commercial real estate vacancy rates by city

27.5% of Mississippi households do not own a home as of 2022Q3. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. 29.7% of Arizona households do not own a home as of 2022Q2. The national vacancy rate is 3.33% lower than it was in 1956Q1. Rental vacancy in Virginia declined 21.9% in 2021. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 36.3% of Illinois 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. 27.7% of Idaho households do not own a home as of 2022Q3. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. "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 . Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. 39.1% of Massachusetts households do not own a home as of 2022Q3. 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. 35.6% of Georgia households do not own a home as of 2022Q3. 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. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. 10.6% of vacant housing units are second homes. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. Neighborhood shopping centers in well-populated residential areas continue to perform well. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Demand for affordable and workforce housing far outweighs supply. But much like the housing market, the newer, renovated spaces, are in high demand. Rental vacancy in Pennsylvania declined 10.4% in 2021. Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 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 The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Illinois rental vacancy is down 12.5% YoY. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Washington rental vacancy is up 7.84% YoY. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. End-of-year figures from the commercial agency show Sydney maintained its status as the world's tightest industrial property market, after the vacancy rate for buildings 5000 square metres. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. This growth - or at least stability - can be expected moving forward. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Rental vacancy in Louisiana increased 15.9% in 2021. 2023, iPropertyManagement.com. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. 15.3% of vacant rental units are in structures built prior to 1940. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." The future of office buildings remains up in the air. 33.9% of Virginia 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 . Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Statista. Last year's results were much more optimistic: 80% expected . We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Rental vacancy in South Carolina declined 35.3% in 2021. 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. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Vacancy rate: 13.4%. 55.8% of D.C. households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. 30.2% of Nebraska households do not own a home as of 2022Q3. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. 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). National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. The national vacancy rate has increased 3.45% over 12 months. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. 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 Oklahoma declined 37.0%. Rental vacancy in New Hampshire increased 126.3% in 2021. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Rental vacancy in New Jersey declined 32.4% in 2021. 10.6% of vacant housing units are second homes. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Now divide that number by the days the apartment . Total industrial inventory: 335,539,734 SF. As soon as this statistic is updated, you will immediately be notified via e-mail. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. 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). From 2005 to 2010, housing vacancies overall increased 26.3%. 36.2% of Connecticut households do not own a home as of 2022Q3. Syracuse has 10.5% rental vacancy, up 6.06% YoY. In major cities where the vacancy rate increased, the average 12-month increase is 146%. 28.4% of Wisconsin 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. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Member FDIC. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. 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. 22.0% of Wyoming households do not own a home as of 2022Q3. Kentucky rental vacancy is down 7.27% YoY. Multifamily owners and investors arent immune to cost increases. Wyoming rental vacancy is down 2.67% YoY. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. 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. Rental vacancy in Connecticut increased 4.44% in 2021. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Connecticut rental vacancy is down 51.2% YoY. The national rate of homeownership is 66.0% as of 2022 Q3. Minneapolis Industrial Market. From 2015 to 2020, rental vacancy has declined 35.7%. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. From 2015 to 2020, rental vacancy declined 50.8%. A paid subscription is required for full access. 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. 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. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. 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 Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Mississippi rental vacancy is down 14.0% YoY. Interest rates will remain low throughout 2021. . The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Wisconsin rental vacancy is down 11.8% YoY. The national average rental vacancy rate for 2021 was 6.1%. Al Brooks, Head of Commercial Real Estate, Commercial Banking. 62.5% of rental vacancies are in multifamily units. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Full recovery would take place over years, not months, and impact all asset classes. Rental vacancy in Texas increased 2.56% in 2021. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Between 2005 and 2015, rental vacancy in California declined 24.6%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. 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 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in Alabama increased 25.0% in 2021. Rental vacancy in Maine increased 28.9% in 2021. South Dakota rental vacancy is down 42.0% YoY. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Rental vacancy in Idaho increased 14.3% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. You need a Statista Account for unlimited access. 28.5% of Pennsylvania households do not own a home as of 2022Q3. Rental vacancy in Maryland decreased 12.2% in 2021. Structures of 10 units or more average 7.4% vacancy. 35.7% of Texas households do not own a home as of 2022Q3. 26.0% of Kentucky households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The retail property forecast largely depends on location and retail category. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. 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. New Mexico rental vacancy is down 1.82% YoY. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. 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