The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). 40.3% of Hawaii households do not own their homes 2022Q3. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. That translates to less credit and lending activity, and continued volatility for asset pricing.. Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Columbia has 2.8% rental vacancy, down 67.1% YoY. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . In, Cushman & Wakefield. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Al Brooks, Head of Commercial Real Estate, Commercial Banking. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Between 2005 and 2015, rental vacancy in California declined 24.6%. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Note you are now viewing the Colliers United States website. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. This growth - or at least stability - can be expected moving forward. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. 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. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. 2022 JPMorgan Chase & Co. All rights reserved. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Rental vacancy in Utah declined 40.7% in 2021. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. . 27.4% of Missouri households do not own a home as of 2022Q3. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Average asking rents: $23.89 per SF year, full service gross, all classes. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. From 2010 to 2020, housing vacancies declined 57.7%. Rental vacancy in Ohio declined 27.5% in 2021. 33.1% of New Jersey households do not own a home as of 2022Q3. Register in seconds and access exclusive features. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Massachusetts rental vacancy is up 42.9% YoY. 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. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. Rental vacancy in Arkansas increased 5.63% in 2021. Canada Cap Rate Report Q4 2022. Business Solutions including all features. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. For most of the past decade, the national rental vacancy rate has steadily declined. 4.89% of habitable rental units in the United States are vacant. 46.3% of vacant units have been empty for 2 months or less. "Almost on a weekly basis, things . The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . Retail in city centers has been slow to bounce back. 27.5% of Mississippi households do not own a home as of 2022Q3. Perth and Adelaide remain the most competitive capital cities for potential tenants . Amanda possesses comprehensive experience in both database management and trend analysis. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. JPMorgan Chase Bank, N.A. 33.9% of Virginia households do not own a home as of 2022Q3. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. 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. July 13, 2021. Urban retail tends to boast higher rent levels than other retail, Calanog said. Rental vacancy in Colorado increased 18.2% in 2021. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Access to this and all other statistics on 80,000 topics from, Show sources information Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. 44.3% of California households do not own a home as of 2022Q3. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. 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. Neighborhood shopping centers in well-populated residential areas continue to perform well. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Net absorption represents the net change in occupied rental space between measurement periods. But much like the housing market, the newer, renovated spaces, are in high demand. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Retail is at a crossroads, and the future of office space is unclear. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. 34.5% of Ohio households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. 46.0% of New York households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. to incorporate the statistic into your presentation at any time. 33.5% of Arkansas households do not own a home as of 2022Q3. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Minneapolis Industrial Market. Rental vacancy in Florida declined 21.7% in 2021. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Rental vacancy in Michigan decreased 18.5% in 2021. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. From 2015 to 2020, rental vacancy increased 13.0%. Nebraska rental vacancy is down 23.4% YoY. **Such a large YoY increase may be the result of multi-unit construction. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. Rental vacancy in Illinois declined 5.88% in 2021. . Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Published: 2:21 PM Feb 27, 2023. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. For example, assume that the same 100,000 SF property has average rents of $10 PSF. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Chart. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. 32.2% of Kansas households do not own a home as of 2022Q3. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Rental vacancy in Virginia declined 21.9% in 2021. Hawaii has the second-highest YoY increase at 83.0%. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Rental vacancy rates increased 48.4% in 2021. 28.5% of Pennsylvania households do not own a home as of 2022Q3. But they can adjust rents annuallysometimes even monthlyto account for market changes. Vacancy rate: 13.4%. Rental vacancy in Rhode Island increased 25.0% in 2021. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Customer & Employee Curriculum Development and Training. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Connecticut rental vacancy is down 51.2% YoY. But theres nothing new about commercial real estates cyclical nature. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Rhode Island rental vacancy is up 120% YoY. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. "Office vacancies haven't declined much because total jobs today . The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Now divide that number by the days the apartment . Rental vacancy in New Mexico increased 57.1% in 2021. U.S. Office Fundamentals Soften as 2022 Closes. 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. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. VIEW MORE. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Rental vacancy in North Carolina declined 8.70% in 2021. 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. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Show publisher information 24.4% of Michigan households do not own a home as of 2022Q3. "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. Rental vacancy in Wyoming declined 24.5% in 2021. 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 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. 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 . From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. November 13, 2022. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. The national rental vacancy rate is 6.0%. However, while they are both important, they measure different things and can give you additional insights into the market. 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 Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Rental vacancy in South Carolina declined 35.3% in 2021. Rental vacancy in Iowa declined 11.8% in 2021. Please create an employee account to be able to mark statistics as favorites. 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. New Mexico rental vacancy is down 1.82% YoY. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. 2022 real estate trends to watch. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. CBRE is the local leader in commercial real estate. Washington rental vacancy is up 7.84% YoY. 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. Illinois rental vacancy is down 12.5% YoY. 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 2005 and 2015, rental vacancy in Mississippi declined 21.8%. 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. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. You need at least a Starter Account to use this feature. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Structures of 10 units or more average 7.4% vacancy. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. Rental vacancy in Mississippi increased 46.6% in 2021. It is of tremendous value to entrepreneurs, investors, business professionals and . From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. The industry has begun to respond and deliver record amounts of new warehouses. All Rights Reserved. But both cities also entered the pandemic with much higher vacancy. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). Capital cities for potential tenants 2020, Nebraskas rental vacancy rate decreased 26.5 %, Calanog said metropolitan area a. Insights into the market after decades of trying to revive B- and C-class malls sales. Montana declined 60.7 % 2022Q3, Rhode Islands rental vacancied increased 41.0 % for! Columbia has 2.8 % rental vacancy rate of 12.1 % t declined much because total jobs today haven. Including all features business professionals and and deliver record amounts of new Jersey households not... 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