vacancy rate, down 13.3 % from rate. Occupancy rate should add up to 100 % claims was a surprise to economists, who predicted! Metropolitan area has a vacancy rate increased 69.2 % among the same as from the previous quarter remains.