Rental vacancy in Wyoming declined 24.5% in 2021. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Market Reports. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. 26.1% of Minnesota households do not own a home as of 2022Q3. 46.0% of New York households do not own a home as of 2022Q3. + Follow. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Show publisher information . 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. 28.5% of Utah households do not own a home as of 2022Q3. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Rental vacancy in New Hampshire increased 126.3% in 2021. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. 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. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. 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. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. U.S. Office Fundamentals Soften as 2022 Closes. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. Rental vacancy in California declined 28.6% in 2021. The national rental vacancy rate is 6.0%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. 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 . The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. 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 Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Download Full Report. 27.7% of Idaho households do not own a home as of 2022Q3. Customer & Employee Curriculum Development and Training. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Louisiana rental vacancy is up 6.85% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. You need a Statista Account for unlimited access. Rochester, NY topped the list with the. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Connecticut has the lowest vacancy rate at 2.0%. 27.4% of Missouri households do not own a home as of 2022Q3. Rental vacancy in Louisiana increased 15.9% in 2021. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Rental vacancy in North Carolina declined 8.70% in 2021. The retail property forecast largely depends on location and retail category. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. (July 13, 2021). The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. 29.9% of Louisiana households do not own a home as of 2022Q3. Canada Cap Rate Report Q4 2022. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. 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. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Rental vacancy in Kansas declined 46.6% in 2021. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Cushman & Wakefield. The Midwest has the highest rate of homeownership at 70.1%. Read More. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. 33.1% of New Jersey households do not own a home as of 2022Q3. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. 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. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. From 2015 to 2020, rental vacancy increased 13.0%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. 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. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. In Albuquerque, New Mexico's largest city, the office market has shadowed the trends mentioned above, with rental values decreasing by 0.9 percentage points. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. The fourth quarter of 2022 was impacted by rate hikes and . 10.6% of vacant housing units are second homes. Now let's assume an investor has a 3-unit triplex multifamily property. Rental vacancy in Montana increased 20.6% in 2021. But theres nothing new about commercial real estates cyclical nature. Columbia has 2.8% rental vacancy, down 67.1% YoY. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Both vacancy rates and overall asking lease rates dropped slightly during the . Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. However, while they are both important, they measure different things and can give you additional insights into the market. Rental vacancy in Hawaii increased 16.9% in 2021. 36.3% of Illinois households do not own a home as of 2022Q3. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Major cities will continue to see population decline. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Rental vacancy in New Jersey declined 32.4% in 2021. Virginia rental vacancy is down 50.0% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Published Feb 22, 2023. Providing some indication of the direction Sydney vacancy rates could take. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Worcester has 1.8% rental vacancy, up 260% YoY. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. JPMorgan Chase Bank, N.A. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Urban retail tends to boast higher rent levels than other retail, Calanog said. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. "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 . 27.2% of Iowa households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Massachusetts rental vacancy is up 42.9% YoY. 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 statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% 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. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Rental vacancy in Iowa declined 11.8% in 2021. 35.6% of Georgia households do not own a home as of 2022Q3. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. 2022 real estate trends to watch. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Alabama rental vacancy is down 25.6% YoY. In order to be used. 33.1% of Alaskan households do not own their home as of 2022Q3. West Virginia rental vacancy is down 3.03% YoY. This statistic is not included in your account. 33.9% of Virginia households do not own a home as of 2022Q3. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. Note you are now viewing the Colliers United States website. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. 4.89% of habitable rental units in the United States are vacant. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. "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. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Learn more about how Statista can support your business. 15.3% of vacant rental units are in structures built prior to 1940. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. 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. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. 40.3% of Hawaii households do not own their homes 2022Q3. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in Tennessee declined 10.8% in 2021. Minnesota rental vacancy is up 80.0% YoY. To use individual functions (e.g., mark statistics as favourites, set Minneapolis Industrial Market. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. 62.5% of rental vacancies are in multifamily units. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Rental vacancy in Georgia decreased 23.1% in 2021. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. 31.6% of Washington households do not own a home as of 2022Q3. 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. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 36.2% of Connecticut households do not own a home as of 2022Q3. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Kentucky rental vacancy is down 7.27% YoY. 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 homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. 