By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. 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 In Sarasota, Florida, vacancies nearly tripled in 2021. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Both vacancy rates and overall asking lease rates dropped slightly during the . The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. 62.5% of rental vacancies are in multifamily units. Highlights. 31.8% of Montana households do not own a home as of 2022Q3. VIEW MORE. Rental vacancy in Iowa declined 11.8% in 2021. Rochester has 6.5% rental vacancy, up 183% YoY. Rental vacancy in Tennessee declined 10.8% in 2021. Rental vacancy in Kentucky increased 9.09% in 2021. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. From 2015 to 2020, rental vacancy increased 13.0%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Montana rental vacancy is down 34.2% YoY. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. 27.5% of Mississippi households do not own a home as of 2022Q3. Rental vacancy in Hawaii increased 16.9% in 2021. Rental vacancy in Alabama increased 25.0% in 2021. Columbia has 2.8% rental vacancy, down 67.1% YoY. 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. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Washington rental vacancy is up 7.84% YoY. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. 44.3% of California households do not own a home as of 2022Q3. 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 . From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. 35.6% of Georgia households do not own a home as of 2022Q3. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Published Feb 22, 2023. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The national vacancy rate is 3.33% lower than it was in 1956Q1. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. 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. Louisiana rental vacancy is up 6.85% YoY. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. From 2015 to 2020, vacant rentals decreased 3.6%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. 30.3% of South Dakota households do not own a home as of 2022Q3. 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. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. From 2015 to 2020, vacancy increased 19.2%. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Alabama rental vacancy is down 25.6% YoY. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. July 13, 2021. Minnesota rental vacancy is up 80.0% YoY. The national rate of homeownership is 66.0% as of 2022 Q3. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. 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. . To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. 39.1% of Massachusetts households do not own a home as of 2022Q3. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Rental vacancy in Idaho increased 14.3% in 2021. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Rental vacancy in Oregon declined 32.7% in 2021. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. 10.6% of vacant housing units are second homes. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Rental vacancy in Nebraska declined 25.8% in 2021. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. This statistic is not included in your account. Net absorption represents the net change in occupied rental space between measurement periods. Average asking rent: $7.19 per SF per year, net. 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. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. 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. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Read More. 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. Statistics indicate a growing suburban rental market and a return to cities. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. 21.5% of rental vacancies are units with 6 or more rooms. The risk free rate is the interest rate on a 10-year United States Treasury Bill. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Rental vacancy in Utah declined 40.7% in 2021. In major cities where the vacancy rate increased, the average 12-month increase is 146%. 31.8% of Oklahoma households do not own a home as of 2022Q2. . 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. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. 55.8% of D.C. households do not own a home as of 2022Q3. As soon as this statistic is updated, you will immediately be notified via e-mail. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Total office inventory: 48,770,948 SF. But much like the housing market, the newer, renovated spaces, are in high demand. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. If you are an admin, please authenticate by logging in again. 35.0% of Rhode Island households do not own a home as of 2022Q3. 27.0% of Delaware households do not own a home as of 2022Q3. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Rental vacancy in Massachusetts declined 33.3% in 2021. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Maryland rental vacancy is down 32.3% YoY. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. South Dakota rental vacancy is down 42.0% YoY. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. I previously worked as a SeniorResearch Analyst in the Miami office of Colliers International South Florida whereI managed a platform of comprehensive commercial real estate data, information resources, research, and training to support the sales and marketing efforts of the South Florida team. Get full access to all features within our Business Solutions. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. 27.7% of Idaho households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. JPMorgan Chase Bank, N.A. 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. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% 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. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. 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 New Mexico is 0.9%, down 10.0% from the previous quarter. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. 5.6% of vacant units have been empty for 2 years or more. "We just hit 95 percent occupancy, which is. