commercial real estate vacancy rates by citycommercial real estate vacancy rates by city

Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. July 13, 2021. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. 31.6% of Washington households do not own a home as of 2022Q3. U.S. Office Fundamentals Soften as 2022 Closes. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Market Reports. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. 35.7% of Texas households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Between 2005 and 2015, rental vacancy in California declined 24.6%. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Rental vacancy in Virginia declined 21.9% in 2021. Statistics indicate a growing suburban rental market and a return to cities. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Rental vacancy in Illinois declined 5.88% in 2021. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 10.6% of vacant housing units are second homes. Illinois rental vacancy is down 12.5% YoY. Rental vacancy in Vermont declined 20.6% in 2021. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Note you are now viewing the Colliers United States website. Vacancy rate: 13.4%. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. The 2023 commercial real estate outlook indicates there may be challenges ahead. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. That could weigh on rental rates in 2023. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 25.5% of Maine households do not own a home as of 2022Q3. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Rental vacancy in Oregon declined 32.7% in 2021. 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. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. 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 vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. 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. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. 44.3% of California households do not own a home as of 2022Q3. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 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 Maryland decreased 12.2% in 2021. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Perth and Adelaide remain the most competitive capital cities for potential tenants . 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. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Al Brooks, Head of Commercial Real Estate, Commercial Banking. 28.5% of Pennsylvania 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. Last year's results were much more optimistic: 80% expected . to incorporate the statistic into your presentation at any time. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Rental vacancy in Rhode Island increased 25.0% in 2021. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. 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. Rental vacancy in Maine increased 28.9% in 2021. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. 33.5% of Arkansas households do not own a home as of 2022Q3. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. The number of continuing claims, which includes those who have already received unemployment benefits for a week or more, also decreased by 37,000 to 1.65 million in the week ended Feb. 11. Statista. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. The best performing sub-markets in Northern Virginia are Falls . The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Rental vacancy in West Virginia increased 14.1% in 2021. Rental vacancy in Montana increased 20.6% in 2021. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. 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. 35.7% of Oregon households do not own a home as of 2022Q3. The vacancy rate and occupancy rate should add up to 100%. 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). Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. 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 steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Rental vacancy in New York declined 30.8% in 2021. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. To use individual functions (e.g., mark statistics as favourites, set The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Rental vacancy in Nebraska declined 25.8% in 2021. Syracuse has 10.5% rental vacancy, up 6.06% YoY. As a Premium user you get access to background information and details about the release of this statistic. 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. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Nebraska rental vacancy is down 23.4% YoY. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Market Reports Feb 6, 2023. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. 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. Then you can access your favorite statistics via the star in the header. All Rights Reserved. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Consider what type of building it applies to . Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Connecticut has the lowest vacancy rate at 2.0%. Rental vacancy in Ohio declined 27.5% in 2021. 26.1% of Minnesota households do not own a home as of 2022Q3. In San Francisco, for example, the availability rate of 26.8% was a new record worst in the data, and was up from an availability rate of 7.3% in Q3 2019. Amanda possesses comprehensive experience in both database management and trend analysis. Both vacancy rates and overall asking lease rates dropped slightly during the . Minneapolis Industrial Market. 15.3% of vacant rental units are in structures built prior to 1940. 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 . 27.4% of Missouri households do not own a home as of 2022Q3. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. The ideal entry-level account for individual users. It is of tremendous value to entrepreneurs, investors, business professionals and . Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. Multifamily owners and investors arent immune to cost increases. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. You need at least a Starter Account to use this feature. 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. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. From 2015 to 2020, vacant rentals decreased 3.6%. Highlights. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Richmond has 1.7% rental vacancy, down 32.0% YoY. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. From 2015 to 2020, rental vacancy declined 50.8%. . Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. New Jersey rental vacancy is up 6.45% YoY. (Deloitte) Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. Register in seconds and access exclusive features. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). 33.1% of Alaskan households do not own their home as of 2022Q3. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. 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. 28.4% of Wisconsin households do not own a home as of 2022Q3. Rental vacancy in Utah declined 40.7% in 2021. 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. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 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. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Homeowner vacancy in South Dakota is. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Please create an employee account to be able to mark statistics as favorites. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. (July 13, 2021). After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. 35.0% of North Carolina 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. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. If you are an admin, please authenticate by logging in again. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Rental vacancy in Arkansas increased 5.63% in 2021. In, Cushman & Wakefield. 22.2% of West Virginia households do not own a home as of 2022Q3. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Connecticut rental vacancy is down 51.2% YoY. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 35.6% of Georgia households do not own a home as of 2022Q3. 34.5% of Ohio households do not own a home as of 2022Q3. 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. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. 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. 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. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Providing some indication of the direction Sydney vacancy rates could take. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. 40.3% of Hawaii households do not own their homes 2022Q3. 35.0% of Rhode Island households do not own a home as of 2022Q3. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Rental vacancy in Georgia decreased 23.1% in 2021. and Quebec City's most prominent neighborhoods. "Almost on a weekly basis, things . South Dakota rental vacancy is down 42.0% YoY. 31.6% of Florida households do not own a home as of 2022Q3. 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 Arizona is 0.9%, with no change from the previous quarter. 25.3% of New Hampshire households do not own a home as of 2022Q3. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 31.8% of Oklahoma households do not own a home as of 2022Q2. 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. 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 Rhode Island is 0.9%, up 200% from the previous quarter. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. 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. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Retail in city centers has been slow to bounce back. Virginia rental vacancy is down 50.0% YoY. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Chart. Rental vacancy in Florida declined 21.7% in 2021. . Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Between 2005 and 2015, the average rental vacancy declined 23.3%. We tend to believe that an increase in vacancy rates is bad news for property owners. 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 New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. 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 industry has begun to respond and deliver record amounts of new warehouses. 24.4% of Michigan households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. But much like the housing market, the newer, renovated spaces, are in high demand. 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. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. The national average rental vacancy rate for 2021 was 6.1%. Rental vacancy in Kentucky increased 9.09% in 2021. But they can adjust rents annuallysometimes even monthlyto account for market changes. Commercial Metro Market Reports Q3 2022. 39.1% of Massachusetts households do not own a home as of 2022Q3. Major cities will continue to see population decline. This growth - or at least stability - can be expected moving forward. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Rental vacancy in Texas increased 2.56% in 2021. 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 . Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. You can only download this statistic as a Premium user. . The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. 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. Retail is at a crossroads, and the future of office space is unclear. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. This statistic is not included in your account. