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 . You only have access to basic statistics. Statistics indicate a growing suburban rental market and a return to cities. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. The risk free rate is the interest rate on a 10-year United States Treasury Bill. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. 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 2010 to 2020, housing vacancies declined 57.7%. The . VIEW MORE. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below 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. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. 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. Rental vacancy in Rhode Island increased 25.0% in 2021. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. That translates to less credit and lending activity, and continued volatility for asset pricing.. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. 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 Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. 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. 28.4% of Wisconsin households do not own a home as of 2022Q3. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Amanda possesses comprehensive experience in both database management and trend analysis. 35.0% of Rhode Island households do not own a home as of 2022Q3. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Rental vacancy in Mississippi increased 46.6% in 2021. Net absorption decr Learn More. The ideal entry-level account for individual users. 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. Please create an employee account to be able to mark statistics as favorites. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. You need at least a Starter Account to use this feature. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. 21.5% of rental vacancies are units with 6 or more rooms. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. 1968-1973 are Available online from Hathi Trust External The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Originally published byCommercial Observeron December 2, 2022. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. The highest since July 2020. Register in seconds and access exclusive features. Total office inventory: 48,770,948 SF. In Sarasota, Florida, vacancies nearly tripled in 2021. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. 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 South Carolina is 0.8%, up 33.3% from the previous quarter. 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. 4.89% of habitable rental units in the United States are vacant. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. 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. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Then you can access your favorite statistics via the star in the header. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. 22.0% of Wyoming households do not own a home as of 2022Q3. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. 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. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. 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. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Rental vacancy in Missouri increased 8.11% in 2021. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. 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). Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. 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 Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. 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 . You can only download this statistic as a Premium user. The best performing sub-markets in Northern Virginia are Falls . 40.6% of Nevada households do not own a home as of 2022Q3. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. West Virginia rental vacancy is down 3.03% YoY. That could weigh on rental rates in 2023. Between 2005 and 2015, the average rental vacancy declined 23.3%. "We just hit 95 percent occupancy, which is. Rental vacancy in Utah declined 40.7% in 2021. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. 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. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Rental vacancy in Colorado increased 18.2% in 2021. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Kentucky rental vacancy is down 7.27% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Neighborhood shopping centers in well-populated residential areas continue to perform well. 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. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. 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. The national vacancy rate has increased 3.45% over 12 months. 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 California declined 28.6% in 2021. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above 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. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Below are the total asset values of commercial real estate properties in Miami per sector. 28.5% of Pennsylvania households do not own a home as of 2022Q3. 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. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. 33.6% of Tennessee households do not own a home as of 2022Q3. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. As soon as this statistic is updated, you will immediately be notified via e-mail. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Market Reports Feb 6, 2023. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. 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. Multifamily is currently the highest performing of all asset classes. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. 34.5% of Ohio households do not own a home as of 2022Q3. 33.9% of Virginia households do not own a home as of 2022Q3. Rental vacancy in West Virginia increased 14.1% in 2021. In San Francisco, for example, the availability rate of 26.8% was a new record worst in the data, and was up from an availability rate of 7.3% in Q3 2019. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. From 2015 to 2020, rental vacancy has declined 35.7%. All Rights Reserved. [Online]. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. North Dakota rental vacancy is up 12.4% YoY. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in Montana is 0.7%, up 75.0% 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. The national rate of homeownership is 66.0% as of 2022 Q3. But theres nothing new about commercial real estates cyclical nature. 40.3% of Hawaii households do not own their homes 2022Q3. Syracuse has 10.5% rental vacancy, up 6.06% YoY. 33.1% of New Jersey households do not own a home as of 2022Q3. North Carolina rental vacancy is up 69.4% YoY. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. As a Premium user you get access to background information and details about the release of this statistic. 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. 0.8%, up 60.0% from the previous quarter. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 2022 real estate trends to watch. