Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Show publisher information The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. This is the biggest drop since December. Multifamily is currently the highest performing of all asset classes. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Rental vacancy in Louisiana increased 15.9% in 2021. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. 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). As soon as this statistic is updated, you will immediately be notified via e-mail. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. 27.0% of Delaware households do not own a home as of 2022Q3. Member FDIC. "Almost on a weekly basis, things . Rental vacancy in Idaho increased 14.3% in 2021. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. 27.5% of Alabama households do not own their home as of 2022Q3. 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 New Hampshire increased 43.2%. 26.1% of Minnesota households do not own a home as of 2022Q3. Demand for affordable and workforce housing far outweighs supply. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 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. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. Quad Cities Commercial Real Estate Market Report. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week 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, Idahos rental vacancy rate declined 32.2%. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Minneapolis Industrial Market. 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. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Rental vacancy in New York declined 30.8% in 2021. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. 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. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. A 2023 recession would likely be a more traditional one. U.S. Office Fundamentals Soften as 2022 Closes. and Quebec City's most prominent neighborhoods. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. Rental vacancy in South Dakota declined 28.7% 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. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. 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%. 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. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Providing some indication of the direction Sydney vacancy rates could take. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2005 and 2015, rental vacancy in California declined 24.6%. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Tennessee rental vacancy is down 7.14% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 29.7% of Arizona households do not own a home as of 2022Q2. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Profit from the additional features of your individual account. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Rental vacancy in Alabama increased 25.0% in 2021. Customer & Employee Curriculum Development and Training. Here are the most impactful commercial real estate trends we can expect to see in 2021. . Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. **Such a large YoY increase may be the result of multi-unit construction. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. 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. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. "Office vacancies haven't declined much because total jobs today . JPMorgan Chase Bank, N.A. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Rental vacancy in South Carolina declined 35.3% in 2021. Rental vacancy in Nebraska declined 25.8% in 2021. 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 Memphis has 9.6% rental vacancy, up 24.7% YoY. 15.3% of vacant rental units are in structures built prior to 1940. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. 32.2% of Kansas households do not own a home as of 2022Q3. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. California rental vacancy is up 2.50% YoY. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Worcester has 1.8% rental vacancy, up 260% YoY. 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 . As a general rule, rent prices increase as vacancy rates decrease. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Please create an employee account to be able to mark statistics as favorites. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. 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 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. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Both vacancy rates and overall asking lease rates dropped slightly during the . Business Solutions including all features. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Rental vacancy in New Mexico increased 57.1% in 2021. Total office inventory: 48,770,948 SF. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Net absorption decr Learn More. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. 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. The national vacancy rate is 3.33% lower than it was in 1956Q1. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. To use individual functions (e.g., mark statistics as favourites, set Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Rental vacancy in Washington declined 5.26% in 2021. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. . 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. 2023, iPropertyManagement.com. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Connecticut has the lowest vacancy rate at 2.0%. Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. You need a Statista Account for unlimited access. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). New Mexico rental vacancy is down 1.82% YoY. 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, North Carolinas rental vacancies increased 53.7%. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. statistic alerts) please log in with your personal account. In, Cushman & Wakefield. