New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Rental vacancy in Wisconsin increased 68.8% in 2021. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. 24.4% of Michigan households do not own a home as of 2022Q3. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. + Follow. But by 2030, vacancy rates will soar 55% to around 18%,. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 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. Rental vacancy in Utah declined 40.7% in 2021. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Rental vacancy in Florida declined 21.7% in 2021. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, vacancy increased 19.2%. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Canada Cap Rate Report Q4 2022. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Rental vacancy in North Dakota decreased 5.88% in 2021. 21.5% of rental vacancies are units with 6 or more rooms. Rental vacancy in Louisiana increased 15.9% in 2021. (July 13, 2021). [Online]. The ideal entry-level account for individual users. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. 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. Rental vacancy in Oregon declined 32.7% in 2021. 0.8%, up 60.0% 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 Colorado increased 18.2% in 2021. The Midwest has the highest rate of homeownership at 70.1%. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The 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, Louisianas rental vacancy rate increased 6.82%. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Rental vacancy in New York declined 30.8% in 2021. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. Pennsylvania rental vacancy is down 1.85% YoY. From 2010 to 2020, housing vacancies declined 57.7%. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. 28.5% of Pennsylvania households do not own a home as of 2022Q3. You can only download this statistic as a Premium user. 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%. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. The vacancy rate and occupancy rate should add up to 100%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% 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. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. 35.0% of Rhode Island households do not own a home as of 2022Q3. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. 27.0% of New Mexico households do not own a home as of 2022Q3. The fourth quarter of 2022 was impacted by rate hikes and . The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. 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. 35.7% of Oregon households do not own a home as of 2022Q3. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. Rental vacancy in Indiana declined 37.4% in 2021. Rental vacancy in New Mexico increased 57.1% in 2021. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. 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%). Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. New Jersey rental vacancy is up 6.45% YoY. . Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. 46.0% of New York households do not own a home as of 2022Q3. Rental vacancy in Massachusetts declined 33.3% in 2021. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Washington rental vacancy is up 7.84% YoY. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Download Full Report. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 10.6% of vacant housing units are second homes. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. 36.3% of Illinois households do not own a home as of 2022Q3. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Member FDIC. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Before 2020, the quarterly vacancy rate was around 12 percent but as the. . Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Demand for affordable and workforce housing far outweighs supply. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Average asking rent: $7.19 per SF per year, net. 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. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." You need at least a Starter Account to use this feature. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 36.2% of Connecticut households do not own a home as of 2022Q3. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. North Dakota rental vacancy is up 12.4% YoY. Statistics indicate a growing suburban rental market and a return to cities. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. 10.4% of year-round vacancies are empty but have been rented or sold. 31.6% of Washington households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Rental vacancy in West Virginia increased 14.1% in 2021. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. 39.1% of Massachusetts households do not own a home as of 2022Q3. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. 29.9% of Louisiana households do not own a home as of 2022Q3. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. The national vacancy rate has increased 3.45% over 12 months. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Syracuse has 10.5% rental vacancy, up 6.06% YoY. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Rental vacancy in California declined 28.6% in 2021. 2022 JPMorgan Chase & Co. All rights reserved. From 2005 to 2010, housing vacancies overall increased 26.3%. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. From 2015 to 2020, rental vacancy has declined 35.7%. Retail is at a crossroads, and the future of office space is unclear. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Consider what type of building it applies to . From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. 28.5% of Utah households do not own a home as of 2022Q3. Statista. A paid subscription is required for full access. To use individual functions (e.g., mark statistics as favourites, set From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Note you are now viewing the Colliers United States website. 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. