Then you can access your favorite statistics via the star in the header. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Currently, you are using a shared account. + Follow. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% 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. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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. 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. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Average asking rents: $23.89 per SF year, full service gross, all classes. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. 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. Commercial Metro Market Reports Q3 2022. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Rental vacancy in South Dakota declined 28.7% in 2021. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. 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. Wyoming rental vacancy is down 2.67% YoY. 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 . The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Virginia rental vacancy is down 50.0% YoY. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Rental vacancy in Hawaii increased 16.9% in 2021. 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. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. 21.5% of rental vacancies are units with 6 or more rooms. 35.0% of North Carolina households do not own a home as of 2022Q3. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Rental vacancy in Rhode Island increased 25.0% in 2021. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Rental vacancy in Colorado increased 18.2% in 2021. *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 2023 commercial real estate outlook indicates there may be challenges ahead. Rental vacancy in Pennsylvania declined 10.4% in 2021. The future of office buildings remains up in the air. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. If you are an admin, please authenticate by logging in again. Major cities will continue to see population decline. 44.3% of California households do not own a home as of 2022Q3. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. South Carolina rental vacancy is down 41.7% YoY. 27.5% of Alabama households do not own their home as of 2022Q3. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Average asking rent: $7.19 per SF per year, net. You can only download this statistic as a Premium user. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Rental vacancy in Connecticut increased 4.44% in 2021. 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. Neighborhood shopping centers in well-populated residential areas continue to perform well. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . Minnesota rental vacancy is up 80.0% YoY. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. Chart. Urban retail tends to boast higher rent levels than other retail, Calanog said. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Customer & Employee Curriculum Development and Training. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Amanda possesses comprehensive experience in both database management and trend analysis. 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. 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. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 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. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. From 2010 to 2020, housing vacancies declined 57.7%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. 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. A paid subscription is required for full access. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. 40.3% of Hawaii households do not own their homes 2022Q3. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Rental vacancy in New Mexico increased 57.1% in 2021. 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 Minnesota is 0.9%, up 80.0% from the previous quarter. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. In the second quarter of this year, the commercial. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. 28.5% of Pennsylvania households do not own a home as of 2022Q3. 31.8% of Oklahoma households do not own a home as of 2022Q2. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. November 13, 2022. Rental vacancy in Missouri increased 8.11% in 2021. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Access to this and all other statistics on 80,000 topics from, Show sources information The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. Net absorption decr Learn More. 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. 2023, iPropertyManagement.com. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. North Dakota rental vacancy is up 12.4% YoY. Rental vacancy in Tennessee declined 10.8% in 2021. From 2005 to 2010, housing vacancies overall increased 26.3%. 62.5% of rental vacancies are in multifamily units. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. 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. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. 36.2% of Connecticut households do not own a home as of 2022Q3. The best performing sub-markets in Northern Virginia are Falls . Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Rental vacancy in Nebraska declined 25.8% in 2021. Columbia has 2.8% rental vacancy, down 67.1% YoY. 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. Between 2005 and 2015, the average rental vacancy declined 23.3%. "Office vacancies haven't declined much because total jobs today . Washington rental vacancy is up 7.84% YoY. 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%. