Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Rental vacancy in Iowa declined 11.8% in 2021. Access to this and all other statistics on 80,000 topics from, Show sources information 24.4% of Michigan households do not own a home as of 2022Q3. Rhode Island rental vacancy is up 120% YoY. As a Premium user you get access to the detailed source references and background information about this statistic. 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. 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. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. 24.8% of Indiana households do not own a home as of 2022Q3. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. 30.2% of Nebraska households do not own a home as of 2022Q3. The national rental vacancy rate is 6.0%. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Retail is at a crossroads, and the future of office space is unclear. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Profit from the additional features of your individual account. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. As a Premium user you get access to background information and details about the release of this statistic. 4.89% of habitable rental units in the United States are vacant. Commercial real estate investment totalled $58.5 billion in 2022, which . 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. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. 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. 2022 real estate trends to watch. 27.7% of Idaho households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. 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. Published Feb 22, 2023. 2022 JPMorgan Chase & Co. All rights reserved. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The 2023 commercial real estate outlook indicates there may be challenges ahead. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Are you interested in testing our business solutions? Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. 28.4% of Wisconsin households do not own a home as of 2022Q3. Market Reports Feb 6, 2023. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. New Mexico rental vacancy is down 1.82% YoY. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 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. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. 39.1% of Massachusetts households do not own a home as of 2022Q3. Rental vacancy in D.C. declined 23.2% in 2021. The national vacancy rate has increased 3.45% over 12 months. 33.7% of North Dakota households do not own a home as of 2022Q3. 62.5% of rental vacancies are in multifamily units. You need a Statista Account for unlimited access. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. 31.8% of Montana households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. 21.5% of rental vacancies are units with 6 or more rooms. 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 Rental vacancy in Tennessee declined 10.8% in 2021. Average asking rent: $7.19 per SF per year, net. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. This statistic is not included in your account. "Office vacancies haven't declined much because total jobs today . 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 South Carolina increased 12.7%. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. 27.0% of New Mexico 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%). Minnesota rental vacancy is up 80.0% YoY. 35.0% of North Carolina households do not own a home as of 2022Q3. 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. 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 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. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. 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. 25.3% of New Hampshire households do not own a home as of 2022Q3. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. Rochester, NY topped the list with the. Retail in city centers has been slow to bounce back. 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. Alabama rental vacancy is down 25.6% YoY. Rental vacancy in Nebraska declined 25.8% in 2021. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. The retail vacancy rate in Greenpoint and. Published: 2:21 PM Feb 27, 2023. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. 33.4% of Colorado households do not own a home as of 2022Q3. We tend to believe that an increase in vacancy rates is bad news for property owners. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above 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. . **Such a large YoY increase may be the result of multi-unit construction. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. Rental vacancy in Kansas declined 46.6% in 2021. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. For most of the past decade, the national rental vacancy rate has steadily declined. 46.0% of New York households do not own a home as of 2022Q3. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. 28.5% of Utah households do not own a home as of 2022Q3. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. Rental vacancy in Massachusetts declined 33.3% in 2021. 36.2% of Connecticut households do not own a home as of 2022Q3. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. "We just hit 95 percent occupancy, which is. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. From 2010 to 2020, housing vacancies declined 57.7%. Illinois rental vacancy is down 12.5% YoY. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. 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. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. You need at least a Starter Account to use this feature. From 2015 to 2020, rental vacancy declined 50.8%. Tennessee rental vacancy is down 7.14% YoY. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Urban retail tends to boast higher rent levels than other retail, Calanog said. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Rental vacancy in Connecticut increased 4.44% in 2021. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 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. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. 29.7% of Arizona households do not own a home as of 2022Q2. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Rental vacancy in Utah declined 40.7% in 2021. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Perth and Adelaide remain the most competitive capital cities for potential tenants . Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. 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. 35.6% of Georgia households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Nebraska rental vacancy is down 23.4% YoY. In the second quarter of this year, the commercial. 27.2% of Iowa households do not own a home as of 2022Q3. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Vacant retail space in New York City increased by 5.2 million square feet over the last decade. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Rental vacancy in Wisconsin increased 68.8% in 2021. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. New Hampshire rental vacancy is up 44.0% YoY. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 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