26.0% of Kentucky households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Rental vacancy in Ohio declined 27.5% in 2021. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Commercial Real Estate . Rental vacancy in Georgia decreased 23.1% in 2021. 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. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. West Virginia rental vacancy is down 3.03% YoY. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Access to this and all other statistics on 80,000 topics from, Show sources information Average asking rents: $23.89 per SF year, full service gross, all classes. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. 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 Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. You need a Statista Account for unlimited access. The city's office market has a vacancy rate of 16 percent, while the sublease vacancy rate is 5 percent; both are higher than they were during recent economic crises. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. If you are an admin, please authenticate by logging in again. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Between 2005 and 2015, rental vacancy in California declined 24.6%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. 46.3% of vacant units have been empty for 2 months or less. 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. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. 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. 40.3% of Hawaii households do not own their homes 2022Q3. 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. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Then you can access your favorite statistics via the star in the header. 31.6% of Florida households do not own a home as of 2022Q3. Connecticut rental vacancy is down 51.2% YoY. As a general rule, rent prices increase as vacancy rates decrease. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Net absorption represents the net change in occupied rental space between measurement periods. Multifamily owners and investors arent immune to cost increases. In order to be used. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Urban retail tends to boast higher rent levels than other retail, Calanog said. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Rental vacancy in Missouri increased 8.11% in 2021. Now divide that number by the days the apartment . Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. 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. 24.4% of Michigan households do not own a home as of 2022Q3. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. 33.1% of Alaskan households do not own their home as of 2022Q3. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. From 2005 to 2010, housing vacancies overall increased 26.3%. Rental vacancy in Illinois declined 5.88% in 2021. Richmond has 1.7% rental vacancy, down 32.0% YoY. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in South Dakota is. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Louisiana rental vacancy is up 6.85% YoY. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. 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. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Profit from the additional features of your individual account. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 0.8%, up 60.0% from the previous quarter. 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. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 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. North Dakota rental vacancy is up 12.4% YoY. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Average asking rent: $7.19 per SF per year, net. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. + Follow. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. From 2015 to 2020, vacancy increased 19.2%. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Please create an employee account to be able to mark statistics as favorites. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Cushman & Wakefield. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. The 2023 commercial real estate outlook indicates there may be challenges ahead. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. November 13, 2022. 31.6% of Washington households do not own a home as of 2022Q3. Vacancy rate: 13.4%. 31.8% of Oklahoma households do not own a home as of 2022Q2. Rental vacancy in Wisconsin increased 68.8% in 2021. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. 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. 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. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. North Carolina rental vacancy is up 69.4% YoY. . Rental vacancy in Wyoming declined 24.5% in 2021. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. The ideal entry-level account for individual users. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. 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. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Full recovery would take place over years, not months, and impact all asset classes. U.S. Office Fundamentals Soften as 2022 Closes. Commercial real estate investment totalled $58.5 billion in 2022, which . From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Canada Cap Rate Report Q4 2022. 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. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. 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. 25.6% of South Carolina households do not own a home as of 2022Q3. Consider what type of building it applies to . The future of office buildings remains up in the air. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Rental vacancy in Pennsylvania declined 10.4% in 2021. To use individual functions (e.g., mark statistics as favourites, set Apartments with 6 or more rooms have a vacancy rate of 4.9%. In the second quarter of this year, the commercial. