"Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. New Mexico rental vacancy is down 1.82% YoY. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Interest rates will remain low throughout 2021. . 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. Vacancy rate: 13.4%. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. 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. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. 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. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Urban retail tends to boast higher rent levels than other retail, Calanog said. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Minneapolis Industrial Market. 29.6% of Maryland households do not own a home as of 2022Q3. Rental vacancy in North Dakota decreased 5.88% in 2021. Rochester, NY topped the list with the. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Now divide that number by the days the apartment . 21.5% of rental vacancies are units with 6 or more rooms. Rental vacancy in Alabama increased 25.0% in 2021. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. 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 Texas declined 37.2%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Rental vacancy in Maryland decreased 12.2% in 2021. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. 46.3% of vacant units have been empty for 2 months or less. 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. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. New York rental vacancy is down 15.7% YoY. 30.3% of South Dakota households do not own a home as of 2022Q3. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. A paid subscription is required for full access. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. A 2023 recession would likely be a more traditional one. 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. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Rhode Island rental vacancy is up 120% YoY. However, while they are both important, they measure different things and can give you additional insights into the market. Last year's results were much more optimistic: 80% expected . Before 2020, the quarterly vacancy rate was around 12 percent but as the. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Between 2005 and 2015, rental vacancy in California declined 24.6%. Rental vacancy in Indiana declined 37.4% in 2021. 22.0% of Wyoming households do not own a home as of 2022Q3. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 31.6% of Washington households do not own a home as of 2022Q3. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 1968-1973 are Available online from Hathi Trust External "Office vacancies haven't declined much because total jobs today . 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 **Such a large YoY increase may be the result of multi-unit construction. 10.6% of vacant housing units are second homes. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. 8.1% of vacant rental units are in structures built after March 2010. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). From 2015 to 2020, rental vacancy has declined 35.7%. Rental vacancy in Arkansas increased 5.63% in 2021. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. But by 2030, vacancy rates will soar 55% to around 18%,. Retail in city centers has been slow to bounce back. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. End-of-year figures from the commercial agency show Sydney maintained its status as the world's tightest industrial property market, after the vacancy rate for buildings 5000 square metres. There may be overleveraged building owners during an economic downturn. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. 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 . Kentucky rental vacancy is down 7.27% YoY. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. You need at least a Starter Account to use this feature. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. 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. There is no shortage of commercial real estate in the city. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. The vacancy rate hit a record-low of 4.5% as of December 18 while the median asking rent growth hit a record high of 11% year-over-year. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. For most of the past decade, the national rental vacancy rate has steadily declined. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. 27.4% of Missouri households do not own a home as of 2022Q3. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Last Updated: 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%). 24.4% of Michigan households do not own a home as of 2022Q3. Rental vacancy in Mississippi increased 46.6% in 2021. Minnesota rental vacancy is up 80.0% YoY. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. 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). The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. Quad Cities Commercial Real Estate Market Report. 40.3% of Hawaii households do not own their homes 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. Rental vacancy in Rhode Island increased 25.0% in 2021. Market Reports Feb 6, 2023. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Rental vacancy in North Carolina declined 8.70% in 2021. 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. (Deloitte) The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. But theres nothing new about commercial real estates cyclical nature. Rental vacancy in Wisconsin increased 68.8% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. Net absorption represents the net change in occupied rental space between measurement periods. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. . Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Rental vacancy in Kansas declined 46.6% in 2021. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. In the second quarter of this year, the commercial. 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. The Midwest has the highest rate of homeownership at 70.1%. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Rental vacancy in Louisiana increased 15.9% in 2021. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. U.S. Office Fundamentals Soften as 2022 Closes. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. 31.8% of Montana households do not own a home as of 2022Q3. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Average asking rents: $23.89 per SF year, full service gross, all classes. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Rental vacancy in Kentucky increased 9.09% in 2021. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. 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. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. (July 13, 2021). 36.2% of Connecticut households do not own a home as of 2022Q3. 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. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. 26.1% of Minnesota households do not own a home as of 2022Q3. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. 36.3% of Illinois households do not own a home as of 2022Q3. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. 2023, iPropertyManagement.com. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Net absorption decr Learn More. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. 27.0% of New Mexico households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. 33.1% of New Jersey households do not own a home as of 2022Q3. 28.4% of Wisconsin households do not own a home as of 2022Q3. 25.5% of Maine households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. You only have access to basic statistics. Rental vacancy in Nebraska declined 25.8% in 2021. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. 29.7% of Arizona households do not own a home as of 2022Q2. Multifamily is currently the highest performing of all asset classes. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. 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. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Learn more about how Statista can support your business. 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%. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Then you can access your favorite statistics via the star in the header. Amanda possesses comprehensive experience in both database management and trend analysis. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Please create an employee account to be able to mark statistics as favorites. 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. and Quebec City's most prominent neighborhoods. 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. The national vacancy rate has increased 3.45% over 12 months. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Total industrial inventory: 335,539,734 SF. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Profit from the additional features of your individual account. Show publisher information Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. . 4.89% of habitable rental units in the United States are vacant. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Rental vacancy in Florida declined 21.7% in 2021. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The 2023 commercial real estate outlook indicates there may be challenges ahead. CBRE is the local leader in commercial real estate. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Rental vacancy in Virginia declined 21.9% in 2021. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. South Carolina rental vacancy is down 41.7% YoY. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. The highest since July 2020. 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. 5.6% of vacant units have been empty for 2 years or more. Alabama rental vacancy is down 25.6% YoY. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Nebraska rental vacancy is down 23.4% YoY. In order to be used. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. "We just hit 95 percent occupancy, which is. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Memphis has 9.6% rental vacancy, up 24.7% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Connecticut has the lowest vacancy rate at 2.0%. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. 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). In some cases, the right location with the right amenitiesthink optimizing floorplans for collaboration, offering private outdoor space and adding onsite services such as childcare and cateringmay bring employees back to the office. If you are an admin, please authenticate by logging in again. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates 24.8% of Indiana households do not own a home as of 2022Q3. But it has continued to be weighed down because fewer people are working in downtown offices.. The national average rental vacancy rate for 2021 was 6.1%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. 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