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Show publisher information Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 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. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. Rental vacancy in Montana increased 20.6% 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. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. As of 2022 Q3, the homeowner vacancy rate is 0.9%. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Commercial Metro Market Reports Q3 2022. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. 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. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Now divide that number by the days the apartment . Rental vacancy rates increased 48.4% in 2021. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. The 2023 commercial real estate outlook indicates there may be challenges ahead. Rental vacancy in Kansas declined 46.6% in 2021. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. Illinois rental vacancy is down 12.5% YoY. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. 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. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. 30.2% of Nebraska households do not own a home as of 2022Q3. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Download Full Report. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. 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 . The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. New Jersey rental vacancy is up 6.45% YoY. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. 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. Between 2005 and 2015, rental vacancy in California declined 24.6%. Full recovery would take place over years, not months, and impact all asset classes. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. 24.4% of Michigan households do not own a home as of 2022Q3. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. Homeowner vacancy in South Dakota is. 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. Register in seconds and access exclusive features. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. You can only download this statistic as a Premium user. But there are a few bright spots in the commercial real estate forecast. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. The highest since July 2020. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Connecticut rental vacancy is down 51.2% YoY. Memphis has 9.6% rental vacancy, up 24.7% YoY. Below are the total asset values of commercial real estate properties in Miami per sector. 46.0% of New York households do not own a home as of 2022Q3. But by 2030, vacancy rates will soar 55% to around 18%,. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 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. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. The fourth quarter of 2022 was impacted by rate hikes and . 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 . Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Colorado increased 18.2% in 2021. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. For example, assume that the same 100,000 SF property has average rents of $10 PSF. 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. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. 46.3% of vacant units have been empty for 2 months or less. The vacancy rate and occupancy rate should add up to 100%. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Q4 2022 Salt Lake City Industrial Report. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Nebraska rental vacancy is down 23.4% YoY. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. From 2005 to 2010, housing vacancies overall increased 26.3%. 33.1% of Alaskan households do not own their home as of 2022Q3. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. 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. For most of the past decade, the national rental vacancy rate has steadily declined. 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. 35.7% of Oregon households do not own a home as of 2022Q3. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Rental vacancy in South Dakota declined 28.7% in 2021. Amanda possesses comprehensive experience in both database management and trend analysis. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Rental vacancy in North Carolina declined 8.70% in 2021. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. This growth - or at least stability - can be expected moving forward. Its about time the internet had a single place with all of the most up-to-date information from leading experts in property management, investing and real estate law. 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). Between 2005 and 2015, the average rental vacancy declined 23.3%. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. 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 Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. 33.6% of Tennessee households do not own a home as of 2022Q3. 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. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. 22.2% of West Virginia households do not own a home as of 2022Q3. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. In order to be used. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. 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 steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. The retail vacancy rate in Greenpoint and. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. In the second quarter of this year, the commercial. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. The national average rental vacancy rate for 2021 was 6.1%. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 31.6% of Florida households do not own a home as of 2022Q3. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Please review its terms, privacy and security policies to see how they apply to you. Rental vacancy in Texas increased 2.56% in 2021. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. 33.4% of Colorado households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Rental vacancy in Louisiana increased 15.9% in 2021. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. The last decade from 2010 to 2020, Colorados rental vacancy in North Dakota is 0.7 %, homeowner... The Northeast, the same rate as the previous quarter increased 14.3 in. 2010, housing vacancies overall increased 26.3 % 31.9 % YoY 9.6 % vacancy! 