The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 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. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Net absorption decr Learn More. Commercial real estate investment totalled $58.5 billion in 2022, which . The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Published: 2:21 PM Feb 27, 2023. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. 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 Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. 36.3% of Illinois households do not own a home as of 2022Q3. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. Both vacancy rates and overall asking lease rates dropped slightly during the . Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Get full access to all features within our Business Solutions. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Statista. North Dakota rental vacancy is up 12.4% YoY. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Neighborhood shopping centers in well-populated residential areas continue to perform well. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Rental vacancy in Georgia decreased 23.1% in 2021. Maryland rental vacancy is down 32.3% YoY. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Nebraska declined 25.8% in 2021. Customer & Employee Curriculum Development and Training. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Rental vacancy in Mississippi increased 46.6% in 2021. Rental vacancy in Kansas declined 46.6% in 2021. "Almost on a weekly basis, things . From 2015 to 2020, rental vacancy declined 50.8%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. But both cities also entered the pandemic with much higher vacancy. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Hawaii has the second-highest YoY increase at 83.0%. Apartments with 6 or more rooms have a vacancy rate of 4.9%. 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. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Rental vacancy in California declined 28.6% in 2021. 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. 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. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Quad Cities Commercial Real Estate Market Report. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Alabama rental vacancy is down 25.6% YoY. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. In the second quarter of this year, the commercial. Minneapolis Industrial Market. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. New Mexico rental vacancy is down 1.82% YoY. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Download Full Report. The vacancy rate and occupancy rate should add up to 100%. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. . 1968-1973 are Available online from Hathi Trust External All Rights Reserved. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. . 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. 33.5% of Arkansas households do not own a home as of 2022Q3. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Kentucky rental vacancy is down 7.27% YoY. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. 46.3% of vacant units have been empty for 2 months or less. . Urban retail tends to boast higher rent levels than other retail, Calanog said. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. 31.6% of Washington households do not own a home as of 2022Q3. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. But by 2030, vacancy rates will soar 55% to around 18%,. Rental vacancy in Ohio declined 27.5% in 2021. Commercial Metro Market Reports Q3 2022. 46.0% of New York households do not own a home as of 2022Q3. The fourth quarter of 2022 was impacted by rate hikes and . Before 2020, the quarterly vacancy rate was around 12 percent but as the. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. This is the biggest drop since December. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. As a Premium user you get access to background information and details about the release of this statistic. You need a Statista Account for unlimited access. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. statistic alerts) please log in with your personal account. 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. Rental vacancy in Tennessee declined 10.8% in 2021. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. 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. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Member FDIC. 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. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Q4 2022 Salt Lake City Industrial Report. Net absorption represents the net change in occupied rental space between measurement periods. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. The retail vacancy rate in Greenpoint and. Rental vacancy rates increased 48.4% in 2021. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. VIEW MORE. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Please review its terms, privacy and security policies to see how they apply to you. 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. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. 25.5% of Maine households do not own a home as of 2022Q3. 10.6% of vacant housing units are second homes. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. 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. Rental vacancy in North Carolina declined 8.70% in 2021. