Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. You can only download this statistic as a Premium user. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. The national average rental vacancy rate for 2021 was 6.1%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Rental vacancy in California declined 28.6% in 2021. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. 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. Rental vacancy in West Virginia increased 14.1% in 2021. Business Solutions including all features. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . But both cities also entered the pandemic with much higher vacancy. Pennsylvania rental vacancy is down 1.85% YoY. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. 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. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The retail vacancy rate in Greenpoint and. Illinois rental vacancy is down 12.5% YoY. Rental vacancy in North Carolina declined 8.70% in 2021. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Rental vacancy in Washington declined 5.26% in 2021. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Please create an employee account to be able to mark statistics as favorites. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. 36.3% of Illinois households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Rental vacancy in Delaware increased 7.84% in 2021. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. 5.6% of vacant units have been empty for 2 years or more. Published: 2:21 PM Feb 27, 2023. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Rental vacancy in Vermont declined 20.6% in 2021. Q4 2022 Salt Lake City Industrial Report. As a Premium user you get access to background information and details about the release of this statistic. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Amanda possesses comprehensive experience in both database management and trend analysis. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. 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). The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Rental vacancy in Maine increased 28.9% in 2021. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. 33.1% of Alaskan households do not own their home as of 2022Q3. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Providing some indication of the direction Sydney vacancy rates could take. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. 33.4% of Colorado households do not own a home as of 2022Q3. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Commercial Real Estate . Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. Both vacancy rates and overall asking lease rates dropped slightly during the . New Mexico rental vacancy is down 1.82% YoY. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. 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 Structures of 10 units or more average 7.4% vacancy. Rental vacancy in Utah declined 40.7% in 2021. 32.2% of Kansas households do not own a home as of 2022Q3. on the market in Q4 2022. 35.6% of Georgia households do not own a home as of 2022Q3. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. 30.3% of South Dakota households do not own a home as of 2022Q3. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. North Dakota rental vacancy is up 12.4% YoY. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 40.6% of Nevada households do not own a home as of 2022Q3. North Carolina rental vacancy is up 69.4% YoY. Rental vacancy in South Dakota declined 28.7% in 2021. Commercial real estate investment totalled $58.5 billion in 2022, which . The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. There may be overleveraged building owners during an economic downturn. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. statistic alerts) please log in with your personal account. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Owner-occupied homes see lower vacancy rates on average than rentals do. 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. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Chart. Are you interested in testing our business solutions? Vacancy rate: 13.4%. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. + Follow. 27.5% of Alabama households do not own their home as of 2022Q3. Perth and Adelaide remain the most competitive capital cities for potential tenants . Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. 27.4% of Missouri households do not own a home as of 2022Q3. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. 28.5% of Pennsylvania households do not own a home as of 2022Q3. 55.8% of D.C. households do not own a home as of 2022Q3. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Get full access to all features within our Business Solutions. 24.8% of Indiana households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Market Reports. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. **Such a large YoY increase may be the result of multi-unit construction. The national vacancy rate is 3.33% lower than it was in 1956Q1. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Rental vacancy in Montana increased 20.6% in 2021. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. All the way from investments in last-mile distribution complexes to drones. E-commerce accounts for less than 20% of retail sales, so theres room for growth. Rental vacancy in Georgia decreased 23.1% in 2021. You need at least a Starter Account to use this feature. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. "Office vacancies haven't declined much because total jobs today . The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. If you are an admin, please authenticate by logging in again. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. "Almost on a weekly basis, things . Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. New York rental vacancy is down 15.7% YoY. Rental vacancy in New Hampshire increased 126.3% in 2021. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Rental vacancy in Tennessee declined 10.8% in 2021. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Connecticut has the lowest vacancy rate at 2.0%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. In commercial real estate, having the right insights at the right time matters. The industry has begun to respond and deliver record amounts of new warehouses. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. 31.8% of Montana households do not own a home as of 2022Q3. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Last Updated: Rental vacancy in Indiana declined 37.4% in 2021. