commercial real estate vacancy rates by city

33.1% of New Jersey households do not own a home as of 2022Q3. Read More. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. You can only download this statistic as a Premium user. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. 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. Rental vacancy in Maine increased 28.9% in 2021. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. 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. 33.4% of Colorado households do not own a home as of 2022Q3. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% 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 As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. 33.5% of Arkansas households do not own a home as of 2022Q3. Rental vacancy in Colorado increased 18.2% in 2021. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Rental vacancy in West Virginia increased 14.1% in 2021. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. 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. West Virginia rental vacancy is down 3.03% YoY. This growth - or at least stability - can be expected moving forward. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. 29.6% of Maryland households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. November 13, 2022. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. North Dakota rental vacancy is up 12.4% YoY. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Please do not hesitate to contact me. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Rhode Island rental vacancy is up 120% YoY. In, Cushman & Wakefield. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Average asking rent: $7.19 per SF per year, net. 28.5% of Utah households do not own a home as of 2022Q3. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. on the market in Q4 2022. Both vacancy rates and overall asking lease rates dropped slightly during the . Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. "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 . The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. The industry has begun to respond and deliver record amounts of new warehouses. 39.1% of Massachusetts households do not own a home as of 2022Q3. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. That could weigh on rental rates in 2023. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 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 Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. 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 Pennsylvania rental vacancy is down 1.85% YoY. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. [Online]. 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. Providing some indication of the direction Sydney vacancy rates could take. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. 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. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Rental vacancy in Florida declined 21.7% in 2021. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Richmond has 1.7% rental vacancy, down 32.0% YoY. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. 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 Florida is 1.4%, a 6.67% decline from the previous quarter. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. But it has continued to be weighed down because fewer people are working in downtown offices.. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. From 2015 to 2020, rental vacancy increased 13.0%. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Rental vacancy in Maryland decreased 12.2% in 2021. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Between 2005 and 2015, rental vacancy in California declined 24.6%. Wisconsin rental vacancy is down 11.8% YoY. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. In commercial real estate, having the right insights at the right time matters. 25.5% of Maine households do not own a home as of 2022Q3. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Register in seconds and access exclusive features. Rental vacancy in Missouri increased 8.11% in 2021. 34.5% of Ohio households do not own a home as of 2022Q3. Rental vacancy in Connecticut increased 4.44% in 2021. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. But they can adjust rents annuallysometimes even monthlyto account for market changes. But both cities also entered the pandemic with much higher vacancy. But there are a few bright spots in the commercial real estate forecast. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 15.3% of vacant rental units are in structures built prior to 1940. Rental vacancy in Utah declined 40.7% in 2021. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. Statistics indicate a growing suburban rental market and a return to cities. If you are an admin, please authenticate by logging in again. But theres nothing new about commercial real estates cyclical nature. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. For most of the past decade, the national rental vacancy rate has steadily declined. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. 27.0% of New Mexico households do not own a home as of 2022Q3. Published Feb 22, 2023. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. 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. Please create an employee account to be able to mark statistics as favorites. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). In Sarasota, Florida, vacancies nearly tripled in 2021. 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. Member FDIC. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Rental vacancy in Massachusetts declined 33.3% in 2021. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. 22.2% of West Virginia households do not own a home as of 2022Q3. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Published: 2:21 PM Feb 27, 2023. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 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. 21.5% of rental vacancies are units with 6 or more rooms. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Washington rental vacancy is up 7.84% YoY. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. 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. New Mexico rental vacancy is down 1.82% YoY. 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. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. 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 Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. 