Rental vacancy in Connecticut increased 4.44% in 2021. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Syracuse has 10.5% rental vacancy, up 6.06% YoY. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Rental vacancy in South Dakota declined 28.7% in 2021. West Virginia rental vacancy is down 3.03% YoY. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Rental vacancy in Wisconsin increased 68.8% in 2021. (July 13, 2021). Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. You need at least a Starter Account to use this feature. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. New Hampshire rental vacancy is up 44.0% YoY. Member FDIC. Massachusetts rental vacancy is up 42.9% YoY. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. California rental vacancy is up 2.50% YoY. Amanda possesses comprehensive experience in both database management and trend analysis. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. Cushman & Wakefield. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Download Full Report. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. 4.89% of habitable rental units in the United States are vacant. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. But there are a few bright spots in the commercial real estate forecast. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. 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. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Get full access to all features within our Business Solutions. Highlights. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. 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. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. . Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. Profit from the additional features of your individual account. 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. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. 10.6% of vacant housing units are second homes. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 25.6% of South Carolina households do not own a home as of 2022Q3. 8.1% of vacant rental units are in structures built after March 2010. Net absorption decr Learn More. 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. Multifamily is currently the highest performing of all asset classes. Homeowner vacancy in New York is 1.2%, down 7.69% 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. From 2015 to 2020, vacancy increased 19.2%. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 40.3% of Hawaii households do not own their homes 2022Q3. The fourth quarter of 2022 was impacted by rate hikes and . *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Published: 2:21 PM Feb 27, 2023. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. 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. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. "Office vacancies haven't declined much because total jobs today . Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Rental vacancy in Indiana declined 37.4% in 2021. "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 . Connecticut has the lowest vacancy rate at 2.0%. The 2023 commercial real estate outlook indicates there may be challenges ahead. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. The Midwest has the highest rate of homeownership at 70.1%. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. 25.5% of Maine households do not own a home as of 2022Q3. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. 1968-1973 are Available online from Hathi Trust External 33.7% of North Dakota households do not own a home as of 2022Q3. Full recovery would take place over years, not months, and impact all asset classes. Rental vacancy in D.C. declined 23.2% in 2021. As a Premium user you get access to background information and details about the release of this statistic. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. 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. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates In commercial real estate, having the right insights at the right time matters. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. 40.6% of Nevada households do not own a home as of 2022Q3. 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 The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. 27.0% of New Mexico households do not own a home as of 2022Q3. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Urban retail tends to boast higher rent levels than other retail, Calanog said. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Rental vacancy in Virginia declined 21.9% in 2021. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. (Deloitte) Here are the most impactful commercial real estate trends we can expect to see in 2021. . Then you can access your favorite statistics via the star in the header. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 26.1% of Minnesota households do not own a home as of 2022Q3. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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. The retail property forecast largely depends on location and retail category. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Read More. Rental vacancy in Washington declined 5.26% in 2021. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. [Online]. Total office inventory: 48,770,948 SF. Rental vacancy in North Carolina declined 8.70% in 2021. Market Reports. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Vacancy rate: 13.4%. Below are the total asset values of commercial real estate properties in Miami per sector. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. 27.7% of Idaho households do not own a home as of 2022Q3. 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. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. A paid subscription is required for full access. Rental vacancy in Rhode Island increased 25.0% in 2021. But both cities also entered the pandemic with much higher vacancy. Major cities will continue to see population decline. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. The average U.S. office listing rate stood at $38.04 per square foot, up 1.1% year-over-year Up 80 basis points year-over-year, the national vacancy rate rested at 16.6% Under-construction office space reached 123 million square feet or 1.9% of total stock Office sales totaled $1.9 billion in January, with assets trading at $202 per square foot From 2015 to 2020, rental vacancy increased 13.0%. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. As a general rule, rent prices increase as vacancy rates decrease. In the second quarter of this year, the commercial. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. 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. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. 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. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. 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. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. 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. Maryland rental vacancy is down 32.3% YoY. It is of tremendous value to entrepreneurs, investors, business professionals and . Multifamily owners and investors arent immune to cost increases. Rental vacancy in Alabama increased 25.0% in 2021. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Washington rental vacancy is up 7.84% YoY. Please review its terms, privacy and security policies to see how they apply to you. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Between 2005 and 2015, rental vacancy in Montana declined 60.7%.
