Amanda possesses comprehensive experience in both database management and trend analysis. 33.5% of Arkansas households do not own a home as of 2022Q3. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. . From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Rental vacancy in South Dakota declined 28.7% in 2021. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Learn more about how Statista can support your business. New York rental vacancy is down 15.7% YoY. 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. But they can adjust rents annuallysometimes even monthlyto account for market changes. Hawaii has the second-highest YoY increase at 83.0%. Virginia rental vacancy is down 50.0% YoY. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. Rental vacancy in New Mexico increased 57.1% in 2021. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Rental vacancy in Massachusetts declined 33.3% in 2021. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. 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 statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. 10.6% of vacant housing units are second homes. For example, assume that the same 100,000 SF property has average rents of $10 PSF. 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). But there are a few bright spots in the commercial real estate forecast. 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. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. 30.3% of South Dakota households do not own a home as of 2022Q3. From 2015 to 2020, rental vacancy declined 50.8%. (Deloitte) 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 28.5% of Utah households do not own a home as of 2022Q3. Market Reports Feb 6, 2023. 33.6% of Tennessee households do not own a home as of 2022Q3. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. 27.5% of Alabama households do not own their home as of 2022Q3. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Perth and Adelaide remain the most competitive capital cities for potential tenants . Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Rental vacancy in D.C. declined 23.2% 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. Highlights. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Rochester has 6.5% rental vacancy, up 183% YoY. Rental vacancy in New York declined 30.8% in 2021. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. The . 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. 62.5% of rental vacancies are in multifamily units. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. In San Francisco, for example, the availability rate of 26.8% was a new record worst in the data, and was up from an availability rate of 7.3% in Q3 2019. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. 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. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. 46.3% of vacant units have been empty for 2 months or less. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Rental vacancy in Hawaii increased 16.9% in 2021. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% 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. The retail property forecast largely depends on location and retail category. 25.5% of Maine households do not own a home as of 2022Q3. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Rental vacancy in Utah declined 40.7% in 2021. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. 35.6% of Georgia households do not own a home as of 2022Q3. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Multifamily owners and investors arent immune to cost increases. Maryland rental vacancy is down 32.3% YoY. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. 10.6% of vacant housing units are second homes. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. 27.0% of Delaware households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Get full access to all features within our Business Solutions. As soon as this statistic is updated, you will immediately be notified via e-mail. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . Rental vacancy in Louisiana increased 15.9% in 2021. Structures of 10 units or more average 7.4% vacancy. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. "We just hit 95 percent occupancy, which is. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week Last year's results were much more optimistic: 80% expected . Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. "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. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Demand for affordable and workforce housing far outweighs supply. 26.1% of Minnesota households do not own a home as of 2022Q3. California rental vacancy is up 2.50% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. To use individual functions (e.g., mark statistics as favourites, set The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Nebraska rental vacancy is down 23.4% YoY. 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. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. CBRE is the local leader in commercial real estate. 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. The national average rental vacancy rate for 2021 was 6.1%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. 35.0% of North Carolina households do not own a home as of 2022Q3. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. 24.8% of Indiana households do not own a home as of 2022Q3. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Louisiana rental vacancy is up 6.85% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Are you interested in testing our business solutions? Vacancy rate: 13.4%. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. 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. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. 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 statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. 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 . Rental vacancy in Arkansas increased 5.63% in 2021. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. 33.1% of New Jersey households do not own a home as of 2022Q3. Rental vacancy in Maryland decreased 12.2% in 2021. 27.0% of New Mexico 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. 31.6% of Washington households do not own a home as of 2022Q3. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. West Virginia rental vacancy is down 3.03% YoY. A paid subscription is required for full access. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. 21.5% of rental vacancies are units with 6 or more rooms. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. The national rental vacancy rate is 6.0%. 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. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 27.4% of Missouri households do not own a home as of 2022Q3. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Between 2005 and 2015, rental vacancy in California declined 24.6%. However, while they are both important, they measure different things and can give you additional insights into the market. Rental vacancy in Washington declined 5.26% in 2021. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Connecticut rental vacancy is down 51.2% YoY. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. But by 2030, vacancy rates will soar 55% to around 18%,. You need a Statista Account for unlimited access. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. It is of tremendous value to entrepreneurs, investors, business professionals and . The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Then you can access your favorite statistics via the star in the header. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. 28.4% of Wisconsin households do not own a home as of 2022Q3. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Download Full Report. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. 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. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Rental vacancy in Kentucky increased 9.09% in 2021. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. on the market in Q4 2022. There is no shortage of commercial real estate in the city. But both cities also entered the pandemic with much higher vacancy. Chart. Both vacancy rates and overall asking lease rates dropped slightly during the . In, Cushman & Wakefield. Rental vacancy in Georgia decreased 23.1% in 2021. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. Montana rental vacancy is down 34.2% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Rental vacancy in Delaware increased 7.84% in 2021. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. 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. 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