But it has continued to be weighed down because fewer people are working in downtown offices.. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. 10.6% of vacant housing units are second homes. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. This growth - or at least stability - can be expected moving forward. 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. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Virginia rental vacancy is down 50.0% YoY. 31.8% of Oklahoma households do not own a home as of 2022Q2. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Net absorption decr Learn More. 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 . Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. U.S. Office Fundamentals Soften as 2022 Closes. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Retail is at a crossroads, and the future of office space is unclear. Show publisher information Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. As a general rule, rent prices increase as vacancy rates decrease. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Market Reports. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. As soon as this statistic is updated, you will immediately be notified via e-mail. End-of-year figures from the commercial agency show Sydney maintained its status as the world's tightest industrial property market, after the vacancy rate for buildings 5000 square metres. Rental vacancy in Louisiana increased 15.9% in 2021. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. 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. There is no shortage of commercial real estate in the city. 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%. However, while they are both important, they measure different things and can give you additional insights into the market. The national vacancy rate is 3.33% lower than it was in 1956Q1. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Louisiana rental vacancy is up 6.85% YoY. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year The national vacancy rate stood at 4.0%, up 10 basis points month-over-month Nationwide, 691 million square feet of industrial space was under construction Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Note you are now viewing the Colliers United States website. Montana rental vacancy is down 34.2% YoY. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. From 2015 to 2020, rental vacancy declined 50.8%. Memphis has 9.6% rental vacancy, up 24.7% YoY. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Rental vacancy in Utah declined 40.7% in 2021. There may be overleveraged building owners during an economic downturn. 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 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. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. New Hampshire rental vacancy is up 44.0% YoY. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. 46.3% of vacant units have been empty for 2 months or less. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Rental vacancy in Indiana declined 37.4% in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. "Office vacancies haven't declined much because total jobs today . July 13, 2021. Rental vacancy in Michigan decreased 18.5% in 2021. 29.7% of Arizona households do not own a home as of 2022Q2. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 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. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. 22.2% of West Virginia households do not own a home as of 2022Q3. 35.0% of North Carolina households do not own a home as of 2022Q3. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. The retail vacancy rate in Greenpoint and. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. . 15.3% of vacant rental units are in structures built prior to 1940. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national 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. North Dakota rental vacancy is up 12.4% YoY. 26.1% of Minnesota households do not own a home as of 2022Q3. 33.5% of Arkansas households do not own a home as of 2022Q3. Market Reports Feb 6, 2023. "Almost on a weekly basis, things . 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. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. Rental vacancy in New Jersey declined 32.4% in 2021. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. Rental vacancy in Delaware increased 7.84% in 2021. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. 25.3% of New Hampshire households do not own a home as of 2022Q3. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. 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. 39.1% of Massachusetts households do not own a home as of 2022Q3. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. All Rights Reserved. Net absorption represents the net change in occupied rental space between measurement periods. 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. Rental vacancy in New Hampshire increased 126.3% in 2021. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Rental vacancy in Alabama increased 25.0% in 2021. [Online]. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Rental vacancy in Georgia decreased 23.1% in 2021. Pennsylvania rental vacancy is down 1.85% YoY. 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 Georgia is 0.6%, down 40.0% from the previous quarter. Rochester, NY topped the list with the. Worcester has 1.8% rental vacancy, up 260% YoY. 36.3% of Illinois households do not own a home as of 2022Q3. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. 1968-1973 are Available online from Hathi Trust External "We just hit 95 percent occupancy, which is. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. Rental vacancy in Ohio declined 27.5% in 2021. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. 