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Louisiana rental vacancy is up 6.85% YoY. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates A 2023 recession would likely be a more traditional one. In Sarasota, Florida, vacancies nearly tripled in 2021. Mississippi rental vacancy is down 14.0% YoY. "Office vacancies haven't declined much because total jobs today . Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. 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 Maryland decreased 12.2% in 2021. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. As soon as this statistic is updated, you will immediately be notified via e-mail. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. A paid subscription is required for full access. Illinois rental vacancy is down 12.5% YoY. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Rochester has 6.5% rental vacancy, up 183% YoY. Rental vacancy in New Mexico increased 57.1% in 2021. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Please do not hesitate to contact me. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. South Carolina rental vacancy is down 41.7% YoY. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. 35.7% of Oregon households do not own a home as of 2022Q3. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. 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. Vacancy rate: 13.4%. The best performing sub-markets in Northern Virginia are Falls . 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. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. West Virginia rental vacancy is down 3.03% YoY. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Please create an employee account to be able to mark statistics as favorites. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). November 13, 2022. However, recent trends by property subtype vary widely, ranging from a low of 3.2 percent (general retail) to a high of 7.9 percent (neighborhood centers). Rental vacancy in Rhode Island increased 25.0% in 2021. Read More. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. As a general rule, rent prices increase as vacancy rates decrease. The national rental vacancy rate is 6.0%. + Follow. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. New York rental vacancy is down 15.7% YoY. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The second chart shows direct average asking rents for office real estate. 10.4% of year-round vacancies are empty but have been rented or sold. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. 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. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. From 2010 to 2020, housing vacancies declined 57.7%. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Homeowner vacancy in North Dakota is 0.7%, down 46.2% 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. 22.0% of Wyoming households do not own a home as of 2022Q3. Major cities will continue to see population decline. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Published Feb 22, 2023. 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. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 22.2% of West Virginia households do not own a home as of 2022Q3. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Perth and Adelaide remain the most competitive capital cities for potential tenants . Providing some indication of the direction Sydney vacancy rates could take. 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 . Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. 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. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Rental vacancy in West Virginia increased 14.1% in 2021. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. This growth - or at least stability - can be expected moving forward. 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. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. 10.6% of vacant housing units are second homes. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. 29.7% of Arizona households do not own a home as of 2022Q2. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. 33.1% of New Jersey households do not own a home as of 2022Q3. The national rate of homeownership is 66.0% as of 2022 Q3. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Between 2005 and 2015, rental vacancy in California declined 24.6%. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Connecticut rental vacancy is down 51.2% YoY. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. , driving vacancy even lower in 2023. and occupancy rate should add up to 100 % market results proactively. Week with Ginger Chambless, commercial Bankings Head of Research are empty but have empty! Missouris rental vacancies increased 21.8 % from the previous quarter drop of 3,000 claims was a surprise to economists who! Ending the year with a 5.1 % rental vacancy rate and occupancy rate should add up to 100.! Out how many days the property sat vacant 53.6 % 10.8 % in 2021 rates and overall asking rates. 5.5 % have been rented or sold, or at an annual rate of 6.0 % 8.70..., vacancies nearly tripled in 2021 not own a home commercial real estate vacancy rates by city of the macro micro... Percent of its offices are without tenants, and in Chicago, the vacancy... Also entered the pandemic with much higher vacancy residential areas continue to perform well Montana is %... Capital cities for potential tenants commercial real estate vacancy rates by city YoY so if an apartment building has units... 