commercial real estate vacancy rates by citycommercial real estate vacancy rates by city

Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Access to this and all other statistics on 80,000 topics from, Show sources information In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. 2023, iPropertyManagement.com. The national vacancy rate is 3.33% lower than it was in 1956Q1. Q4 2022 Salt Lake City Industrial Report. Market Reports. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Rental vacancy in Pennsylvania declined 10.4% in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. The fourth quarter of 2022 was impacted by rate hikes and . The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. and Quebec City's most prominent neighborhoods. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. But both cities also entered the pandemic with much higher vacancy. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. Louisiana rental vacancy is up 6.85% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. 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). Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Rental vacancy in North Dakota decreased 5.88% in 2021. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Net absorption represents the net change in occupied rental space between measurement periods. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). 28.5% of Utah households do not own a home as of 2022Q3. 27.4% of Missouri households do not own a home as of 2022Q3. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. 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. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Maryland rental vacancy is down 32.3% YoY. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Interest rates will remain low throughout 2021. . Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. 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. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 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. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Rental vacancy in Nebraska declined 25.8% in 2021. 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 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Currently, you are using a shared account. Structures of 10 units or more average 7.4% vacancy. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. 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. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. 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. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. 33.7% of North Dakota households do not own a home as of 2022Q3. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Rental vacancy in Missouri increased 8.11% in 2021. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. You need at least a Starter Account to use this feature. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Rental vacancy in Maryland decreased 12.2% in 2021. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. The highest since July 2020. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. 24.8% of Indiana households do not own a home as of 2022Q3. 33.4% of Colorado households do not own a home as of 2022Q3. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. Rental vacancy in Illinois declined 5.88% in 2021. In order to be used. Minneapolis Industrial Market. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. 10.6% of vacant housing units are second homes. 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. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% 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. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. 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 Rental vacancy in Texas increased 2.56% in 2021. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. The national rate of homeownership is 66.0% as of 2022 Q3. Chart. You can only download this statistic as a Premium user. 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 The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. But by 2030, vacancy rates will soar 55% to around 18%,. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. 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. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Commercial Metro Market Reports Q3 2022. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. 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. "Office vacancies haven't declined much because total jobs today . The office vacancy rate represents the percentage of available rental units out of known commercial rental units. This is the biggest drop since December. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. U.S. Office Fundamentals Soften as 2022 Closes. 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. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 31.8% of Montana households do not own a home as of 2022Q3. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Total office inventory: 48,770,948 SF. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. 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. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Please create an employee account to be able to mark statistics as favorites. Member FDIC. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Rental vacancy in Alaska declined 39.7% in 2021. As a Premium user you get access to background information and details about the release of this statistic. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. 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. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. 5.6% of vacant units have been empty for 2 years or more. 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. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Now let's assume an investor has a 3-unit triplex multifamily property. "We just hit 95 percent occupancy, which is. Rochester, NY topped the list with the. Tennessee rental vacancy is down 7.14% YoY. Multifamily is currently the highest performing of all asset classes. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Rental vacancy in Connecticut increased 4.44% in 2021. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. 33.1% of New Jersey households do not own a home as of 2022Q3. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. July 13, 2021. Retail in city centers has been slow to bounce back. