Rental vacancy in D.C. declined 23.2% in 2021. You need a Statista Account for unlimited access. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. 35.0% of Rhode Island households do not own a home as of 2022Q3. That could weigh on rental rates in 2023. West Virginia rental vacancy is down 3.03% YoY. Register in seconds and access exclusive features. Get full access to all features within our Business Solutions. 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. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 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 Missouri increased 8.11% in 2021. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. 2022 real estate trends to watch. Rental vacancy in New Mexico increased 57.1% in 2021. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. Based in Chicago, Amanda partners with national and local teams to deliver market intelligence initiatives and provide direction to drive national competitive advantage through research strategy, development and analytics. Rental vacancy in Colorado increased 18.2% in 2021. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Rental vacancy in Arkansas increased 5.63% in 2021. 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. 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. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Quad Cities Commercial Real Estate Market Report. 2023, iPropertyManagement.com. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% 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 . But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Kentucky rental vacancy is down 7.27% YoY. 46.3% of vacant units have been empty for 2 months or less. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Market Reports. 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. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. The fourth quarter of 2022 was impacted by rate hikes and . Cushman & Wakefield. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Rental vacancy in Ohio declined 27.5% in 2021. 33.5% of Arkansas households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. 31.6% of Washington households do not own a home as of 2022Q3. From 2015 to 2020, rental vacancy increased 13.0%. **Such a large YoY increase may be the result of multi-unit construction. 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. Canada Cap Rate Report Q4 2022. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 29.9% of Louisiana households do not own a home as of 2022Q3. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. New Jersey rental vacancy is up 6.45% YoY. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. 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. Rental vacancy in South Carolina declined 35.3% in 2021. 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. 33.1% of New Jersey households do not own a home as of 2022Q3. Columbia has 2.8% rental vacancy, down 67.1% YoY. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Net absorption represents the net change in occupied rental space between measurement periods. The national vacancy rate has increased 3.45% over 12 months. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. This is the biggest drop since December. The national vacancy rate is 3.33% lower than it was in 1956Q1. Business Solutions including all features. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. 55.8% of D.C. households do not own a home as of 2022Q3. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. New Mexico rental vacancy is down 1.82% YoY. Rental vacancy in New Hampshire increased 126.3% in 2021. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Between 2005 and 2015, the average rental vacancy declined 23.3%. 31.8% of Montana households do not own a home as of 2022Q3. From 2015 to 2020, rental vacancy declined 50.8%. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Rental vacancy in California declined 28.6% in 2021. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% 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. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. Rental vacancy in Delaware increased 7.84% in 2021. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. Chart. Highlights. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . From 2005 to 2010, housing vacancies overall increased 26.3%. We tend to believe that an increase in vacancy rates is bad news for property owners. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. . Vacancy rate: 13.4%. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. 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. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Rental vacancy in Nebraska declined 25.8% in 2021. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. 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. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. 62.5% of rental vacancies are in multifamily units. 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. Virginia rental vacancy is down 50.0% YoY. But theres nothing new about commercial real estates cyclical nature. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. 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. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. But it has continued to be weighed down because fewer people are working in downtown offices.. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Rental vacancy in Illinois declined 5.88% in 2021. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. 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 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. 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. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. 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. Multifamily owners and investors arent immune to cost increases. But both cities also entered the pandemic with much higher vacancy. From 2010 to 2020, housing vacancies declined 57.7%. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 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 is currently the highest performing of all asset classes. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 33.1% of Alaskan households do not own their home as of 2022Q3. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Rental vacancy in Louisiana increased 15.9% in 2021. 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 . Customer & Employee Curriculum Development and Training. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Rental vacancy in Pennsylvania declined 10.4% in 2021. Rental vacancy in Tennessee declined 10.8% in 2021. The sharpest increase in the country over this period was in San Francisco, where vacancy rates rose from 1.7% in 2000 Q4 to 10.3% in 2001 Q2; this also was one of the sharpest two-quarter increases observed at any time over the past twenty years. Currently, you are using a shared account. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. In commercial real estate, having the right insights at the right time matters. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. Rental vacancy in North Carolina declined 8.70% in 2021. But by 2030, vacancy rates will soar 55% to around 18%,. Rental vacancy in Oregon declined 32.7% in 2021. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. to incorporate the statistic into your presentation at any time. on the market in Q4 2022. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. ", 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. You need at least a Starter Account to use this feature. Member FDIC. 10.6% of vacant housing units are second homes. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates . 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. + Follow. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The retail property forecast largely depends on location and retail category. 39.1% of Massachusetts households do not own a home as of 2022Q3. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Rental vacancy in Maine increased 28.9% in 2021. Please do not hesitate to contact me. . The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. California rental vacancy is up 2.50% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Alabama rental vacancy is down 25.6% YoY. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial 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. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. 2022 JPMorgan Chase & Co. All rights reserved. If you are an admin, please authenticate by logging in again. The national average rental vacancy rate for 2021 was 6.1%. Al Brooks, Head of Commercial Real Estate, Commercial Banking. There may be overleveraged building owners during an economic downturn. Learn more about how Statista can support your business. Last Updated: Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. November 13, 2022. Statistics indicate a growing suburban rental market and a return to cities. Homeowner vacancy in South Dakota is. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. 44.3% of California households do not own a home as of 2022Q3. 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 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 Iowa is 0.8%, up 60.0% from the previous quarter. Illinois rental vacancy is down 12.5% YoY. Owner-occupied homes see lower vacancy rates on average than rentals do. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. Metropolitan statistical areas, the same as the previous quarter owner-occupied homes lower. Rates are somewhat higher in districts to the site or app you 're to... 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Perspective you need at least a Starter Account to use this feature knowledge and resources they most... 12.9 % as of the end of 2022Q3 zero ( 0 ) major metropolitan rental markets are in.! Oklahoma is 9.0 % as of the COVID-19 pandemic include changes in desirable housing characteristics where the rate.
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