From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. . Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 31.6% of Washington households do not own a home as of 2022Q3. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. 34.5% of Ohio households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Vacancy rate: 13.4%. 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. Rental vacancy in Pennsylvania declined 10.4% in 2021. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Connecticut has the lowest vacancy rate at 2.0%. Currently, you are using a shared account. Rental vacancy in Utah declined 40.7% in 2021. 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. 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, New Mexicos rental vacancies declined 10.0%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 33.6% of Tennessee households do not own a home as of 2022Q3. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Originally published byCommercial Observeron December 2, 2022. Multifamily owners and investors arent immune to cost increases. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. 33.1% of New Jersey households do not own a home as of 2022Q3. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Rental vacancy in Iowa declined 11.8% in 2021. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Access to this and all other statistics on 80,000 topics from, Show sources information Rental vacancy in Michigan decreased 18.5% in 2021. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. In order to be used. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. 2022 JPMorgan Chase & Co. All rights reserved. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. 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. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . We tend to believe that an increase in vacancy rates is bad news for property owners. That translates to less credit and lending activity, and continued volatility for asset pricing.. 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. For most of the past decade, the national rental vacancy rate has steadily declined. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. 26.0% of Kentucky households do not own a home as of 2022Q3. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Total office inventory: 48,770,948 SF. Both vacancy rates and overall asking lease rates dropped slightly during the . Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. There is no shortage of commercial real estate in the city. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. 4.89% of habitable rental units in the United States are vacant. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Rental vacancy in Illinois declined 5.88% in 2021. 27.5% of Alabama households do not own their home as of 2022Q3. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. South Carolina rental vacancy is down 41.7% YoY. Major cities will continue to see population decline. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Rental vacancy rates increased 48.4% in 2021. Rental vacancy in West Virginia increased 14.1% in 2021. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change 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. Please do not hesitate to contact me. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Please review its terms, privacy and security policies to see how they apply to you. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. 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. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. New Hampshire rental vacancy is up 44.0% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. 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. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. All Rights Reserved. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. 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. Get full access to all features within our Business Solutions. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. You need at least a Starter Account to use this feature. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. In Sarasota, Florida, vacancies nearly tripled in 2021. New Jersey rental vacancy is up 6.45% YoY. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. If you are an admin, please authenticate by logging in again. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Mississippi rental vacancy is down 14.0% YoY. Below are the total asset values of commercial real estate properties in Miami per sector. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. Rental vacancy in Missouri increased 8.11% in 2021. Here are the most impactful commercial real estate trends we can expect to see in 2021. . The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. The national vacancy rate has increased 3.45% over 12 months. 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. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Minnesota rental vacancy is up 80.0% YoY. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. The 2023 commercial real estate outlook indicates there may be challenges ahead. 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. Real estate trends and opportunities 0.9 %, up 33.3 % from previous... Empty with a vacancy rate, down 46.2 % YoY Miami per sector and investors arent immune to increases... 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