The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Published: 2:21 PM Feb 27, 2023. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. 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. But both cities also entered the pandemic with much higher vacancy. In commercial real estate, having the right insights at the right time matters. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Customer & Employee Curriculum Development and Training. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. 33.4% of Colorado households do not own a home as of 2022Q3. 0.8%, up 60.0% from the previous quarter. Please create an employee account to be able to mark statistics as favorites. 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 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. Rental vacancy in Alabama increased 25.0% in 2021. 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 Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Mississippi rental vacancy is down 14.0% YoY. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. From 2015 to 2020, rental vacancy has declined 35.7%. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Rental vacancy in Arkansas increased 5.63% in 2021. Business Solutions including all features. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. 26.1% of Minnesota households do not own a home as of 2022Q3. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. In order to be used. New Mexico rental vacancy is down 1.82% YoY. 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. 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 Wisconsin is 0.5%, up 25.0% from the previous quarter. 29.6% of Maryland households do not own a home as of 2022Q3. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Then you can access your favorite statistics via the star in the header. Massachusetts rental vacancy is up 42.9% YoY. South Dakota rental vacancy is down 42.0% YoY. Rental vacancy in New Jersey declined 32.4% in 2021. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. 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. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. 25.5% of Maine households do not own a home as of 2022Q3. Net absorption represents the net change in occupied rental space between measurement periods. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Rental vacancy in Kansas declined 46.6% in 2021. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. A paid subscription is required for full access. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. 33.6% of Tennessee households do not own a home as of 2022Q3. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. JPMorgan Chase Bank, N.A. 28.4% of Wisconsin households do not own a home as of 2022Q3. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. 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. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Vacancy rate: 13.4%. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. 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). Washington rental vacancy is up 7.84% YoY. However, while they are both important, they measure different things and can give you additional insights into the market. Rental vacancy in North Carolina declined 8.70% in 2021. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Member FDIC. The industry has begun to respond and deliver record amounts of new warehouses. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Q4 2022 Salt Lake City Industrial Report. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. 31.6% of Florida 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. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. 27.0% of New Mexico households do not own a home as of 2022Q3. Get full access to all features within our Business Solutions. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. 10.6% of vacant housing units are second homes. In the second quarter of this year, the commercial. New Hampshire rental vacancy is up 44.0% YoY. 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. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. 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. But by 2030, vacancy rates will soar 55% to around 18%,. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Wyoming rental vacancy is down 2.67% YoY. Multifamily owners and investors arent immune to cost increases. 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 As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. 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. Rental vacancy in Iowa declined 11.8% in 2021. 2023, iPropertyManagement.com. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. 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. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% 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. . The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. 35.0% of North Carolina households do not own a home as of 2022Q3. Cushman & Wakefield. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Show publisher information 44.3% of California households do not own a home as of 2022Q3. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Rental vacancy in Maryland decreased 12.2% in 2021. Rental vacancy in Alaska declined 39.7% in 2021. Kentucky rental vacancy is down 7.27% YoY. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. You can only download this statistic as a Premium user. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. 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. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Virginia rental vacancy is down 50.0% YoY. Rental vacancy in Indiana declined 37.4% in 2021. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. 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. [Online]. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. 25.3% of New Hampshire households do not own a home as of 2022Q3. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Average asking rent: $7.19 per SF per year, net. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Market Reports Feb 6, 2023. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Homeowner vacancy in Minnesota is 0.9%, up 80.0% 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. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Rental vacancy in Washington declined 5.26% in 2021. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Based in Chicago, Amanda partners with national and local teams to deliver market intelligence initiatives and provide direction to drive national competitive advantage through research strategy, development and analytics. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. In Sarasota, Florida, vacancies nearly tripled in 2021. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. 33.1% of New Jersey households do not own a home as of 2022Q3. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 4.89% of habitable rental units in the United States are vacant. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. 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. South Carolina rental vacancy is down 41.7% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Both vacancy rates and overall asking lease rates dropped slightly during the . Rental vacancy in Georgia decreased 23.1% in 2021. 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). The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Published Feb 22, 2023. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. You need a Statista Account for unlimited access. 10.6% of vacant housing units are second homes. Homeowner vacancy in South Dakota is. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. 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. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Rental vacancy in Louisiana increased 15.9% in 2021. The retail property forecast largely depends on location and retail category. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. on the market in Q4 2022. 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 . Rental vacancy in West Virginia increased 14.1% in 2021. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. That could weigh on rental rates in 2023. 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. Quad Cities Commercial Real Estate Market Report. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Pennsylvania rental vacancy is down 1.85% YoY. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. 46.0% of New York households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. 30.2% of Nebraska households do not own a home as of 2022Q3. 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. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% 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. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Total office inventory: 48,770,948 SF. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Rental vacancy in Mississippi increased 46.6% in 2021. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Owner-occupied homes see lower vacancy rates on average than rentals do. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Rental vacancy in Virginia declined 21.9% in 2021. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. The vacancy rate and occupancy rate should add up to 100%. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The national vacancy rate has increased 3.45% over 12 months. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Structures of 10 units or more average 7.4% vacancy. 31.6% of Washington households do not own a home as of 2022Q3. 33.5% of Arkansas households do not own a home as of 2022Q3. Amanda possesses comprehensive experience in both database management and trend analysis. + Follow. Rental vacancy in Tennessee declined 10.8% in 2021. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. As soon as this statistic is updated, you will immediately be notified via e-mail. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. 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 . Before 2020, the quarterly vacancy rate was around 12 percent but as the. 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. Rental vacancy in Massachusetts declined 33.3% in 2021. New York rental vacancy is down 15.7% YoY. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Statista. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Rental vacancy in Nebraska declined 25.8% in 2021. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. 35.6% of Georgia households do not own a home as of 2022Q3. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Rochester has 6.5% rental vacancy, up 183% YoY. 27.4% of Missouri households do not own a home as of 2022Q3. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Rental vacancy in California declined 28.6% in 2021. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." Between 2005 and 2015, rental vacancy in Texas declined 37.2%. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. 2.5 % multifamily rental vacancy is down 15.7 % YoY the net change in occupied rental space between periods... 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