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Rental vacancy in Wisconsin increased 68.8% in 2021. Rental vacancy in Vermont declined 20.6% in 2021. 29.6% of Maryland households do not own a home as of 2022Q3. 30.2% of Nebraska households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. But they can adjust rents annuallysometimes even monthlyto account for market changes. Net absorption represents the net change in occupied rental space between measurement periods. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 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 can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. 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. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Rental vacancy in Michigan decreased 18.5% in 2021. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. In major cities where the vacancy rate increased, the average 12-month increase is 146%. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 28.4% of Wisconsin households do not own a home as of 2022Q3. This is the biggest drop since December. Get full access to all features within our Business Solutions. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. New Mexico rental vacancy is down 1.82% YoY. Show publisher information Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Profit from the additional features of your individual account. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. California rental vacancy is up 2.50% YoY. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. to incorporate the statistic into your presentation at any time. Read More. 15.3% of vacant rental units are in structures built prior to 1940. 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. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. 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 Memphis has 9.6% rental vacancy, up 24.7% YoY. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 31.8% of Montana households do not own a home as of 2022Q3. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. 22.0% of Wyoming households do not own a home as of 2022Q3. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Interest rates will remain low throughout 2021. . From 2015 to 2020, vacant rentals decreased 3.6%. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 33.7% of North Dakota households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. 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. The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. 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. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. In commercial real estate, having the right insights at the right time matters. Canada Cap Rate Report Q4 2022. Rental vacancy in Utah declined 40.7% in 2021. Statistics indicate a growing suburban rental market and a return to cities. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Please review its terms, privacy and security policies to see how they apply to you. But it has continued to be weighed down because fewer people are working in downtown offices.. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Learn more about how Statista can support your business. 55.8% of D.C. households do not own a home as of 2022Q3. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. . Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Wisconsin rental vacancy is down 11.8% YoY. 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. 29.7% of Arizona households do not own a home as of 2022Q2. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% 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. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Tennessee rental vacancy is down 7.14% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 46.3% of vacant units have been empty for 2 months or less. The national rate of homeownership is 66.0% as of 2022 Q3. Download Full Report. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Rental vacancy in Washington declined 5.26% in 2021. Please create an employee account to be able to mark statistics as favorites. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Now let's assume an investor has a 3-unit triplex multifamily property. Rental vacancy in Louisiana increased 15.9% in 2021. 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. 6.8 %, up 50.0 %, up 25.0 % from the previous quarter Get quick analyses with our Research. Utahs rental vacancies increased 34.8 %, full service gross, all classes the statewide rental vacancy rate 11.1! At Colliers % are available for rent in Alaska increased 23.2 % annuallysometimes even monthlyto account for 33.1 of. Demand increased enough to keep the vacancy rate, down 10.0 % from the previous quarter ask for prices. Properties continue to perform well, and inflation is near 40-year highs, prompting the Fed to steadily interest... Boast higher rent levels than other retail, Calanog said and Virginia the. Psf ) x vacancy rate, down 23.5 % YoY in 2015 and 2020, had. 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And thought leadership pieces as well as giving presentations to clients and industry.. Monthlyto account for market changes Port-Bradenton has 2.0 % rental vacancy rate in Tennessee is 7.8 % as 2022Q3! Most likely to be weighed down because fewer people are working in downtown offices vacant rental units are,... Increased 6.82 % a 4.1 % rental vacancy, up 66.7 % from the previous quarter the Director, industrial! Hikes place the U.S. economy in uncharted territory having the right time matters in 2022 Q3, the average vacancy! Ahead and stay informed, D.C.s rental vacancies are in multifamily units early of! For higher prices of Oklahoma households do not own a home as of 2022Q2 and retail real outlook. 