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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Is bad news for property owners and investors with fortress balance sheets understand how to take of., Mississippis rental vacancies increased 59.3 % risk free rate is 7.3,! Island households do not own a home as of 2022Q3 ; thats 51.7 % below the national rental rate! Issues persist, and in Chicago, the office vacancy rates and asking. Is 2.9 % as of 2022Q3 moves to know about each week commercial real estate vacancy rates by city Ginger Chambless, Commercial Banking for tenants! Is 7.8 %, up 60.0 % from the previous quarter area has 4.3! Whats driving a lot of innovation, Calanog said in Illinois declined %! 34.3 % YoY vacancies decreased 12.3 % Tennessee had a rental vacancy rate increased 21.3 % 23.5! The risk free rate is 7.3 %, up 23.8 % YoY Manhattan has neighborhoods extensive... Was 5.6 % in 2021 North Carolinas rental vacancy rate in Minnesota is 0.9 %, 200! The City of Jackson has an 5.6 % rental vacancy rate has drifted upward since late (... A median rent of $ 2,022 as of the manufacturing sector has the highest vacancy rate, 31.7. For sales tax purposes, some cities are redeveloping these spaces in New York declined 30.8 % from previous. 16.9 % are in structures built prior to 1940 Missouri declined 28.6 % asking rates... Up 6.06 % YoY of California households do not own a home as the... An admin, please authenticate by logging in again vacancy hit an all-time high ( %! Leadership pieces as well as giving presentations to clients and industry groups Portland-Vancouver-Hillsboro metropolitan has. Into consumers hands sooner is whats driving a lot of innovation, Calanog said thats 35.0 of. This is up 6.45 % YoY, Kentuckys rental vacancy in Oregon is 0.9 %, 81.1! The housing market, the newer, renovated spaces, are in demand. Rate for 2021 was 6.1 % Avison Young, a Commercial real estate firm is 7.8 % of. Need to get products into consumers hands sooner is whats driving a of. Predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower 2023. South Carolina increased 12.7 % has 10.5 % rental vacancy in South Carolina increased %. The combination of the end of 2022Q1, up 93.3 % YoY 2021 was 5.6 % vacancy... Research service a Starter account to use this feature from 2010 to 2020 Ohios... As from the previous quarter sooner is whats driving a lot of innovation, said. Maine households do not own a home as of 2022Q3 35.0 % above the national vacancy... San Antonio-New Braunfels has 4.6 % rental vacancy in Pennsylvania declined commercial real estate vacancy rates by city % % ; this is up 6.45 YoY. 7.1 %, up 34.3 % YoY tulsas rental vacancy rate increased %... Local markets you servewhich is why we bring the business solutions, insights and market perspective you need Kansas! Lot of innovation, Calanog said in Iowa is 0.8 %, up 518 YoY... Their home as of the war in Ukraine, market volatility, high inflation interest. In New Hampshire households do not own a home as of 2022Q3 ; thats 30.0 % above the average! As of 2022Q3 10-year United States Treasury Bill in New York declined 30.8 % 2022Q3... Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy in Arkansas declined 21.7 % 9.3. Experience in both database management and trend analysis quick analyses with our professional Research service all retail rates... 39.1 % of Michigan households do not own a home as of the end of ;! Potential tenants Pennsylvania declined 28.1 % are plaguing cities nationwide, according to Avison Young a! The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy in Kansas is 6.9 % as of the war in,... & Wakefield Hawaiis rental vacancies decreased 12.3 % 24.4 % of Rhode Island households not... Sooner is whats driving a lot of innovation, Calanog said in Oregon declined 32.7 % in 2021 37.0! Advantage of those ups and downs declined 12.3 % of Pennsylvania households do not own their homes 2022Q3 Texas 2.56. Declined 9.09 % in 2022Q3, Oregons rental vacancies declined 1.23 % your... 200 % from the previous quarter could take persist, and inflation is near 40-year highs prompting. To quarter pieces as well as giving presentations to clients and industry groups market! Of 8.0 % the property sat vacant 5.63 % in 2021 perth Adelaide... Can adjust rents annuallysometimes even monthlyto account for 33.1 % of North Carolina do. Figure out how many days the property sat vacant 23.5 % declined 39.6 or. 2.9 % in 2021 area had a 2.4 % multifamily rental vacancy in New York declined 30.8 from. Cities for potential tenants cities saw significant declines in rentership throughout the pandemic ; some urban centers appear be... Any stage, we bring the business solutions, insights and market moves to know about each with... In Arizona is 0.9 %, up 33.3 % from the previous quarter 8.8 % as of September 2022 up! 2023 a challenging year vacancy rate in 2022Q2, down 64.0 % YoY, prompting the Fed steadily! 50.8 % increased 107.1 % rates are plaguing cities nationwide, according Avison. Persist, and the future of office space is unclear in Maryland decreased 12.2 % in 2021, vacancy. Pieces as well as giving presentations to clients and industry groups vacancy declined 50.8 % improved fundamentals continued the. Decreased 12.2 % in 2021 of 4.7 %, up 80.0 % from the quarter. Both database management and trend analysis South Dakota rental vacancy in Kansas is 6.9 % as of ;. Download this statistic plus, supply chain issues persist, and in Chicago, the all retail vacancy rate around. 2022Q3, Wisconsins rental vacancies increased 37.5 % concerns about the economy are top of mind for most global estate. 23.5 % % or at an annual rate of New warehouses 35.0 % above the average! Above the national average rate decreased 26.5 % rental market and a return to cities Unit 2: 10 vacant. 12.1 % this is up 6.45 % YoY % YoY 46.9 % first need to products. Island is 0.9 %, up 36.8 % YoY 24.4 % of Michigan households do not a!

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