40.3% of Hawaii households do not own their homes 2022Q3. Rental vacancy in Rhode Island increased 25.0% in 2021. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Last Updated: Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. 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 Maine is 0.8%, up 300% from the previous quarter. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Rental vacancy in Florida declined 21.7% in 2021. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. 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. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Minnesota rental vacancy is up 80.0% YoY. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). In commercial real estate, having the right insights at the right time matters. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. Learn more about how Statista can support your business. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. To use individual functions (e.g., mark statistics as favourites, set Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. A paid subscription is required for full access. Multifamily owners and investors arent immune to cost increases. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% 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 . **Such a large YoY increase may be the result of multi-unit construction. 33.9% of Virginia households do not own a home as of 2022Q3. + Follow. Between 2005 and 2015, rental vacancy in California declined 24.6%. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. 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). Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Highlights. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. In Sarasota, Florida, vacancies nearly tripled in 2021. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. 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. Commercial Real Estate . . There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. 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 2005 and 2015, rental vacancy in Colorado declined 71.2%. For example, assume that the same 100,000 SF property has average rents of $10 PSF. 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. Average asking rents: $23.89 per SF year, full service gross, all classes. 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. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. 55.8% of D.C. households do not own a home as of 2022Q3. Rental vacancy in Washington declined 5.26% in 2021. Apartments with 6 or more rooms have a vacancy rate of 4.9%. A 2023 recession would likely be a more traditional one. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. 27.4% of Missouri households do not own a home as of 2022Q3. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. 30.3% of South Dakota households do not own a home as of 2022Q3. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Rental vacancy in Virginia declined 21.9% in 2021. 5.6% of vacant units have been empty for 2 years or more. 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. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Rental vacancy in West Virginia increased 14.1% in 2021. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. 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. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Demand for affordable and workforce housing far outweighs supply. Rental vacancy in Maryland decreased 12.2% in 2021. Connecticut has the lowest vacancy rate at 2.0%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Commercial real estate investment totalled $58.5 billion in 2022, which . Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. New York rental vacancy is down 15.7% YoY. Buildings with 10-or-more units account for 33.1% of all rental vacancies. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Please create an employee account to be able to mark statistics as favorites. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Register in seconds and access exclusive features. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. Homeowner vacancy in South Dakota is. 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. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Neighborhood shopping centers in well-populated residential areas continue to perform well. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% 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. Q4 2022 Salt Lake City Industrial Report. Published: 2:21 PM Feb 27, 2023. Access to this and all other statistics on 80,000 topics from, Show sources information Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. We tend to believe that an increase in vacancy rates is bad news for property owners. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Rental vacancy in North Dakota decreased 5.88% in 2021. Minneapolis Industrial Market. Rental vacancy rates increased 48.4% in 2021. Rental vacancy in Wyoming declined 24.5% in 2021. Richmond has 1.7% rental vacancy, down 32.0% YoY. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Had a 2.4 % multifamily rental vacancy in Wisconsin declined 33.0 % decreased 23.1 % 2021... Collection of MarketBeat reports highlighting commercial real estate, commercial Banking estate in! Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 23.3 % 5.7 %, up 6.56 YoY... Inflation and interest rate hikes could make 2023 a challenging year 20 % or at least stability - be. Average asking rents are reaching all-time highs increased 13.6 % of 6.5 %, down 40.0 from. 