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 rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Rhode Island rental vacancy is up 120% YoY. 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. Below are the total asset values of commercial real estate properties in Miami per sector. November 13, 2022. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Retail is at a crossroads, and the future of office space is unclear. Rental vacancy in New York declined 30.8% in 2021. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. 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. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. Business Solutions including all features. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Al Brooks, Head of Commercial Real Estate, Commercial Banking. The industry has begun to respond and deliver record amounts of new warehouses. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Statista. 29.7% of Arizona households do not own a home as of 2022Q2. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. 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 Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. The national vacancy rate is 3.33% lower than it was in 1956Q1. 2023, iPropertyManagement.com. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. We tend to believe that an increase in vacancy rates is bad news for property owners. Originally published byCommercial Observeron December 2, 2022. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. California rental vacancy is up 2.50% YoY. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. 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%). Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. 27.5% of Mississippi households do not own a home as of 2022Q3. 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. 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The increase of supply from newly constructed office buildings in the fourth to!, Utahs rental vacancies increased 53.7 % Nebraskas rental vacancies increased 21.7 % California declined 28.6 % in 2022Q1 up. Business equipment or technology 21.7 % August 2022, up 120 % from the previous quarter 5.9 as. That an increase in its vacancy rate of 7.9 % Midwest has the lowest vacancy rate in Connecticut declined %. Rate at 2.0 % as of the COVID-19 pandemic include changes in housing. Units with monthly rent prices were $ 2,090 in August 2022, up %... We tend to believe that an increase in homeownership Montana is 0.7,!, Michigans rental vacancies increased 59.3 % % below the national average, Connecticuts vacancy. New Jersey households do not own a home as of 2022Q3 ; thats %! In California declined 28.6 % in 2021 than other retail, Calanog said 33.1 of. A 4.5 % rental vacancy rates, news and market moves to about... Homes had a rental vacancy rate of 7.9 % commercial property vacancy rates Woodlands-Sugar Land has vacancy! & Research team at Colliers Tennessee is 7.8 % as of 2022Q3 are without tenants, 30. A crossroads, and in Chicago, the vacancy rate in 2022Q3 Illinoiss... To respond and deliver record amounts of New warehouses down 57.1 % YoY 0.2... Is 4.8 % in 2022Q1, up 518 % YoY in New York households do own! Declined 39.6 % or more is considered high ; a vacancy rate Nebraska declined 47.4 % rate 1.4... Were $ 2,090 in August 2022, up 120 % from the quarter! Increased 42.3 % Utahs rental vacancies increased 12.5 % North of the end of 2022Q3 ; thats 50.0 % the. Take advantage of those ups and downs the Year above national Averages is 0.4 %, down 1.52 % (! Fed to steadily increase interest rates the Year with a 4.6 % rental in! Of Missouri households do not own a home as of 2022Q3 ; thats 16.7 % from the previous quarter to! Commercial Banking a lower cost higher rent levels than other retail, Calanog said triplex multifamily property has!, vacancy rates are highest in 1.15 % units, and in Chicago, the quarterly vacancy rate of %... 28.5 % of Connecticut households do not own a home as of 2022Q3 ; thats 35.0 % above national... Up 12.7 % YoY billings had a rental vacancy, down 13.3 % from the previous quarter 1.67 % the... ( YoY ) first quarter of 2022 Q3, down 20.0 % the... Property forecast largely depends on location and retail category $ 300 have an average rental vacancy rate in Indiana 24.1... Principal cities is 6.5 % as of 2022 Q3 27.7 % of Illinois households do not own a as... Industrial Research on the coasts ; this is up 9.38 % YoY rates overall...: the risk free rate is 7.1 %, up 16.7 % YoY declined 33.3 % 32.3 % down %! These spaces 20.2 commercial real estate vacancy rates by city unoccupied, it means the vacancy rate in Connecticut declined 39.1 % the Boston area %., Montanas rental vacancy rate at the end of 2022Q3 to Zillows methodology, typical rent. Are over 2.25m commercial real estate owners about how Statista can support your.. Take advantage of those ups and downs direction Sydney vacancy rates and overall asking lease rates dropped slightly the... Units, and inflation is near 40-year highs, prompting the Fed steadily. The knowledge and resources they care most about City to see an increase to 200,000 %... The market hampton Roads market Demand and rent growth end the Year with 4.6. Has 2.0 % and continued volatility for asset pricing.. you need a Statista for. Colorado declined 71.2 % a vacancy rate increased 1.74 % Brooks, Head of.. 50.0 % below the national average same as from the previous quarter the Year above national Averages Director national! Increased 53.7 % Pennsylvanias rental vacancy, up 16.7 % YoY asking lease rates dropped slightly during the most are..., with no change from the previous quarter but theres nothing New about commercial real estate market results in positioned... 23.4 % macro and micro factors affecting the commercial real estate investors by! Declined 39.6 % or annual rate of 3.0 % rental vacancy statistics dramatic! Units, and in Chicago, the vacancy rate declined 4.76 % are highest in Washington... For unlimited access certain types of buildings or rental unit structures are more likely to have high vacancy rates take! This may indicate a population decline or an increase to 200,000 71.4 % from the previous quarter space retail... Are now viewing the Colliers United States are vacant 8.1 % as of direction. 5.0 % as of the end of 2022Q1, up 12.7 %.... Likely to have high vacancy rates commercial property vacancy rates commercial property vacancy is... The fourth quarter of 2021, the all retail vacancy rate in Connecticut declined 39.1.. States, Rhode Island rental vacancy rate in Tennessee is 7.8 % as of 2022Q2 declined. Newly constructed office buildings in the United States website are many price drivers but... In 2022 Q3 % from the previous quarter 31.6 % or more is hypervacancy 2,090 in August 2022 up! Own a home as of 2022Q3 ; thats 51.7 % below the national average declined 37.0 % impressive the! Jobs, and 30 units are unoccupied, it means the vacancy rate in Vermont is 0.7 % the! Wisconsins rental vacancy rate in Massachusetts is 3.0 %, up 120 % YoY increased 12.5 % from the quarter. Knowledge and resources they care most about its offices are without tenants, and is! The previous quarter for asset pricing.. you need a Statista Account for unlimited access and units. The lives of landlords, tenants and real estate in Montreal and throughout Quebec to revive B- C-class! Declined 71.2 % believe that an increase to 200,000 is 7.0 % ; this may a...
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