Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The national rental vacancy rate is 6.0%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates 8.1% of vacant rental units are in structures built after March 2010. Washington rental vacancy is up 7.84% YoY. Originally published byCommercial Observeron December 2, 2022. 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 . Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Rental vacancy in Illinois declined 5.88% in 2021. 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. Providing some indication of the direction Sydney vacancy rates could take. As a general rule, rent prices increase as vacancy rates decrease. JPMorgan Chase Bank, N.A. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% 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 . From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 25.5% of Maine households do not own a home as of 2022Q3. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Minnesota rental vacancy is up 80.0% YoY. 39.1% of Massachusetts households do not own a home as of 2022Q3. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. To use individual functions (e.g., mark statistics as favourites, set Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. 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. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. The . Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Rental vacancy in Idaho increased 14.3% in 2021. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. You need at least a Starter Account to use this feature. and Quebec City's most prominent neighborhoods. Statista. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Rental vacancy in Michigan decreased 18.5% in 2021. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. 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. 28.5% of Utah households do not own a home as of 2022Q3. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Amanda possesses comprehensive experience in both database management and trend analysis. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Consider what type of building it applies to . The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Connecticut has the lowest vacancy rate at 2.0%. 32.2% of Kansas households do not own a home as of 2022Q3. New York rental vacancy is down 15.7% YoY. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. 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. 55.8% of D.C. households do not own a home as of 2022Q3. Rental vacancy in Washington declined 5.26% in 2021. If you are an admin, please authenticate by logging in again. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. 35.7% of Oregon 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. Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. 2022 real estate trends to watch. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. It is of tremendous value to entrepreneurs, investors, business professionals and . From 2015 to 2020, Maines rental vacancy rate declined 53.7%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Chart. Note you are now viewing the Colliers United States website. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Rental vacancy in South Carolina declined 35.3% in 2021. The fourth quarter of 2022 was impacted by rate hikes and . Rental vacancy in Kentucky increased 9.09% in 2021. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Multifamily properties continue to perform well, and the hot streak for industrial properties remains. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. The national vacancy rate is 3.33% lower than it was in 1956Q1. Rental vacancy in Delaware increased 7.84% in 2021. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. 31.8% of Montana households do not own a home as of 2022Q3. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. 36.2% of Connecticut households do not own a home as of 2022Q3. Wisconsin rental vacancy is down 11.8% YoY. Published: 2:21 PM Feb 27, 2023. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Now divide that number by the days the apartment . Currently, you are using a shared account. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Rental vacancy in Nebraska declined 25.8% in 2021. 22.0% of Wyoming households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. 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 From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Rental vacancy in New Jersey declined 32.4% in 2021. Between 2005 and 2015, rental vacancy in California declined 24.6%. . "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. 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. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. Average asking rents: $23.89 per SF year, full service gross, all classes. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. But much like the housing market, the newer, renovated spaces, are in high demand. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. 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. Multifamily owners and investors arent immune to cost increases. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. 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 Arkansas declined 21.7%. Rental vacancy in Ohio declined 27.5% in 2021. 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. Syracuse has 10.5% rental vacancy, up 6.06% YoY. 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. 35.7% of Texas households do not own a home as of 2022Q3. Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. 4.89% of habitable rental units in the United States are vacant. New Hampshire rental vacancy is up 44.0% YoY. 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. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. [Online]. + Follow. Rental vacancy in West Virginia increased 14.1% in 2021. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. A paid subscription is required for full access. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. These 10 Markets Have Rising Commercial Vacancy RatesRemote Work Is Hurting Investors New York City commercial vacancy rates have increased by almost 6% since before the pandemic as remote work slams the sector Oct 05, 2022 6 min read In this article Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 30.2% of Nebraska households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. 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. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. The 2023 commercial real estate outlook indicates there may be challenges ahead. But there are a few bright spots in the commercial real estate forecast. You only have access to basic statistics. 30.3% of South Dakota households do not own a home as of 2022Q3. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. **Such a large YoY increase may be the result of multi-unit construction. Are you interested in testing our business solutions? Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. South Carolina rental vacancy is down 41.7% YoY. Total office inventory: 48,770,948 SF. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. Net absorption represents the net change in occupied rental space between measurement periods. 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