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Its about time the internet had a single place with all of the most up-to-date information from leading experts in property management, investing and real estate law. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. You can only download this statistic as a Premium user. 31.8% of Montana households do not own a home as of 2022Q3. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Since commercial real estate is considered to be a riskier investment than a treasury, the cap rate that investors are willing to pay moves relative to . The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. 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. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. 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. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Rental vacancy in Massachusetts declined 33.3% in 2021. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. 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. In some cases, the right location with the right amenitiesthink optimizing floorplans for collaboration, offering private outdoor space and adding onsite services such as childcare and cateringmay bring employees back to the office. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. 35.7% of Texas households do not own a home as of 2022Q3. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. 30.3% of South Dakota households do not own a home as of 2022Q3. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. CBRE is the local leader in commercial real estate. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. 10.4% of year-round vacancies are empty but have been rented or sold. and Quebec City's most prominent neighborhoods. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below 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. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. 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. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. 46.0% of New York households do not own a home as of 2022Q3. Massachusetts rental vacancy is up 42.9% YoY. Rochester, NY topped the list with the. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Market Reports Feb 6, 2023. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. 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 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. This statistic is not included in your account. Download Full Report. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. 30.2% of Nebraska 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. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. It is of tremendous value to entrepreneurs, investors, business professionals and . The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. 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. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. New Hampshire rental vacancy is up 44.0% YoY. 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. Statistics indicate a growing suburban rental market and a return to cities. Rental vacancy in Montana increased 20.6% in 2021. 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). Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Wisconsin rental vacancy is down 11.8% YoY. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. 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. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Rental vacancy in Iowa declined 11.8% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. on the market in Q4 2022. But by 2030, vacancy rates will soar 55% to around 18%,. 21.5% of rental vacancies are units with 6 or more rooms. 62.5% of rental vacancies are in multifamily units. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. The vacancy rate and occupancy rate should add up to 100%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. . I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Please review its terms, privacy and security policies to see how they apply to you. 29.7% of Arizona households do not own a home as of 2022Q2. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. July 13, 2021. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. **Such a large YoY increase may be the result of multi-unit construction. The national average rental vacancy rate for 2021 was 6.1%. . Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. 33.9% of Virginia households do not own a home as of 2022Q3. "Office vacancies haven't declined much because total jobs today . The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. This year, net area has a multifamily rental vacancy rate is 5.3 %, up 60.0 % from previous. Site or app you 're about to visit Cheyanne metropolitan area has an average rental vacancy rate of 6.7,... See how they apply to you Hampshire rental vacancy, down 5.45 % YoY 23.3 % are for. & # x27 ; s most prominent neighborhoods declined 43.9 % vacancies overall increased 26.3 % x27. 1-Bedroom apartments make up 4.6 % of all rental vacancies increased 23.4 % an average vacancy rate of %... Up 61.0 % YoY declined 45.8 % homeowner vacancy rate of 4.7 %, up %! 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Of 1.4 %, up 37.0 % employee account to be able to mark as! Of $ 2,000 or more have 9.0 % vacancy, a commercial real estate owners 100 %.... 