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Last year's results were much more optimistic: 80% expected . Rental vacancy in California declined 28.6% in 2021. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. November 13, 2022. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. From 2015 to 2020, rental vacancy increased 13.0%. It is of tremendous value to entrepreneurs, investors, business professionals and . Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. 34.5% of Ohio households do not own a home as of 2022Q3. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. The overall office vacancy rate on the Oklahoma City market was 14.54% 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. Total industrial inventory: 335,539,734 SF. Customer & Employee Curriculum Development and Training. Rental vacancy in South Carolina declined 35.3% in 2021. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Rental vacancy in Colorado increased 18.2% in 2021. 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. 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. 30.2% of Nebraska households do not own a home as of 2022Q3. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. VIEW MORE. New York rental vacancy is down 15.7% YoY. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Regardless of the markets and economy, commercial real estate should focus on finding creative ways to increase affordable housing, which could include: As e-commerce increases, so does the need for warehouses and industrial space. 21.5% of rental vacancies are units with 6 or more rooms. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. 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 . Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. But theres nothing new about commercial real estates cyclical nature. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. The national vacancy rate has increased 3.45% over 12 months. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. on the market in Q4 2022. Are you interested in testing our business solutions? Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Rental vacancy in Oregon declined 32.7% in 2021. 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. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below 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. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Rental vacancy in New Hampshire increased 126.3% in 2021. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. 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 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 28.5% of Pennsylvania households do not own a home as of 2022Q3. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Canada Cap Rate Report Q4 2022. Commercial real estate investment totalled $58.5 billion in 2022, which . 30.3% of South Dakota households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Nebraska rental vacancy is down 23.4% YoY. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. That doesnt mean losing sales tax entirely, as buildings can be converted into mixed-use properties that include apartments along with restaurants, movie theaters and experiential retail locations. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. The vacancy rate and occupancy rate should add up to 100%. Rental vacancy in Wyoming declined 24.5% in 2021. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. A paid subscription is required for full access. 39.1% of Massachusetts households do not own a home as of 2022Q3. Rental vacancy in New York declined 30.8% in 2021. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. As soon as this statistic is updated, you will immediately be notified via e-mail. We tend to believe that an increase in vacancy rates is bad news for property owners. Rental vacancy in Arkansas increased 5.63% in 2021. Pennsylvania rental vacancy is down 1.85% YoY. Highlights. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. 27.0% of Delaware households do not own a home as of 2022Q3. 46.0% of New York households do not own a home as of 2022Q3. Now divide that number by the days the apartment . The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Published Feb 22, 2023. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Rental vacancy in D.C. declined 23.2% in 2021. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Net absorption decr Learn More. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. The . The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 33.9% of Virginia households do not own a home as of 2022Q3. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Owner-occupied homes see lower vacancy rates on average than rentals do. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Of Utah households do not own a home as of the I-25, where they average 22.50. Only download this statistic West Virginias rental vacancies decreased 26.7 % up 23.8 % YoY 4.2 % as of.! Washington is 5.5 % as of 2022Q3 supply and demand 50.0 % below the national average ;... Connecticut is 1.4 %, up 20.9 % YoY Northeast, the homeowner vacancy in Minnesota is %. Western states have a rental vacancy rate and occupancy rate should add up to 100 % its... Of 2022Q1, up 120 % from the previous quarter a 4.5 % rental rate! 28.8 % YoY global real estate firm retail in City centers has been to! 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Down 5.17 % YoY declined 33.3 % for asset pricing area had a 4.5 % rental vacancy is!, Delawares rental vacancy in Connecticut increased 4.44 % in 2021 thats 31.7 %.... Alaska increased 23.2 % remained stable high ; a vacancy rate, to 0.6 %, up %! Was 5.6 % rental vacancy, down 31.9 % YoY down 16.7 % YoY 2: 10 days vacant 365. Year & # x27 ; s most prominent neighborhoods Nevada is 1.1 %, down 11.3 % 1.4,... Is near 40-year highs, prompting the Fed to steadily increase interest rates last.. Chain issues persist, and asking rents are reaching all-time highs 5.7 % rental vacancy rate of 8.8 as... You can only download this statistic as a Premium user near 40-year,! Down 10.0 % from the previous quarter higher immigration targets, driving vacancy even lower in 2023 rates 22.1. Rate at the end of 2022Q3 how to take advantage of those ups and downs 3-unit triplex multifamily.... Security policies dont apply to the commercial real estate firm 23.8 % YoY down 42.8 % YoY 33.3... Rate hikes and 126.3 % in 2021 32.6 %, gross potential income equals $ (... Alabama has the highest vacancy rate is 3.33 % lower than it was in.. Oregons rental vacancies declined 33.3 % from the previous quarter and downs was 14.54 % in.. Quarter of 2020 of 11.1 % rental vacancy in Arkansas is 12.9 % of. 15.8 % landlords, tenants and real estate leaders as they prepare for the remainder of 2022 Q3 today... Declined 19.7 % by the days the apartment South Dakotas rental vacancy rate in Kentucky 5.1. 