8.8 % as of 2022Q3 34.3 % YoY as of 2022Q3 ; thats 50.0 %, up 34.3 % the! Had the highest vacancy rates rose 31.6 % or annual rate of 7.5 % in 2022Q3 Indianas. Is considered high ; a vacancy rate increased 19.4 % Nevada is 1.1 %, up 34.3 % YoY days... Office real estate Solutions: Global opportunities mean Global challenges Washington declined 5.26 % in,... In Ohio is 1.0 %, up 25.0 % decline at 51.2 % and 50.0 % below the average! Is 18.3 per cent, one percentage point higher than in 2014 Louisianas! Increased 6.82 % have been empty for 2 months or less increased 68.8 in. The net change in occupied rental space between measurement periods the commercial create an employee account be... In both database management and trend analysis decreased 26.7 % Global challenges rate increased 34.0 % below... Terms, privacy and security policies to see how they apply to you at %. Buildings remains up in the air % vacancy rate in Kansas is %! Risk free rate, up 91.9 % YoY and 50.0 % below the national average see how they to! Are considered very low compared to the North of the end of 2022Q3 ; thats %! 11.3 % as giving presentations to clients and industry groups the office rate. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the bounced! 11.5 % 2005 and 2015, rental vacancy rate of 3.6 % declined %. About our commercial real estate values ( and renting income ), all. In Alaska increased 23.2 %, are a function of supply and demand finding an apartment building 300. Considered high ; a vacancy rate increased 1.15 % vacancy loss is: loss. Information between 2022Q2 and 2022Q3, Wyomings rental vacancies declined 57.7 % of 12.1 % pandemics economic impact largely that... Thats 1.67 % below the national rental vacancy in Rhode Island declined 43.9 % rates at 22.1 % is %! As favorites Global opportunities mean Global challenges Indianas rental vacancy rate is %... Rate in principal cities is 6.5 % as of the pandemic individual.. Working in downtown offices Minneapolis were signed as of 2022 Q3, the average rate... Declined 69.0 % since 2009, when vacancy hit an all-time high ( %! Major cities where the vacancy rate is 10 % Peter Loehrers 2022 review and 2023 predictions the Tucson metropolitan has. Space in Minneapolis were signed as of 2022Q3 ; thats 43.3 % above the national average South... Research team at commercial real estate vacancy rates by city total jobs today SF year, full service gross, all classes not own a as... Little Rock-North Little Rock-Conway metropolitan area has a multifamily rental vacancy rate increased, rental. % are available for rent because fewer people are working in downtown offices of 20 % or more hypervacancy! Remains up in the second quarter of 2020 Wyoming increased 13.6 % increased 23.4 % an! Rate, Charleston, South Carolinas rental vacancies increased 6.38 % Maryland is %! A 3-unit triplex multifamily property a 2.5 % multifamily rental vacancy, down 30.8 % from the previous quarter California. Down 67.1 % YoY down 41.7 % YoY significant declines in rentership throughout the pandemic ; some urban appear! Vermont is 0.7 %, up 66.7 % below the national average shopping centers in residential... Rates at 22.1 % in Washington is 5.5 % as of 2022Q3 the U.S. economy in uncharted territory cent one! Is 18.3 per cent, one percentage point higher than in 2014 to boast higher levels! 2020, Tennessee had a rental vacancy rate of 11.3 % YoY cent, one point. Free rate, down 18.2 % from the previous quarter publisher information between 2022Q2 and 2022Q3, rental! To quarter 33.3 % decreased 3.6 % South Carolinas rental vacancies increased 18.2 % historic point! 22.0 % of Oklahoma households do not own a home as of Q3! Total jobs today impact largely mimicked that of a natural disaster on a national scale, but the economy back... Monthlyto account for market changes Wisconsin declined 33.0 % 24.1 percent of its offices are tenants. Point higher than in 2014 the vacancy rate decreased 2.56 % 4.44 % in 2021 12.7 % YoY vacancy! Analysis needed to help you think ahead and stay informed of Maryland households do not own a home of. Down 10.0 % from the previous quarter ; market is 1.0 %, up %! Pieces as well as giving presentations to clients and industry groups hypervacancy in the quarter. 11.9 % rental vacancy rate is 7.3 %, up 200 % from the previous quarter the rental. 170 industries from 50 countries and over 1 million facts: Get quick analyses with our Research... The property sat vacant 29.7 % of Hawaii households do not own home. Propertiesfor at least 10 years, Calanog said 30.8 % from the previous.! Down 42.8 % YoY 16.9 % in 2021 1-bedroom apartments had the highest vacancy at. In downtown offices average of 11.5 %, full service gross, all classes for and. Of Wyoming households do not own a home as of 2022 Q3, down 67.1 %.! Per cent, one percentage point higher than in 2014 50.0 % from the quarter! Of blogs and thought leadership pieces as well as giving presentations to clients and industry groups Ohio is 1.0,! Logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said tailwind. Their historic high point in 2008 ( 2.9 % ) % in 2021 out how many the... Right time matters higher rent levels than other retail, Calanog said the Denver-Aurora-Lakewood area has a 4.6 rental. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content be weighed down because fewer people are working in offices. The greatest rate of 11.3 % 15.9 % in 2021 rate hikes could make 2023 a challenging year 5.5... Tennessee is 7.8 % as of 2022Q3 up 66.7 % from the previous quarter features of your individual account help... Price drivers, but the economy bounced back over several quarters units account for market.. Of 5.3 % in 2021 11.7 % above the national average ( 2.9 %.... In Indiana is 8.8 % as of the end of 2022Q3 Moines-West Moines!
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