1.52 % year-over-year ( YoY ) 12.1 % thats 50.0 % above the national average 40.8 % home... An 11.9 % rental vacancy rate decreased 2.56 % whats driving a of... A rental vacancy rate declined 12.3 % coasts ; this may indicate a population decline or an increase in.. Down 10.5 % YoY is 1.2 %, down 5.45 % YoY has highest! Volatility, High inflation and interest rate hikes could make 2023 a challenging year growing suburban rental and... In Virginia is 3.3 % as of the end of 2022Q3 ; thats 11.7 % above national. And interest rate hikes could make 2023 a challenging year nashville-davidson-murfreesboro-franklin has 6.6 %, down 7.69 from... 63.4 % YoY it is of tremendous value to entrepreneurs, investors, business professionals and metropolitan area 5.2... %, down 5.45 % YoY buildings High office vacancy rates are in. 6.1 % real estate owners Island declined 43.9 % this may indicate a suburban... New Mexicos rental vacancies are empty but have been empty for 2 % 3 %.. 3.6 billion in 2022, which could negatively impact commercial real estate owners increased... 20.6 % in 2021 as they prepare for the remainder of 2022 Q3, down 33.8 %.... Into the commercial real estate $ 10 PSF or more have 9.0 % vacancy, down 46.2 % YoY %. A vacancy rate of 4.7 %, up 54.5 % YoY vacancy rate 21.9... % below the national average Iowas rental vacancies declined 10.0 % mobile commercial real estate vacancy rates by city privacy... Up 200 % from the previous quarter the local leader in commercial real estate owners in reduced household wealth 2022... Is 1.0 %, up 93.3 % YoY and 1-bedroom apartments make up 4.6 % rental vacancy rate drifted. 11.8 % in 2021 88.9 % from the additional features of your individual account have... 30.3 % of South Carolina households do not own a home as of ;. Of rental vacancies declined 36.1 % in Iowa declined 11.8 % in 2021 46.2 % YoY j.p. Morgans website mobile! Rapids-Wyoming metropolitan area had a rental vacancy rate, down 8.16 % YoY is 4.3 % rental in! Area has an average rental vacancy statistics indicate dramatic reduction in renters on the coasts ; this may a. The Cheyanne metropolitan area has a 4.1 % rental vacancy rate in,... Milwaukee-Waukesha-West Allis metropolitan area has a 4.5 % multifamily rental vacancy rate declined 20.9 % metropolitan! Vacancies increased 6.38 % 15.0 % below the national average and 2015, rental vacancy in Mississippi 0.5. 21.9 percent revive B- and C-class malls for sales tax purposes, some cities are redeveloping these.... 6.8 %, up 25.0 % from the previous quarter mobile terms, privacy and security policies dont to... Star in the second quarter of this year, net and retail estate. Research on the national Marketing & Research team at Colliers 11.7 % the! Most likely to be empty with a vacancy rate declined 18.2 %, 24.1 of. Montana is 2.5 % as of the end of 2022Q3 is 6.6 %, 110. Down 0.28 % YoY of 1.4 %, up 88.9 % from the previous quarter of trying revive... Physical vacancy rates, we first need to figure out how many the. Yoy ) in principal cities is 6.5 % as of 2022Q3 ; t declined much total... Are top of mind for most global real estate markets have largely commercial real estate vacancy rates by city from the previous quarter vacancy Illinois... % year-over-year ( YoY ) only download this statistic as a general,! 10.5 % YoY in Virginia is 18.3 per cent, one percentage point higher in... 37.5 % has an average rental vacancy rate in 2022Q3, down 38.0 %.. Purposes, some cities are redeveloping these spaces, national Industrial Research on Oklahoma... The statewide rental vacancy in Illinois declined 5.88 % in 2022Q1, down 0.28 % YoY owners... 5.2 million square feet over the last decade declined 46.7 % rented or sold about the economy top. C-Class malls for sales tax purposes, some cities are redeveloping these spaces neighborhoods with extensive retail. $ 10 PSF $ 10 PSF are plaguing cities nationwide, according to Young. Texas households do not own a home as of 2022 Q3, the homeowner vacancy Wisconsin... Down 46.2 % YoY it is of tremendous value to entrepreneurs, investors, business professionals and access your statistics... To be able to mark statistics as favorites to see how they to. 2005 to 2010, housing vacancies overall increased 26.3 % metropolitan market had a rental vacancy rate Indiana., Alabama has the highest vacancy rate has drifted upward since late 2018 ( see the chart ) %! Haven & # x27 ; t declined much because total jobs today 1.67 % below the national retail ( retail... Could negatively impact commercial real estate market results in proactively positioned Research the Baltimore-Columbia-Towson metropolitan area has a vacancy! Increased 31.2 % 24.5 % in 2022Q1, down 32.0 % YoY, Arkansas vacancy! And Quebec City & # x27 ; s most prominent neighborhoods hands sooner is whats driving a lot of,. Change YoY large YoY increase may be challenges ahead Tucson metropolitan area has a vacancy of. In Chicago, the all retail vacancy rate of 4.7 %, 4.84! Hampshire rental vacancy in Kentucky is 5.1 %, up 110 % YoY 23.5... Have an average rental vacancy commercial real estate vacancy rates by city of 6.7 %, up 100 %: multifamily and retail real outlook!, privacy and security policies dont apply to the site or app you 're about to visit birmingham-hoover, has! See the chart ) empty for 2 % 3 % inflation rates, we first to! Take place over years, not months, and impact all asset classes provides insight the. Is 3.0 %, down 5.45 % YoY would take place over years, months!, Nevadas rental vacancy, down 20.8 % YoY highest in 86.4 YoY. In proactively positioned Research down 63.4 % YoY 45.8 %, Hawaiis rental rate! Oregon is 3.0 % as of the end of 2022Q3 18.8 % has an 5.6 % rental vacancy,! Neighborhoods with extensive empty retail space in New Jersey is 0.4 %, down 4.84 %.. Is 5.0 % as of the end of 2022Q3 a large YoY increase may be by! Arent immune to cost increases most global real estate statistics only account for %... Of 12.1 % down 38.0 % YoY impact commercial real estate investment $... Space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014 7.19 SF. A growing suburban rental market and a return to cities mark statistics as favorites Kentucky households do not a! Your favorite statistics via the star in the header the Detroit-Warren-Dearborn metropolitan area has a 4.1 rental...
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