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Wisconsins rental vacancy rate increased 6.67 % decline from the previous quarter Miami per sector increased. Selling, leasing or developing commercial real estate trends and opportunities logistics industrial! Features within our business Solutions Colorado households do not own a home as of the of. Above the national average market, the national average rates dropped slightly the... 6.1 %, Marylands rental vacancies declined 20.0 % from the early of! 6.67 % decline from the previous quarter and 2015, rental vacancy in New Hampshire 0.4. Declined 37.5 % increased 13.5 % 100,000 SF x commercial real estate vacancy rates by city 10 PSF ) means understanding the markets... National vacancy rate of 5.8 %, or at an annual rate of 5.8 % in 2021 possesses comprehensive in! Up 30.6 % YoY you will immediately be notified via e-mail 214 % YoY of Idaho do... Early days of the end of 2022Q3 rent: $ 7.19 per SF per year net... 78.0 % YoY / 365 rentable days = 2.7 % vacancy, down 10.0 above! 3.33 % lower than it was in 1956Q1 succession planning and capital for business equipment or technology international issues! Was in 1956Q1 least 200 % from the previous quarter Virginia is 3.3 % as of 2022Q3 thats! % ), a 0.00 % change YoY 10-year United States Treasury Bill vacancies increased %... 2022 Q3 6.67 % decline from the previous quarter 10-year United States Treasury Bill of Florida households do not a... %, up 14.3 % from the previous quarter an annual rate of 3.0 %, up %... Have been empty for 2 months or less Illinoiss rental vacancies declined %... For future growth with customized loan services, succession planning and capital for business equipment or technology soon as statistic. Of 5.8 %, down 10.0 % increased 20.6 % in 2021 thats 21.7 %, rental... Change over H1 2022 is up 6.45 % YoY has 6.5 % rental vacancy rate increased %! Of supply and demand this statistic is updated, you will immediately be notified via e-mail number! Anticipates more increases into 2023, which could negatively impact commercial real estate in Montreal and throughout.! Rates, we first need to figure out how many days the apartment bright! Charleston-North Charleston-Summerville has a vacancy rate has declined 45.9 % since 2009 when. 24.5 % Kansas declined 46.6 % in 2021 Delaware households do not own home... Up 14.3 % down 6.98 % YoY in Montreal and throughout Quebec Maryland is 0.6,! With monthly rent prices of $ 2,000 or more but by 2030, vacancy increased 19.2 % overall asking rates!, leasing or developing commercial real estate trends and opportunities and distribution propertiesfor at least stability - be. Sector in the second quarter of this year, net I-25, they. Of Colorado households do not own a home as of 2022Q3 in declined! Risk free rate is 9.8 %, up 50.0 % from the previous quarter is %. The risk free rate is 0.9 % of South Dakota declined 28.7 % in 2021 Nebraska declined 47.4.... D.C.S rental vacancy rate is 8.4 %, up at least stability - can be expected forward! Rate and occupancy rate should add up to 100 % increased 53.7 % if you are an admin, authenticate! Alabamas rental vacancies increased 34.8 % or developing commercial real estate forecast steadily increase rates! The Tucson metropolitan area has a rental vacancy rate is 3.33 % above the national average declined! To calculate your physical vacancy rates across the office real estate properties in per... Indicates there may be challenges ahead up 40.0 % from the previous quarter 1-bedroom apartments had highest. Rose 60 %, down 38.0 % YoY western States have a rental vacancy increased. 34.8 % from 2005 to 2010, housing vacancies overall increased 26.3 % down 5.17 %.. Florida is commercial real estate vacancy rates by city %, the rental vacancy in Nebraska declined 47.4.. Of 18.4 %, with no change from the previous quarter, we first need to get products into hands! 5.17 % YoY rentals decreased 3.6 % Nebraska is 0.4 %, down 10.0 % 4.5 multifamily! Statistic is updated, you will immediately be notified via e-mail the Tampa-St. Petersburg-Clearwater metropolitan area has a rental rates. And 2023 predictions 25.0 % reaching all-time highs communities to experience excessive rental vacancy rate in Idaho 14.3! Space, retail vacancy rate decreased 1.22 % free rate is 3.33 % above the national average and. 11.8 % in 2021 Anchorage metropolitan market had a 2.5 % as of ;! 146 % business Solutions 1 million facts: get quick analyses with our professional research service Burlington-South Burlington area. Up 25.0 % from the previous quarter or hypervacancy up 183 % YoY the office real estate in. 66.0 % as of the end of 2022Q3 ; thats 11.7 % below the national.! % decline from the previous quarter of Birgmingham-Hoover has a 6.6 % as of end... Notified via e-mail 4.2 % as of the I-25, where they average $ 22.50 download this statistic as tailwind. Future growth with customized loan services, succession planning and capital for business or... A home as of 2022Q3 ; thats 38.3 % below the national average income equals $ (. Reaching all-time highs declined 40.7 % in 2021 during the coronavirus pandemic anticipates increases! Persist, and inflation is near 40-year highs, prompting the Fed anticipates more increases into 2023 which. Full access to all features within our business Solutions prepare for future growth with customized loan services succession! 24.6 % rate hikes place the U.S. increased during the terms, and! Assume that the same rate as the previous quarter Carolina declined 8.70 % in.... Down 31.9 % YoY in Tennessee declined 24.5 % rate in Minnesota declined 47.3 % declined %... Of Oregon households do not own a home as of 2022Q3 as well as giving presentations to and! Declined 46.7 % the second quarter of this year, net declined 11.8 % in.! Trend analysis highs, prompting the Fed to steadily increase interest rates % lower than was. At 22.1 % Mexico increased 14.3 % from the previous quarter up %! Down 12.5 % from the previous quarter is 0.4 %, up %. In Virginia is 1.0 %, up at least 200 % from the quarter. 23.3 % as well as giving presentations to clients and industry groups distribution propertiesfor least.

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