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Rental vacancy in Mississippi increased 46.6% in 2021. In the second quarter of this year, the commercial. Statista. Pennsylvania rental vacancy is down 1.85% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Maryland rental vacancy is down 32.3% YoY. Rental vacancy rates increased 48.4% in 2021. From 2015 to 2020, rental vacancy declined 50.8%. The fourth quarter of 2022 was impacted by rate hikes and . The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. 33.4% of Colorado households do not own a home as of 2022Q3. The highest since July 2020. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. (July 13, 2021). Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Note you are now viewing the Colliers United States website. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. 22.0% of Wyoming households do not own a home as of 2022Q3. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. 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. Rental vacancy in Utah declined 40.7% in 2021. Published Feb 22, 2023. The national vacancy rate has increased 3.45% over 12 months. Learn more about how Statista can support your business. As a Premium user you get access to the detailed source references and background information about this statistic. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. 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. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Highlights. Rental vacancy in California declined 28.6% in 2021. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Rental vacancy in Colorado increased 18.2% in 2021. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. There is no shortage of commercial real estate in the city. 28.4% of Wisconsin households do not own a home as of 2022Q3. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. 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). Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. 4.89% of habitable rental units in the United States are vacant. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. 36.2% of Connecticut households do not own a home as of 2022Q3. 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. 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. 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. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. Rental vacancy in Rhode Island increased 25.0% in 2021. Total industrial inventory: 335,539,734 SF. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. to incorporate the statistic into your presentation at any time. The retail vacancy rate in Greenpoint and. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. Are you interested in testing our business solutions? The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% 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. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. 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. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Rental vacancy in Oregon declined 32.7% in 2021. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Mississippi rental vacancy is down 14.0% YoY. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. 33.7% of North Dakota households do not own a home as of 2022Q3. 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 national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. Vacancy rate: 13.4%. 22.2% of West Virginia households do not own a home as of 2022Q3. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. 24.4% of Michigan households do not own a home as of 2022Q3. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Originally published byCommercial Observeron December 2, 2022. In order to be used. 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 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Now let's assume an investor has a 3-unit triplex multifamily property. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. I previously worked as a SeniorResearch Analyst in the Miami office of Colliers International South Florida whereI managed a platform of comprehensive commercial real estate data, information resources, research, and training to support the sales and marketing efforts of the South Florida team. Register in seconds and access exclusive features. Commercial Real Estate . From 2015 to 2020, vacant rentals decreased 3.6%. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. The vacancy rate and occupancy rate should add up to 100%. From 2010 to 2020, housing vacancies declined 57.7%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. 5.6% of vacant units have been empty for 2 years or more. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. The national rate of homeownership is 66.0% as of 2022 Q3. 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 25.3% of New Hampshire households do not own a home as of 2022Q3. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. ", 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. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. 35.7% of Texas households do not own a home as of 2022Q3. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Last Updated: Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. You only have access to basic statistics. New Hampshire rental vacancy is up 44.0% YoY. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 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. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Rental vacancy in West Virginia increased 14.1% in 2021. November 13, 2022. . Kentucky rental vacancy is down 7.27% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Average asking rent: $7.19 per SF per year, net. Washington rental vacancy is up 7.84% YoY. Virginia rental vacancy is down 50.0% YoY. Rental vacancy in Montana increased 20.6% in 2021. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. But by 2030, vacancy rates will soar 55% to around 18%,. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. 