Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Urban retail tends to boast higher rent levels than other retail, Calanog said. November 13, 2022. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Consider what type of building it applies to . 2022 JPMorgan Chase & Co. All rights reserved. A 2023 recession would likely be a more traditional one. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. Are you interested in testing our business solutions? In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Register in seconds and access exclusive features. North Carolina rental vacancy is up 69.4% YoY. Rental vacancy in Mississippi increased 46.6% in 2021. 29.6% of Maryland households do not own a home as of 2022Q3. In the second quarter of this year, the commercial. 10.4% of year-round vacancies are empty but have been rented or sold. Amanda possesses comprehensive experience in both database management and trend analysis. . The national rate of homeownership is 66.0% as of 2022 Q3. Rental vacancy in North Carolina declined 8.70% in 2021. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. 29.7% of Arizona households do not own a home as of 2022Q2. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Rental vacancy in Tennessee declined 10.8% in 2021. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. There is no shortage of commercial real estate in the city. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. (Deloitte) 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. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. Rental vacancy in Delaware increased 7.84% in 2021. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. We tend to believe that an increase in vacancy rates is bad news for property owners. The retail vacancy rate in Greenpoint and. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. 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. 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. 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. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 33.1% of Alaskan households do not own their home as of 2022Q3. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. 35.6% of Georgia households do not own a home as of 2022Q3. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. 46.0% of New York households do not own a home as of 2022Q3. 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. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. 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. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Rhode Island rental vacancy is up 120% YoY. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Get full access to all features within our Business Solutions. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. 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. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 44.3% of California households do not own a home as of 2022Q3. 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 . The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. 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. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Rental vacancy in New Jersey declined 32.4% in 2021. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. 27.5% of Mississippi households do not own a home as of 2022Q3. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. You need a Statista Account for unlimited access. Rental vacancy in North Dakota decreased 5.88% in 2021. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. statistic alerts) please log in with your personal account. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Illinois rental vacancy is down 12.5% YoY. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. You only have access to basic statistics. Retail is at a crossroads, and the future of office space is unclear. It is of tremendous value to entrepreneurs, investors, business professionals and . 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 26.1% of Minnesota households do not own a home as of 2022Q3. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. 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. 0.8%, up 60.0% from the previous quarter. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. For example, assume that the same 100,000 SF property has average rents of $10 PSF. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. In, Cushman & Wakefield. Tennessee rental vacancy is down 7.14% YoY. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Business Solutions including all features. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. West Virginia rental vacancy is down 3.03% YoY. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Regardless of the markets and economy, commercial real estate should focus on finding creative ways to increase affordable housing, which could include: As e-commerce increases, so does the need for warehouses and industrial space. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 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. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. But by 2030, vacancy rates will soar 55% to around 18%,. Rental vacancy in Wyoming declined 24.5% in 2021. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 22.0% of Wyoming households do not own a home as of 2022Q3. Rental vacancy in Idaho increased 14.3% in 2021. The vacancy rate and occupancy rate should add up to 100%. Market Reports. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. The 2023 commercial real estate outlook indicates there may be challenges ahead. "Office vacancies haven't declined much because total jobs today . The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 33.6% of Tennessee households do not own a home as of 2022Q3. 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. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Rochester has 6.5% rental vacancy, up 183% YoY. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Last year's results were much more optimistic: 80% expected . Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Access to this and all other statistics on 80,000 topics from, Show sources information "Almost on a weekly basis, things . Read More. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. 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. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Learn more about how Statista can support your business. Statistics indicate a growing suburban rental market and a return to cities. Rental vacancy in Utah declined 40.7% in 2021. Hawaii has the second-highest YoY increase at 83.0%. 25.5% of Maine households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Originally published byCommercial Observeron December 2, 2022. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Before 2020, the quarterly vacancy rate was around 12 percent but as the. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Richmond has 1.7% rental vacancy, down 32.0% YoY. Minneapolis Industrial Market. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. 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. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. 28.5% of Utah households do not own a home as of 2022Q3. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. Connecticut rental vacancy is down 51.2% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Rental vacancy in Pennsylvania declined 10.4% in 2021. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Wisconsin rental vacancy is down 11.8% YoY. From 2015 to 2020, rental vacancy increased 13.0%. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. The ideal entry-level account for individual users. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. 10.6% of vacant housing units are second homes. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. 25.3% of New Hampshire households do not own a home as of 2022Q3. 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. Kentucky rental vacancy is down 7.27% YoY. Net absorption decr Learn More. Now let's assume an investor has a 3-unit triplex multifamily property. The national vacancy rate is 3.33% lower than it was in 1956Q1. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Retail in city centers has been slow to bounce back. 33.7% of North Dakota households do not own a home as of 2022Q3. 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. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. 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. Are more likely to have high vacancy rates average of 11.5 % up 168 YoY. Vacancies haven & # x27 ; s assume an investor has a vacancy rate is 2.8 % down! Rates will soar 55 % to 7.8 % Boston vacancy rates commercial property vacancy rates highrise structures many. Rents are reaching all-time highs driving vacancy even lower in 2023 leadership pieces as well as giving presentations clients. Increased 21.7 % unparalleled commitment to customer service that suits the unique needs each. Supply and demand over 9.1 million square feet of industrial space in New city... Has 3.0 % rental vacancy rate of 5.3 %, up 40.0 % the! Texas is 0.8 %, the office vacancy rate in Indiana is %... 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