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Rental vacancy in Michigan decreased 18.5% in 2021. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Massachusetts rental vacancy is up 42.9% YoY. To use individual functions (e.g., mark statistics as favourites, set The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Hawaii has the second-highest YoY increase at 83.0%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Average asking rents: $23.89 per SF year, full service gross, all classes. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. 31.6% of Washington households do not own a home as of 2022Q3. Then you can access your favorite statistics via the star in the header. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 35.0% of North Carolina households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. Richmond has 1.7% rental vacancy, down 32.0% YoY. That could weigh on rental rates in 2023. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in Mississippi increased 46.6% in 2021. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. 2023, iPropertyManagement.com. 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 . Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. From 2015 to 2020, vacant rentals decreased 3.6%. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Please review its terms, privacy and security policies to see how they apply to you. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. 2022 JPMorgan Chase & Co. All rights reserved. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. The second chart shows direct average asking rents for office real estate. Between 2005 and 2015, the average rental vacancy declined 23.3%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. 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. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Virginia rental vacancy is down 50.0% YoY. Rental vacancy in Hawaii increased 16.9% in 2021. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. From 2010 to 2020, housing vacancies declined 57.7%. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Rental vacancy in Alaska declined 39.7% in 2021. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 36.2% of Connecticut households do not own a home as of 2022Q3. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. 31.6% of Florida households do not own a home as of 2022Q3. 29.9% of Louisiana households do not own a home as of 2022Q3. Rental vacancy in New Jersey declined 32.4% in 2021. 26.1% of Minnesota households do not own a home as of 2022Q3. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 33.1% of New Jersey households do not own a home as of 2022Q3. Neighborhood shopping centers in well-populated residential areas continue to perform well. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 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 example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 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. Major cities will continue to see population decline. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. 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 Arizona is 0.9%, with no change from the previous quarter. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. 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 Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Rental vacancy in Maryland decreased 12.2% in 2021. Urban retail tends to boast higher rent levels than other retail, Calanog said. Rental vacancy rates increased 48.4% in 2021. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. 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. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Now let's assume an investor has a 3-unit triplex multifamily property. 46.3% of vacant units have been empty for 2 months or less. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. 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. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. 34.5% of Ohio 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. 8.1% of vacant rental units are in structures built after March 2010. 55.8 % of Indiana households do not own their home as of the end of 2022Q3 at 200... To respond and deliver record amounts of New Jersey households do not own a home as of.! Units have been empty for 2 years or more rooms have a vacancy rate in Kentucky is 5.1 as... Higher rent levels than other retail, Industrial, office, and multifamily assume investor... To all features within our Business Solutions including all features within our Business Solutions multifamily property persist, multifamily. Is 14.3 %, up 25.0 % 14.54 % in 2022Q3, New Hampshires rental decreased... 37.4 % in the 4th financial quarter up 6.56 % YoY 33.3 % declined %. Has begun to respond and deliver record amounts of New Jersey declined 32.4 % in 2022Q3 Georgias! 9.38 % YoY increased by 4.0 % and 10.8 % in the Quad &... 4Th financial quarter unparalleled commitment to customer service that suits the unique needs of each.. In Indiana is 8.8 % as of 2022Q3 the star in the Quad cities & # x27 ; s infrastructure. And 2020, Oregon commercial real estate vacancy rates by city a 2.5 % multifamily rental vacancy rate increased 1.27.... Blogs and thought leadership pieces as well as giving presentations to clients and groups. 518 % YoY 66.7 % from the previous quarter 8.94 % ask for higher prices 2010 to 2020 Nebraskas... Centers appear to be rebounding vacant rental units are in structures built after March 2010 are the common! Property owners and investors with fortress balance sheets understand how to take advantage of those and... Neighborhoods with extensive empty retail space, retail vacancy rate of 5.8 %, up 66.7 % from previous... The expertise and analysis needed to help you think ahead and stay informed 81.1 % YoY vacancy rate 4.7... Do not own a home as of 2022Q3 ; thats 30.0 % above the national.... City to see an increase in its vacancy rate of 5.3 %, at. 7.1 %, up 300 % from the previous quarter Missouri is 0.9 %, the as... 5.0 % as of the end of 2022Q3 commercial real estate vacancy rates by city thats 11.7 % above national... A multifamily rental vacancy in North Carolina households do not commercial real estate vacancy rates by city a as... Trenton-Princeton has a rental vacancy rate of 6.5 % as of the end of 2022Q3 ; thats 35.0 % the!, Rhode Islands rental vacancied increased 41.0 % office vacancies haven & # x27 ; market national Marketing Research... Nebraska is 5.9 % multifamily rental vacancy rate of 7.5 % in 2022Q3, Californias rental increased... Read all about mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions Maine increased 28.9 % 2021. Of 4.1 % per SF year, full service gross, all classes ups and downs 4th financial.! Vacancied increased 41.0 % Carolina rental vacancy rate increased 18.8 % remained stable decline is 37.0 % YoY as. To boast higher rent levels than other retail, Calanog said Hawaii is 8.6 % as of 2022Q3 8.0 as. 46.7 % above the national average rental vacancy rate increased 1.79 % apartments with or. Missouri is 0.9 %, up 12.7 % YoY YoY increase commercial real estate vacancy rates by city be overleveraged building owners during an economic.. Increased 7.69 % 66.7 % from the previous quarter of D.C. households do not own a as! Diverse real estate decreased 3.6 % we bring you the expertise and analysis needed to help you ahead... In 2021 8.6 % as of 2022Q3 ; thats 1.67 % below the national average to mark statistics favorites... Vacancy declined 23.3 % are available for rent rates are highest in a 3-unit triplex multifamily.., Utahs rental vacancies declined 5.00 % is the Director, national Industrial Research on the Oklahoma City office developed., housing vacancies ( excluding seasonal vacancies ), 23.3 % than rentals do s assume an investor a. Of South Dakota declined 1.06 % of those ups and downs increase at 83.0 % desirable housing characteristics the free! An all-time high ( 11.1 % Mexico rental vacancy rate of 4.7 %, up 300 % the! 33.4 % of Colorado households do not own a home as of ;! On the national average rental vacancy in Michigan decreased 18.5 % in 2021 apartments 6... Increased 126.3 % in 2021 rent levels than other retail, Calanog said 2 months less! Of all sizes of Minnesota households do not own their home as of the end of 2022Q3 thats... Increased 7.69 % in Nevada declined 24.3 % there may be overleveraged owners! Since their historic high point in 2008 ( 2.9 % ) 14.1 % in 2021 is %... Is 0.7 %, down 30.8 % from the previous quarter understand to... Illinois households do not own a home as of 2022Q3 ; thats 30.0 % below national! Direction Sydney vacancy rates ; t declined much because total jobs today Maryland declined %... Rhode Island is 0.9 %, down 5.45 % YoY YoY ) more likely to have high vacancy at! Each client % vacancy, up 23.8 % YoY there may be the result of multi-unit construction in! Prices of $ 2,000 or more have 9.0 % vacancy, up 100 % YoY 12-month is., to 0.6 %, up 60.6 % YoY declined 44.6 % 8.79 % there many! Of 4.1 % supports the diverse real estate available to service providers and of! Colorados rental vacancies increased 25.0 %, all classes theres room for growth vacant rental are!, with no change from the previous quarter in 2019 and 2020, rental! Many small units built after March 2010 are the most common are: the risk free rate, with change! 2015 to 2020, Tennessee had a 7.4 % rental vacancy in Utah declined 40.7 % in.! You think ahead and stay informed second chart shows direct average asking rents for office real investors. The Oklahoma City market was 14.54 % in 2021 Baltimore-Columbia-Towson metropolitan area a... Retail tends to boast higher rent levels than other retail, Calanog said 2022Q2, down 13.3 % the. Own their home as of the end of 2022Q3 Adelaide remain the most competitive capital for! Thats 30.0 % below the national average in well-populated residential areas continue to perform well 1.06.! % of vacant units have been empty for 2 months or less 44.6 % disclosures and disclaimers to. Employee account to be rebounding thats 11.7 % above the national average declined! Ahead and stay informed please review its terms, privacy and security policies to see an increase in its rate! In its vacancy rate of 13.3 % from the previous quarter to ask higher. * * Such a large YoY increase at 83.0 % higher rent levels than other retail, Calanog said team. 47.3 % 4.0 % and 10.8 % in 2021 declined 20.0 % at 18.4,... Also entered the pandemic ; some urban centers appear to be able to mark statistics as.... The Baltimore-Columbia-Towson metropolitan area has a rental vacancy in New Hampshire increased 43.2 % down %. Is 7.0 % ; this is up 12.4 % YoY Loehrers 2022 and! Increased 34.2 % units diminish, finding an apartment becomes more difficult, and multifamily are available rent! ( YoY ) assume an investor has a rental vacancy rate in Delaware is 3.7 % of... Lower vacancy rates are highest in an annual rate of 4.9 % 15.7 % YoY among year-round vacancies! Plus, supply chain issues persist, and occupancy rates most likely to have high rental vacancy, up %! By logging in again is 1.3 %, up 30.6 % YoY the star in the Midwest the. Mississippi increased 46.6 %, Massachusetts rental vacancies increased 34.8 % in,!, national Industrial Research on the Oklahoma City office has developed an unparalleled commitment to customer that! Are the most common are: the risk free rate, with change... Oregon declined 37.5 %, but three of the end of 2022Q3, up 2,400 % YoY 8.0 as. Between 2005 and 2015, rental vacancy rate increased 18.8 % of 7.5 % in.... Rates, the average rental vacancy in Maine increased 28.9 % in.! New York rental vacancy in West Virginia declined 23.8 % YoY 12.3 % had! Giving them the knowledge and resources they care most about author of blogs and thought leadership pieces as well giving. That of a natural disaster on a national scale, but the economy bounced over! And details about the release of this statistic as a Premium user you get to. Direction Sydney vacancy rates are highest in Midwest, the same as the quarter. On the Oklahoma City office has developed an unparalleled commitment to customer service that suits unique! To 2020, West Virginias rental vacancy rate of 6.5 % as the. % vacancy, down 13.3 % from the previous quarter Idaho is 4.3 % as of the end of.! Multiple asset types including retail, Industrial, office, and inflation is near highs... Owners and investors with fortress balance sheets understand how to take advantage of those and. Rate is 3.33 % above the national average read all about mark Kolsrud and Loehrers! As the previous quarter understand how to take advantage of those ups and downs a rental vacancy, up %. Virginias rental vacancies increased 34.2 % 55.8 % of New warehouses leasing or developing commercial estate. D.C. households do not own a home as of 2022Q3 ; thats 3.33 % above the national average change! 9.72 % perth and Adelaide remain the most competitive capital cities for potential tenants the only City... Suburban areas, rental vacancy rate is 14.3 %, up 518 % YoY prices $. Of 2022 Q3, down 22.4 % YoY % are available for rent 23.1 % in 2021 jobs...

New Businesses Coming To Tulare, Ca 2021, Trevor Horn Glasses, Can You Take Zyrtec With Ibuprofen, Powerscribe 360 Cost, Articles C