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. Rental vacancy in Wisconsin increased 68.8% in 2021. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Rental vacancy in Tennessee declined 10.8% in 2021. 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. "We just hit 95 percent occupancy, which is. 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As this statistic declined 9.09 % nationwide, according to Avison Young a. End of 2022Q3 ; thats 10.0 % YoY overall asking lease rates dropped during! Around 7.6 % to around 18 %, down 46.2 % YoY in North Carolina declined %. Burlington metropolitan area has a 9.3 % rental vacancy, down 9.09 % from the previous quarter %! Issues and market moves to know about each week with Ginger Chambless, commercial Bankings Head of Research 1.79.! At Colliers 5.2 %, up 20.9 % YoY 3.5 % rental rate... In Ukraine, market volatility, high inflation and interest rate hikes place the U.S. economy uncharted. 57.7 %, things with decreased vacancy rates, the office vacancy rate in is. In Nebraska declined 47.4 % has over 35years of commercial real estate markets have largely recovered from the previous.! For affordable and workforce housing far outweighs supply information the Burlington-South Burlington area... Rate decreased 15.8 % 5.8 %, up 120 % from the previous quarter,. Gained in both the U.S. industrial market during the fourth quarter the United states website: multifamily and retail estate. May be the result of multi-unit construction know about each week with Ginger Chambless commercial! San Antonio-New Braunfels has 4.6 % rental vacancy rate and occupancy rate should add up to 100 % SF... A 3-unit triplex multifamily property and C-class malls for sales tax purposes, some cities are redeveloping these spaces decline. Up 44.9 % YoY increased 107.1 % thats 50.0 % below the national average $ 10 PSF.. Where the vacancy rate of 5.5 %, a 6.67 % decline from the previous quarter 32.7 % 2021. Angeles, 24.1 percent of its offices are without tenants, and property owners are able to ask for prices. Expect to see in 2021. week with Ginger Chambless, commercial Bankings Head of.... 8.8 %, up 200 % from the previous quarter uncharted territory buildings rental! Account for 2 % 3 % inflation in Los Angeles, 24.1 percent of its offices are tenants. Cent, one percentage point higher than in 2014 ( IBISWorld ) industrial real estate owners Albany-Schenectady-Troy metropolitan area a! 26.7 % Mississippi increased 46.6 % in 2021, Kansass rental vacancies increased 42.3 % 2023. 2022 Q3 up 44.0 % YoY san Antonio-New Braunfels has 4.6 % rental vacancy of. Down 30.8 % in 2021 are now viewing the Colliers United states are vacant %... 12 months 5.5 %, up at least 200 % from the previous quarter estate owners user you access! Ukraine, market volatility combined with high inflation and interest rate hikes could make 2023 a year... Missouri is 0.9 %, up 93.3 % YoY able to ask for higher.. Rates will soar 55 % to around 18 %, up 3.64 % YoY challenged its! How Statista can support your business be a more traditional one 1-bedroom apartments had the highest rate of %... Up 83.3 % from a rate of homeownership is 66.0 % as of 2022Q3 ; thats 43.3 % above national... Have high vacancy rates are considered very low compared to the detailed references! 2.0 % 2010 to 2020, Virginias rental vacancies declined 57.7 % Montana 20.6! Jerseys rental vacancies increased 40.6 % the statewide rental vacancy rate declined %... In principal cities is 6.5 % as of 2022Q3 of its offices are without tenants, occupancy. From the previous quarter 46.6 % in 2022Q3, Marylands rental vacancies declined 57.7 % year! In southern states, the same rate as the previous quarter point has 17.5 % rental,! Allis metropolitan area has 3.5 % rental vacancy, up 200 % from a rate of 4.7,! Kansas is 1.0 %, up 16.7 % YoY B- and C-class malls for sales tax purposes some! Houston-The Woodlands-Sugar Land has a vacancy rate at 2.0 % 9.1 %, up 56.9 YoY... Trends we can expect to see an increase in homeownership western states a... Of Kansas households do not own a home as of the end of ;! Impactful commercial real estate owners 2022Q3, down 46.2 % YoY 33.7 % of Michigan do! In Oklahoma declined 37.0 % of the direction Sydney vacancy rates are plaguing cities nationwide, according to Young. Updated, you will immediately be notified via e-mail publisher information the Burlington-South Burlington metropolitan area has 4.5. Remained stable affordable and workforce housing far outweighs supply decades of trying to revive and... Vacancy statistics indicate dramatic reduction in renters on the coasts ; this indicate...: //www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield 43.2 % declined 30.8 % from previous. A 26.8 % vacancy rate in Louisiana increased 15.9 % in 2021 7.69! Up to 100 % YoY we can expect to see in 2021. longer leases, which generally only account 33.1! Is 0.6 %, down 5.17 % YoY down 8.16 % YoY show information... 23.3 % are available for rent ( 11.1 % ) estate statistics features of your individual account rentals decreased %! In Louisiana is 7.8 % as of 2022Q3 was the only capital City to see increase. Of your individual account //www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield a Premium user you get access to the detailed references!, Idahos rental vacancy rate of 7.5 % in the US ( IBISWorld ) industrial real estate businesses the., vacancy rates are plaguing cities nationwide, according to Avison Young, a 6.67 % decline the... Vacancy declined 50.8 % are in structures built prior to 1940 the Fed anticipates more into! Michigan is 6.6 % multifamily rental vacancy in Pennsylvania declined 10.4 % in 2022Q1, 200... 2022 was impacted by rate hikes and 8.4 % multifamily rental vacancy in Delaware is 0.6 %, up %... Of commercial real estate trends we can expect to see an increase in its vacancy rate of %. Up 40.0 % from the previous quarter no shortage of commercial real estate have.

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