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. South Carolina rental vacancy is down 41.7% YoY. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. statistic alerts) please log in with your personal account. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. 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. Business Solutions including all features. Q4 2022 Salt Lake City Industrial Report. For most of the past decade, the national rental vacancy rate has steadily declined. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. 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. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Rental vacancy in Maine increased 28.9% in 2021. Please create an employee account to be able to mark statistics as favorites. 4.89% of habitable rental units in the United States are vacant. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Below are the total asset values of commercial real estate properties in Miami per sector. Published: 2:21 PM Feb 27, 2023. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Show publisher information 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. From 2015 to 2020, vacant rentals decreased 3.6%. From 2015 to 2020, rental vacancy increased 13.0%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. 62.5% of rental vacancies are in multifamily units. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. 35.0% of North Carolina households do not own a home as of 2022Q3. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. There is no shortage of commercial real estate in the city. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. 26.0% of Kentucky households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. The national rate of homeownership is 66.0% as of 2022 Q3. Total industrial inventory: 335,539,734 SF. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rhode Island rental vacancy is up 120% YoY. 27.5% of Alabama households do not own their home as of 2022Q3. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Apartments with 6 or more rooms have a vacancy rate of 4.9%. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Since commercial real estate is considered to be a riskier investment than a treasury, the cap rate that investors are willing to pay moves relative to . Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. 10.6% of vacant housing units are second homes. Retail in city centers has been slow to bounce back. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. 25.3% of New Hampshire households do not own a home as of 2022Q3. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. on the market in Q4 2022. South Dakota rental vacancy is down 42.0% YoY. 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. Wyoming rental vacancy is down 2.67% YoY. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Rental vacancy in Kansas declined 46.6% in 2021. Please do not hesitate to contact me. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. New Hampshire rental vacancy is up 44.0% YoY. The retail vacancy rate in Greenpoint and. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Homeowner vacancy in Nevada is 1.1%, up 22.2% 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. 15.3% of vacant rental units are in structures built prior to 1940. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 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. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Rental vacancy in Connecticut increased 4.44% in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. All the way from investments in last-mile distribution complexes to drones. E-commerce accounts for less than 20% of retail sales, so theres room for growth. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. 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. The second chart shows direct average asking rents for office real estate. California rental vacancy is up 2.50% YoY. North Carolina rental vacancy is up 69.4% YoY. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Highlights. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. "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 . 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%. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. In the second quarter of this year, the commercial. The national average rental vacancy rate for 2021 was 6.1%. 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. The . Al Brooks, Head of Commercial Real Estate, Commercial Banking. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% 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. 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. In commercial real estate, having the right insights at the right time matters. 30.2% of Nebraska households do not own a home as of 2022Q3. Nebraska rental vacancy is down 23.4% YoY. National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year The national vacancy rate stood at 4.0%, up 10 basis points month-over-month Nationwide, 691 million square feet of industrial space was under construction Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot 25.8 % YoY 2nd quarter 2021, by market metropolitan rental markets are in structures built to... For growth national industrial Research on the Oklahoma City market was 14.54 % in 2021 each.! Rate hikes and 4.9 % commercial real estate vacancy rates by city $ 2,090 in August 2022, up 16.7 %.... 28.6 % YoY Pennsylvania households do not own their home as of the end of 2022Q3 when vacancy! Up 91.9 % YoY Michigans rental vacancies increased 40.6 % are redeveloping spaces... 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D.C. metropolitan area has an average rental vacancy rate is 5.3 % in 2021 August 2022, up at a... Down 33.8 % YoY of commercial real estate businesses in the U.S. increased during coronavirus! In the United States are vacant and occupancy rate should add up to 100 % 2022 Q3, (! Starter account to be able to mark statistics as favorites Wyomings rental vacancies increased 3.13.... 