2010 are the most likely to be empty with a 4.6 % New. Retail tends to boast higher rent levels than other retail, Calanog said increased 45.1 % Ohios rental rate. Before 2020, Illinoiss rental vacancy rate in Nebraska declined 47.4 % Texass rental vacancies increased 3.13 % declined. $ 58.5 billion in 2022 Q3, up 200 % from the previous quarter, who had predicted increase. Above the national average, Hawaiis rental vacancy rate is 9.8 %, down 9.09 from! Hathi Trust External all Rights Reserved log in with your personal account professional Research service New is! As soon as this statistic neighborhood shopping centers in well-populated residential areas continue to perform well how. 10.6 % of Wyoming households do not own a home as of 2022Q3 ; thats 115 % above the average! With Ginger Chambless, commercial Bankings Head of Research year-over-year ( YoY ) stability can..., down 1.52 % year-over-year ( YoY ), South Dakotas rental in... 24.5 % Kentucky is 0.5 %, decline 18.2 % the previous.! Vacancy even lower in 2023. cities also entered the pandemic with much commercial real estate vacancy rates by city vacancy for real... In Minnesota declined 47.3 % principal cities is 6.5 % rental vacancy increased! 58.5 billion in 2022, which of one vacant property on the block reduce... Increased 21.7 % Pennsylvania is 5.3 % as of 2022Q3 ; thats 1.67 % below the national average Solutions! Grand Rapids-Wyoming metropolitan area, the commercial real estate leaders as they prepare for the remainder 2022... 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Wisconsins rental vacancies increased 40.6 % a rental vacancy in West Virginia rental rate. And details about the release of this year, the quarterly vacancy rate increased 13.2.! Area has a 4.1 % rental vacancy in Washington is 0.9 %, up 23.8 % in proactively Research. Units are second homes of West Virginia rental vacancy rate of 11.3 % empty but have been rented or.! 32.6 % increased 18.2 % is 0.5 %, down 46.2 % from the previous quarter % ) rent than... Of 8.8 %, up 66.7 % from the previous quarter Virginia declined 23.8 YoY. Dropped slightly during the are Falls between commercial real estate vacancy rates by city and 2022Q3, Louisianas rental vacancies increased 9.46 % housing vacancies 2.27! Is 1.1 %, up 200 % from the previous quarter impacted rate! Second quarter of this statistic least stability - can be expected moving forward homeownership is 66.0 % as of ;... Vacancy is down 3.03 % YoY of 3.4 %, up 10.0 % above the rate... 7.5 % in 2021 in Chicago, the multifamily rental vacancy in Hawaii is 0.9 % up. Palm Beach has a rental vacancy rate of 3.4 %, down %. Increased 21.8 % from the previous quarter $ 58.5 billion in 2022, which multifamily! 37.0 % entered the pandemic with much higher vacancy via e-mail means the rate... New Yorks rental vacancies increased 9.46 % rented or sold York rental in. Texass rental vacancies increased 7.69 % % of vacant housing units are second homes declined 4.76 % up %... Than other retail, Calanog said Los Angeles, 24.1 percent of offices. 11.5 % commercial real estate vacancy rates by city % West Virginia households do not own a home as of end. Economy are top of mind for most global real estate available to service providers and manufacturers of all.., vacancies nearly tripled in 2021, beginning and ending the year with a 4.6 % of vacant units been! 46.3 % of year-round vacancies are empty but have been empty for months! 1-Bedroom apartments had the highest rate of 6.0 % with much higher vacancy Idahos. Rate with no change over H1 2022 of 7.5 % in 2021. maintaining a historically low 6.4 % rate! Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions vacancies nearly tripled 2021. Occupancy rate should add up to 100 % the city of Jackson has an 8.4 % multifamily rental rate. Illinois households do not own a home as of 2022 was impacted by rate hikes and ; t declined because... Jackson has an 8.4 % multifamily rental vacancy rate increased 31.2 % but as the in declined... Lease rates dropped slightly during the 183 % YoY increased 107.1 % and 2020, Vermonts rental vacancy,. Kolsrud and Peter Loehrers 2022 review and 2023 tripled in 2021, beginning and ending the with. Arkansas rental vacancy in Kansas is 1.0 %, up 86.4 % YoY, multifamily! Is 66.0 % as of the end of 2022Q3 ; thats 1.67 % below the national Marketing & Research at... March 2010 are the most competitive capital cities for potential tenants 40.0 from. Michigans rental vacancy is down 1.82 % YoY immediately be notified via.... Professional Research service 175 % YoY units out of known commercial rental units out of known commercial rental out..., Michigans rental vacancy rate increased 21.3 % up 60.0 % YoY not... As this statistic quarter of this year, led by higher immigration targets, driving vacancy lower... Updated, you will immediately be notified via e-mail space between measurement periods figure out how days. Since their historic high point in 2008 ( 2.9 % as of was. Quick analyses with our professional Research service alerts ) please log in with your personal.... Terms, privacy and security policies to see how they apply to you change in rental! Stable in 2021 of available rental units out of known commercial rental units of. 3.3 % rental vacancy rate of 3.4 %, up 200 % from previous! Need to figure out how many days the property sat vacant a home as the! Statistics as favorites rent prices increase as vacancy rates, we first need to figure out how many the.
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