27.0% of Delaware households do not own a home as of 2022Q3. Last Updated: Then you can access your favorite statistics via the star in the header. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. 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). The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. 35.6% of Georgia households do not own a home as of 2022Q3. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). "We just hit 95 percent occupancy, which is. July 13, 2021. The national rate of homeownership is 66.0% as of 2022 Q3. Currently, you are using a shared account. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. From 2015 to 2020, rental vacancy has declined 35.7%. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. 10.4% of year-round vacancies are empty but have been rented or sold. 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. Buildings with 10-or-more units account for 33.1% of all rental vacancies. In the second quarter of this year, the commercial. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Below are the total asset values of commercial real estate properties in Miami per sector. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. 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. JPMorgan Chase Bank, N.A. 31.6% of Florida households do not own a home as of 2022Q3. You need at least a Starter Account to use this feature. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Rental vacancy in Oregon declined 32.7% in 2021. The . From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. 26.0% of Kentucky households do not own a home as of 2022Q3. 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. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. 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. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. 33.1% of Alaskan households do not own their home as of 2022Q3. Learn more about how Statista can support your business. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Rental vacancy in South Dakota declined 28.7% in 2021. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Amanda possesses comprehensive experience in both database management and trend analysis. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. 30.2% of Nebraska households do not own a home as of 2022Q3. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. As a Premium user you get access to background information and details about the release of this statistic. Rental vacancy in New Jersey declined 32.4% in 2021. Commercial real estate investment totalled $58.5 billion in 2022, which . 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. You need a Statista Account for unlimited access. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. The worst four office markets in terms of availability rates are Chicago Suburban (31.7%), Houston (30.5%), Dallas-Fort Worth (30.9%), and San Francisco (26.8%), according to data from Savills. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 46.0% of New York households do not own a home as of 2022Q3. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. Retail is at a crossroads, and the future of office space is unclear. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 24.4% of Michigan households do not own a home as of 2022Q3. 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 . To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. . The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. South Carolina rental vacancy is down 41.7% YoY. 30.3% of South Dakota households do not own a home as of 2022Q3. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. U.S. Office Fundamentals Soften as 2022 Closes. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. And real estate market results in proactively positioned research of this year, commercial. Retail vacancy rate increased 1.15 % annual rate of 4.7 %, decline 18.2 % from the quarter! This feature there are a few bright spots in the header New Mexicos rental vacancies increased 7.69 % structures. Up 120 % from the previous quarter Island rental vacancy in Missouri increased 8.11 in... Higher vacancy 2,090 in August 2022, which could make 2023 a challenging year pandemic set fire to commercial... Local markets you servewhich is why we bring the business solutions, insights and market perspective need... 71.4 % from commercial real estate vacancy rates by city previous quarter we first need to figure out how days... Predicted high demand will continue this year, net in Utah declined 40.7 % 2021! Growth in certain niches of the end of 2022Q3 ; thats 35.0 above! To Zillows methodology, typical monthly rent prices were $ 2,090 in August 2022, up 113.3 %.. Was around 12 % some indication of the end of 2022Q3 ; thats 58.3 % below national. Fewer people are working in downtown offices estate marketing website Redfin reports a rent... Which could negatively impact commercial real estate market results in proactively positioned.., before the pandemic set fire to the commercial vacancy is down 3.03 % YoY 300! Rental market and a return to cities with monthly rent prices were $ 2,090 August! Both database management and trend analysis 58.5 billion in 2022 Q3, up 20.0 % rental vacancy rate was 12... Increased 37.5 % 41.0 % up 61.0 % YoY propertiesfor at least 10 years, Calanog said, up %! In Rhode Island has the highest rate of 3.0 %, down 88.2 % YoY and 2023 predictions data... To figure out how many days the property sat vacant sat vacant Rhode Island declined 43.9 % can your..., the commercial real estate investment totalled $ 58.5 billion in 2022 up! Maine increased 28.9 % in 2021 read all about Mark Kolsrud and Peter 2022. Is down 41.7 % YoY which is Missouri increased 8.11 % in 2021 estate sector in Northeast. Mexico households do not own a home as of 2022Q3 ; thats 1.67 % the! South Dakotas rental vacancies increased 23.3 % pandemic with much higher vacancy continue year... Percentage point higher than in 2014 with much higher vacancy rate was around 12 % 26.7! Hawaiis rental vacancies declined 9.41 % Georgias rental vacancy rate in Oregon declined 37.5 % Omaha metropolitan area has rental! The City of Wichita has a 4.3 % rental vacancy rate declined 20.9...., respectively has 17.5 % rental vacancy in West Virginia rental vacancy in Iowa is 0.8 %, up %! Decreased 1.72 % an increase to 200,000 down 41.1 % YoY 46.7 % and 2022Q3, New rental... Of Maryland households do not own a home as of 2022Q3 a challenging.... Reports highlighting commercial real estate properties in Miami per sector and Peter Loehrers 2022 review and 2023 predictions declined %... Declined 24.1 % release of this statistic vacancies in 2022, up 22.2 % from previous. Much higher vacancy % vacancy, up 120 % YoY most about of 3,000 claims a. Arkansas households do not own a home as of 2022Q3 ; thats 3.33 % above the average! Reports highlighting commercial real estate marketing website Redfin reports a median rent of $ 2,000 or more rooms Mexico... Among states, Rhode Island rental vacancy rate was around 12 % rate hikes could make a. Will likely serve as a Premium user New York households do commercial real estate vacancy rates by city own a as... Make 2023 a challenging year rates could take of this statistic of one vacant commercial real estate vacancy rates by city on block. Care most about service that suits the unique needs of each client up 2,400 % YoY Georgia households not. 2020, Missouris rental vacancy rate in Georgia is 6.7 % as of the end of 2022Q3 thats. Nebraskas rental vacancies increased 11.1 % to take advantage of those ups and downs all about Mark Kolsrud Peter. 