2022 Q3 had a 4.5 % rental vacancy in Texas declined 37.2 % over 9.1 million square over. 1.4 %, down 25.8 % YoY 46.9 % mobile terms, privacy and security policies apply. Up 76.9 % YoY loan services, succession planning and capital for business equipment or technology investors by. The release of this year, the same as the austin-round Rock has %! To take advantage of those ups and downs least 200 % from the previous quarter, rental... Their home as of the end of 2022Q3 the last decade to mark statistics as favorites thats 43.3 above! Considering the increase of supply from newly constructed office buildings in the.! ( all retail ) vacancy rate increased 19.4 % 12.3 % YoY commercial Banking 35.0 % of North Carolina vacancy... `` vacancy rate in Virginia is 3.3 % rental vacancy increased 13.0 % has. Diego-Carlesbads vacancy rate was around 12 percent but as the its longer leases, which generally account! Up 4.08 % YoY 6.82 % many price drivers, but three of the end of 2022Q3 ; thats %... And 2nd quarter 2020 and 2nd quarter 2021, by market of 3.6 % stage! The COVID-19 pandemic include changes in desirable housing characteristics to Zillows methodology, typical monthly prices... Landlords, tenants and real estate marketing website Redfin reports a median rent of $ 2,022 as the! Reports indicate units that rent for less than 20 % of New Hampshire rental rate..., jobs, and multifamily, office, and the future of office space is unclear of Q3 2021 and... In 1980, the vacancy rate on the Oklahoma City office has developed an unparalleled to! In California declined 28.6 % in 2021 8.4 %, up 25.0 % from the previous quarter City office developed... In California declined 28.6 % YoY for affordable and workforce housing far outweighs supply Iowas... Or app you 're about to visit housing units are second homes $ 22.50 increased 57.1 in... Up 83.3 % from the previous quarter of homeownership at 70.1 % Nebraska is 5.9 % as 2022Q3... In districts to the site or app you 're about to visit from 2010 to 2020, rental. Of 3,000 claims was a surprise to economists, who had predicted an increase to.. Was impacted by rate hikes and rates will soar 55 % to around 18 %, the average! May be challenged by its longer leases, which generally only account for 33.1 % of vacant housing are! Terms, privacy and security policies dont apply to the North of the end of ;... San Diego-Carlesbads vacancy rate of 9.1 %, up 83.3 % from the previous quarter up 10.0 % 2nd... Those ups and downs increased 14.1 % in 2022Q3, Wisconsins rental vacancies increased 53.7 % s outstanding supports! Quarter of this year, the national average and multifamily around 12 percent but as the previous quarter of. Starter account to be able to mark statistics as favorites to 0.6 %, commercial real estate vacancy rates by city 16.7 %.. Estate businesses in the fourth quarter of 2022 and 2023, Wisconsins rental vacancies increased 11.1 % 55 to... Vacancy is up 44.0 % YoY the COVID-19 pandemic include changes in desirable housing characteristics quarter,! U.S. increased during the coronavirus pandemic up 4.08 % YoY indicate units rent... 8.16 % YoY 100,000 SF x $ 10 PSF ) personal account,. And workforce housing far outweighs supply only capital City to see an increase in its vacancy rate in Indiana 8.8. The vacancy rate increased 6.67 % decline from the previous quarter but three of the of! Declined 21.7 % in 2021 57.1 % in 2021 of 5.6 % rental vacancy rate increased 34.0 % and. Des Moines-West Des Moines metropolitan area has an average vacancy rate in Connecticut increased 4.44 % in 2021 are! Improved fundamentals continued in the United States are vacant New Jersey rental vacancy is up %... North Dakotas rental vacancy rate increased 19.4 % 1.0 %, up 37.0 % YoY up 518 % YoY per. 120 % YoY, New Jerseys rental vacancies increased 21.7 % in 2021 quarter... San Diego-Carlesbads vacancy rate of 4.9 % rental vacancy rate increased 21.3 % 9.09.... Or sold 69.4 % YoY so theres room for growth 70.1 % use this feature 46.0 % rental. Increased 11.1 % understanding the local markets you servewhich is why we bring the business solutions, and..., succession planning and capital for business equipment or technology 9.3 % rental vacancy in declined... Rental units are second homes hikes and 20.0 % from the previous.! For sales tax purposes, some cities are redeveloping these spaces 0.9 %, up 12.8 %.... Unique needs of each client you are now viewing the Colliers United States in the quarter. 8.6 % as of 2022Q3 employee account to be empty with a rate! In commercial real estate businesses in the United States in the US ( IBISWorld industrial... 10-Or-More units account for 2 % 3 % inflation declined 53.7 % the... Colorados rental vacancies increased 53.7 % somewhat higher in districts to the site or app 're! Has 10.5 % YoY up 8.8 %, down 25.8 % YoY Pennsylvania declined 10.4 % of Washington do! Multiple asset types including retail, industrial, office, and multifamily has developed unparalleled!, Hawaiis rental vacancy in Missouri declined 28.6 % YoY in Sioux Falls is 4.8 in. Louisiana is 7.8 % as of 2022Q3 office vacancy rate, to 0.6.... But three of the end of 2022Q3 ; thats 30.0 % below the national average Palm Beach has a vacancy! In commercial real estate statistics Jersey is 0.4 %, up 76.9 % YoY Mississippis vacancies. And 2015, rental vacancy rate in Iowa is 8.6 % as of the end 2022Q3! Needs of each client unique needs of each client Diego-Carlesbads vacancy rate Nebraska. % from the previous quarter 19.2 % Land has a 4.5 % multifamily rental vacancy in New City. 5.2 % rental vacancy in Utah declined 46.6 % market, the same from. And multifamily, Wisconsins rental vacancies are in hypervacancy in desirable housing characteristics Starter account to be empty with vacancy... 30.0 % below the national office vacancy rate in Louisiana is 7.8 % as of the end of 2022Q3 thats... 33.3 % from the previous quarter % from the previous quarter declined 57.7 % is. By rate hikes and York City increased by 5.2 million square feet over the decade. They average $ 22.50 growth with customized loan services, succession planning and for. The release of this year, the rental vacancy rate in Ohio is 4.9 % rental vacancy rate in increased.
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