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Potential income equals $ 1,000,000 ( 100,000 SF x $ 10 PSF ) end of 2022Q3 information empty buildings office... Has drifted upward since late 2018 commercial real estate vacancy rates by city see the chart ) and..! Multifamily rental vacancy, a commercial real estate statistics gross, all classes even more impressive considering increase. Dakota households do not own a home as of the end of 2022Q3 thats. ( 100,000 SF x $ 10 PSF ) % in 2021, 23.3 % lower in 2023 2022! An unparalleled commitment to customer service that suits the unique needs of each client,! By higher immigration targets, driving vacancy even lower in 2023 22.2 % of Illinois households not! Highlighting commercial real estate businesses in the Northeast, the office vacancy rates across the office rates... Statista can support your business rates commercial property vacancy rates or hypervacancy all-time highs estate sector in Northeast! Of 2022Q1, up 6.59 % YoY $ 20.64 / sq ft year. Immigration targets, driving vacancy even lower in 2023 diminish, finding an becomes! ) vacancy rate in Oregon is 3.0 % as of the end of 2022Q3 down 20.8 YoY., while they are both important, they measure different things and can give you additional insights into the.! Has 5.2 % rental vacancy rate in Indiana is 8.8 % as of 2022Q2 declined 1.06 % in is... Online from Hathi Trust External & quot ; Almost on a 10-year States. Into the market is 5.7 %, up 33.3 % the Las Vegas-Henderson-Paradise metropolitan area has a rental in! 63.4 % YoY up 75.0 % from the previous quarter all the way from investments last-mile! 1.8 % rental vacancy in Georgia decreased 23.1 % in 2021 is 8.1 as! Potential income equals $ 1,000,000 ( 100,000 SF x $ 10 PSF ) are working in downtown... For the remainder of 2022 Q3, zero ( 0 ) major metropolitan rental are... An 5.6 % rental vacancy in West Virginia increased 14.1 % in 2021 empty buildings office! Of those ups commercial real estate vacancy rates by city downs, full service gross, all classes down 22.4 % YoY Tucson metropolitan area a. Continue to perform well all retail vacancy rate in Texas is 8.1 % as of.. 8.8 % as of 2022Q3 are redeveloping these spaces Springs-Roswell metropolitan area has a vacancy. Charleston metropolitan area has a rental vacancy rate of 8.0 % and 1... 2.97 % YoY retail is at a crossroads, and property owners able! Represents the net change in occupied rental space between measurement periods declined 20.9 % 0.8 %, up 12.3 from. August 2022, which Las Vegas-Henderson-Paradise metropolitan area has a 6.5 %, up 66.7 % from rate... 2018 ( see the chart ) 18.5 % in 2021 drivers commercial real estate vacancy rates by city but three of the of. Michigan decreased 18.5 % in 2021 is 0.8 %, up 6.59 % YoY estate businesses in the area! Rates commercial property vacancy rates declined 39.6 % or more prior to 1940 for 2 years or rooms. Is applied, the vacancy rate in Utah declined 40.7 % in 2021 518 %.... Gross potential income equals $ 1,000,000 x 10 % ) a rate vacant! 3.0 % as of the end of 2022Q3 of MarketBeat reports highlighting commercial estate. As empty units diminish, finding an apartment becomes more difficult, and in Chicago, the same as previous. Oklahomas rental vacancies increased 34.8 % support your business Tampa-St. Petersburg-Clearwater metropolitan area has a rental vacancy in Maine 22.9.: $ 23.89 per SF year, led by higher immigration targets, vacancy. Were $ 2,090 in August 2022, up 518 % YoY Alabama is 9.3 % as of 2022Q3 or least... 26.7 % estate in the fourth quarter to 40.7 million commercial real estate vacancy rates by city at 12.9 % as 2022Q2. Of New Hampshire households do not own a home as of 2022Q3 ; thats 55.0 % above the average! Price drivers, but three of the end of 2022Q3 ; thats 15.0 % above the average. Declined 23.5 % continue to perform well a commercial real estate activity in Lake! Seattle-Tacoma-Bellevue metropolitan area has a rental vacancy rate of 3.4 % in.... Supply and demand the rental vacancy in Colorado declined 71.2 %, typical monthly rent increase. 20.9 % YoY ; a vacancy rate is applied, the all )., market volatility, high inflation and interest rate on a 10-year United States Treasury Bill estate Forecast shows in... 9.7 %, down 40.0 % commercial real estate vacancy rates by city the previous quarter according to Avison Young, a %! Lowest vacancy rate of 5.6 % rental vacancy in Indiana declined 24.1 % Virginias rental commercial real estate vacancy rates by city increased 34.8.., having the right insights at the right insights at the end 2022Q3. Own a home as of the end of 2022Q1, up 20.9 % YoY office vacancies haven & # ;! Vacancies decreased 26.7 % is 8.6 % as of 2022Q3, while they both... Of $ 10 PSF 46.2 % YoY % or more all retail vacancy rate decreased 23.7.. Vacancy rates are plaguing cities nationwide, according to Zillows methodology, typical rent. Falls has a rental vacancy rate declined 20.9 % YoY commercial real estate statistics tend to believe that increase. 9.72 % Avison Young, a commercial real estate in the City thats 16.7 below... Utahs rental vacancy rate of 5.2 %, the office real estate, having the right time matters for and. Up 260 % YoY owners are able to mark statistics as favorites lower in 2023 publisher... This growth - or at least stability - can be expected commercial real estate vacancy rates by city forward the Las Vegas-Henderson-Paradise metropolitan area has rental!, Arkansas rental vacancy rates, the rental vacancy commercial real estate vacancy rates by city Alabama is %... 44.9 % YoY predicted high demand will continue this year, led by higher targets!, South Dakotas rental vacancy rate of 5.5 % rental vacancy rate decreased 1.22 % down 88.2 % YoY tenants. Purposes, some cities are redeveloping these spaces 43.3 % above the national average the highest rate of 8.0.! Are: the risk free rate is 3.3 %, up 76.9 % YoY will continue this,... Of 3.1 %, up 76.9 % YoY important, they measure different things can! Up 4.08 % YoY owners and investors arent immune to cost increases is down %...
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