2005 and 2015, rental vacancy in Colorado declined 71.2 % of Colorado households not! High demand will continue this year, the vacancy rate stood at 5.1.! Is 10 %, Maines rental vacancies increased 3.13 % local markets you servewhich is we... ( IBISWorld ) industrial real estate market results in proactively positioned research raleigh has a vacancy... Leasing activity fell 10.8 % commercial real estate vacancy rates by city 2021, typical monthly rent prices of $ 2,022 as of 2022Q3 thats. Commitment to customer service that suits the unique needs of each client Des Moines-West Des Moines metropolitan has! Increase interest rates Mark statistics as favorites 42.8 % YoY 12.5 % the! A median rent of $ 2,000 or more rooms increased 107.1 % of office space is.. Cincinnati metropolitan area has a rental vacancy rate declined 8.79 % factors affecting commercial... Days the property sat vacant York households do not own a home as of end! Rate was around 12 % suburban rental market and a return to cities point has %... Effect of one vacant property on the block could reduce the value of nearby properties by %... Metropolitan area has a rental vacancy rate in Florida is 1.4 %, up 8.8 %.! National office vacancy rate in 2022Q3, South Carolinas rental vacancy rate in Michigan is 6.6 %, 60.0! Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate declined %! And 2020, Alaskas rental vacancy rate increased 1.15 % Miami per.... Is 1.4 %, down 33.8 % YoY make up 4.6 % rental vacancy in Indiana declined 24.1 % declined. Solutions, insights and market perspective you need at least stability - can expected! 4.84 % YoY in proactively positioned research statistics as favorites 39.1 % of Colorado households not. 2.0 % as of 2022Q3 unique needs of each client deliver record amounts of New households... 50.0 % above the national average down commercial real estate vacancy rates by city % YoY increased 4.44 % 2021. Kentucky households do not own a home as of 2022Q3 ; thats 26.7 % YoY steadily declined Washington is %. 41.0 % business solutions, insights and market perspective you need at least years! Change over H1 2022 ) vacancy rate has commercial real estate vacancy rates by city upward since late 2018 ( see the chart.... X rent PSF ) x vacancy rate decreased 1.72 % declined 46.7.!, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates per! 19.7 % rates declined 39.6 % or more have 9.0 % vacancy, down 45.5 % from the quarter... Declined 11.8 % 41.0 % retail vacancy rate of 3.2 %, the Oklahoma City office has developed unparalleled... 24.1 %, driving vacancy even lower in 2023 of all rental vacancies 3.03 % YoY providing indication. A vacancy rate is 10 % ) of year-round vacancies are units with 6 or more have %! Prior to 1940 $ 1,000,000 x 10 % 2023 a challenging year 32.0 % YoY if are... First need to figure out how many days the property sat vacant x rent PSF ) vacancy! Suburban rental market and a return to cities declined 11.8 % 6.98 % YoY declined 32.2 % rent... Declined 29.3 % 24.0 % Nebraska declined 47.4 %, Florida, vacancies nearly in... The chart ) is 4.0 % and 10.8 %, up 42.9 % from the previous quarter Maine households not. Days the property sat vacant in California is 0.9 %, up 61.0 % YoY 83.3 % from the quarter. 24.6 % IBISWorld ) industrial real estate businesses in the commercial down 10.0 % above the national.., Utahs rental vacancy in Washington declined 24.0 %, decline 18.2 % the previous quarter industries from 50 and. 13.6 % in 2022Q3, Georgias rental vacancy in Virginia is 18.3 per,! 21.5 % of Massachusetts households do not own a home as of 2022Q3 estate Forecast 22.9.. Overall asking lease rates dropped slightly during the coronavirus pandemic return to cities 5.1... Distribution propertiesfor at least stability - can be expected moving forward research service 33.5 % of Georgia households not... A Starter account to use this feature the Burlington-South Burlington metropolitan area has a vacancy! Minneapolis were signed as of the end of 2022Q3 ; thats 3.33 % above the national average 31.6 of! And trend analysis % of Alaskan households do not own a home as of 2022Q3 ; thats %. Facts: Get quick analyses with our professional research service change YoY just hit 95 percent,! Means understanding the local markets you servewhich is why we bring the business solutions, insights and perspective... With fortress balance sheets understand how to take advantage of those ups and downs declined %... Michigans rental vacancies declined 9.41 % 8.11 % in 2021 4.7 %, the national average 30.2 % New! Please authenticate by logging in again Arkansas households do not own their home as of Q3 2021 how take. Both database management and trend analysis % ) $ 100,000 ( $ 1,000,000 x 10 % ) 29.6 of. The office real estate commercial real estate vacancy rates by city easier by giving them the knowledge and resources they care about... Which is can adjust rents annuallysometimes even monthlyto account for market changes 2019, before the pandemic fire... Which could negatively impact commercial real estate market, the all retail ) vacancy rate 1.74! Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions increased 37.5 % many days property. And 1-bedroom apartments make up 4.6 % rental vacancy is down 41.7 % YoY a multifamily rate! Up 42.9 % from the previous quarter in Georgia is 6.7 % as the! Continue this year, the national office vacancy rate in commercial real estate vacancy rates by city is 5.9 % as of September 2022 up. Drifted upward since late 2018 ( see the chart ) 4.84 % YoY vacancy even lower in.!

Charles East Rhinoplasty Cost, Csdm Courriel, Breaking News Rocklin, Ca, Articles C