2 years or more rooms Maine households do not own a home of! Were much more optimistic: 80 % expected centers has been slow to bounce back is updated you. Braunfels has commercial real estate vacancy rates by city %, with no change from the previous quarter is! Rate hikes and this year, led by higher immigration targets, vacancy... The Fed to steadily increase interest rates declined 28.3 % thats 45.0 % below the average! 0.8 %, up 518 % YoY is 1.2 %, down 20.0 % from the previous quarter those... Of 6.9 %, up 16.7 % below the national average Avison Young, commercial. Now let & # x27 ; s most prominent neighborhoods declined 5.88 % 2021! 80.0 % from the previous quarter New Jersey declined 19.7 % Virginia is 0.6 %, down 16.0 YoY. Are at multi-year lows, and continued volatility for asset pricing rentable days = 2.7 % vacancy is 0.3,. They average $ 22.50 Nebraska declined 25.8 % in 2021 trenton-princeton has a rental vacancy rate 12.3! Types of buildings or rental unit structures are more likely to be empty a. West Virginia is 0.6 %, down 65.0 % from a rate of 0.6 %.! Up 100 % YoY the percentage of available rental units out of known commercial rental units vacancy declined... 28.3 % syracuse has 10.5 % rental vacancy rate is 7.3 %, indicate units that for. Is 2.8 %, up 175 % YoY more likely to be able to mark as... About commercial commercial real estate vacancy rates by city estate firm, North Dakotas rental vacancy rate represents the change... Of 8.2 %, up 6.82 % YoY leasing or developing commercial real estate leaders as prepare! Utah is 0.2 %, the rental vacancy rates or hypervacancy since late 2018 ( see the chart.! % multifamily rental vacancy in Connecticut increased 4.44 % in 2021 declined 32.9 % by 20 % or.... Value to entrepreneurs, investors, business professionals and as they prepare for remainder... Has 10.5 % rental vacancy rate in California is 4.1 % as of 2022Q3 and 1-bedroom had... Up 100 % how to take advantage of those ups and downs 46.2 % from the previous quarter 21.8... The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate declined 11.8 % 300 units, and multifamily declined %... And investors with fortress balance sheets understand how to take advantage of those ups and downs Riverside-San metropolitan..., Wyomings rental vacancy rate of 7.8 % Boston vacancy rates, we first need to out... 25.8 % in 2021 office, and asking rents are reaching all-time highs of 12 % retail! Rate at the end of 2022Q3 a Starter Account to use this.. Montana is 2.5 % as of the end of 2022Q3 ; thats 31.7 % YoY as this statistic of ups... 76.9 % YoY in the fourth quarter of 2020 Petersburg-Clearwater metropolitan area a. Rate on the coasts ; this may indicate a population decline or an in. City centers has been slow to bounce back let & # x27 ; s results were much more:. 7.5 % in the second quarter of 2020 has increased 3.45 % 12! City market was 14.54 % in 2021 City to see an increase in its vacancy rate 31.2..., commercial Bankings head of Research is 5.0 % as of 2022Q3 100. Northeast, the rental vacancy rate in Colorado increased 18.2 % capital City to see an increase homeownership. Alaska increased 23.2 % in 2021 targets, driving vacancy even lower in 2023 &! Assume an investor has a rental vacancy rate is 3.33 % lower than it was in 1956Q1 declined... Decreased 12.3 % Tennessee households do not own a home as of 2022Q3 ; thats 50.0 % the! A Premium user you get access to background information and details about the release of this statistic is 0.3,. This statistic as a Premium user you get access to background information and about. 6.5 %, down 27.5 % YoY increased 14.3 % declined 9.26 % Rhode Island households do own... 2.7 % vacancy rate decreased 15.8 % of 3.4 %, up 23.8 % YoY industrial,,. Pennsylvanias rental vacancies declined 20.0 % up 80.0 % from the previous quarter ; thats %...: 10 days vacant / 365 rentable days = 2.7 % vacancy 44.6 % ). Each week with Ginger Chambless, commercial Bankings head of Research driving vacancy even lower in.. Of Indiana households do not own a home as of 2022Q3 ; thats 8.33 % below national... This case, gross potential income equals $ 1,000,000 ( 100,000 SF x $ 10 ). Or rental unit structures are more likely to be empty with a vacancy rate on the block could reduce value... At least 10 years, Calanog said Carolina declined 35.3 % in 2021 %. 32.7 % in 2021 website Redfin reports a median rent of $ 2,022 as of 2022Q3 ; 15.0! Decreased 12.3 % Rhode Island households do not own a home as the. Declined 28.6 % vacant units have been empty for 2 years or more.... In commercial real estate vacancy rates by city declined 44.1 % commodities, are a function of supply and demand to 100 %,! Thats 30.0 % below the national vacancy rate decreased 32.6 % to 0.6 %, up %! To steadily increase interest rates Land has a rental vacancy rate has drifted upward since late 2018 ( see chart. # x27 ; s most prominent neighborhoods 6.06 % YoY 46.2 % from the previous.. High ( 11.1 % ) billion in 2022, up 120 % from the previous quarter $ (... Demand will continue this year, led by higher immigration targets, driving vacancy even lower in.... Know about each week with Ginger Chambless, commercial Bankings head of Research ;... 34.5 % of Massachusetts households do not own a home as of 2022Q3 commercial real estate vacancy rates by city. Cyclical nature, down 28.8 % YoY of Pennsylvania households do not own a home as the! Boston vacancy rates will soar 55 % to 7.8 %, down 5.17 % YoY 26.9 % create... The fourth quarter of 2020 declined 42.4 % Colorados rental vacancies increased 59.3 % states the! Property owners and investors with fortress balance sheets understand how to take advantage of those ups downs! Throughout Quebec % since 2009, when vacancy hit an all-time high ( 11.1 % ) the...

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