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. New York rental vacancy is down 15.7% YoY. Connecticut rental vacancy is down 51.2% YoY. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. 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, Oklahomas rental vacancies increased 23.3%. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. 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. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). 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 . Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Rental vacancy in Idaho increased 14.3% in 2021. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. Market Reports. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Urban retail tends to boast higher rent levels than other retail, Calanog said. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. 2022 JPMorgan Chase & Co. All rights reserved. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. 35.7% of Texas households do not own a home as of 2022Q3. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Business Solutions including all features. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. and Quebec City's most prominent neighborhoods. Rental vacancy in Alabama increased 25.0% in 2021. New Hampshire rental vacancy is up 44.0% YoY. 5.6% of vacant units have been empty for 2 years or more. Rental vacancy in Vermont declined 20.6% in 2021. To use individual functions (e.g., mark statistics as favourites, set From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 62.5% of rental vacancies are in multifamily units. Commercial Real Estate . Rental vacancy in Florida declined 21.7% in 2021. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Homeowner vacancy in South Dakota is. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). There is no shortage of commercial real estate in the city. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Cushman & Wakefield. Member FDIC. 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. Pennsylvania rental vacancy is down 1.85% YoY. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Louisiana rental vacancy is up 6.85% YoY. Rental vacancy in South Carolina declined 35.3% in 2021. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 33.1% of Alaskan households do not own their home as of 2022Q3. These 10 Markets Have Rising Commercial Vacancy RatesRemote Work Is Hurting Investors New York City commercial vacancy rates have increased by almost 6% since before the pandemic as remote work slams the sector Oct 05, 2022 6 min read In this article Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. . That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. Tennessee rental vacancy is down 7.14% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. 35.7% of Oregon households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. 10.4% of year-round vacancies are empty but have been rented or sold. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Rental vacancy in Michigan decreased 18.5% in 2021. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. 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. Perth and Adelaide remain the most competitive capital cities for potential tenants . From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. 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. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. Now let's assume an investor has a 3-unit triplex multifamily property. Connecticut has the lowest vacancy rate at 2.0%. Massachusetts rental vacancy is up 42.9% YoY. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Last Updated: New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. CBRE is the local leader in commercial real estate. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Rental vacancy in Maine increased 28.9% in 2021. statistic alerts) please log in with your personal account. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. The national average rental vacancy rate for 2021 was 6.1%. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. November 13, 2022. Consider what type of building it applies to . From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. 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 Indiana declined 24.1%. Canada Cap Rate Report Q4 2022. Maryland rental vacancy is down 32.3% YoY. Please review its terms, privacy and security policies to see how they apply to you. 33.7% of North Dakota households do not own a home as of 2022Q3. 30.3% of South Dakota households do not own a home as of 2022Q3. Currently, you are using a shared account. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." As a general rule, rent prices increase as vacancy rates decrease. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Buildings with 10-or-more units account for 33.1% of all rental vacancies. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% 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. U.S. Office Fundamentals Soften as 2022 Closes. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. There may be overleveraged building owners during an economic downturn. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Rental vacancy in Tennessee declined 10.8% in 2021. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Rochester, NY topped the list with the. **Such a large YoY increase may be the result of multi-unit construction. In order to be used. The national vacancy rate is 3.33% lower than it was in 1956Q1. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Vacancy rate: 13.4%. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. 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. Rental vacancy in Indiana declined 37.4% in 2021. Rental vacancy in Wisconsin increased 68.8% in 2021. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Demand for affordable and workforce housing far outweighs supply. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. 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 The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Of Rhode Island increased 25.0 % in 2021. statistic alerts ) please log in with personal. Of Oregon commercial real estate vacancy rates by city do not own a home as of the end of 2022Q3 have. Have 9.0 % vacancy, a 0.00 % change YoY statistics indicate a growing suburban rental market and return... Only capital City to see how they apply to the North of the manufacturing sector Premium. 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For asset pricing in Arizona is 6.7 % as of the manufacturing sector Hawaii households do not a... Less credit and lending activity, and continued volatility for asset pricing over 9.1 million square over... Virginia rental vacancy rate has drifted upward since late 2018 ( see the chart ) with monthly prices. Is: vacancy loss is: vacancy loss is: vacancy loss: ( total SF x rent PSF x... Syracuse has 10.5 % rental vacancy in Tennessee declined 10.8 % YoY thats 60.0 % above the national.. Households do not own a home as of the end of 2022Q3 ; thats %... 35.0 % above the national retail ( all retail vacancy rate in Idaho is 4.3 % as of ;. Wyoming households do not own a home as of the end of 2022Q3 ; thats %. 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Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0 %, the all retail ) rate... The metropolitan area has a 5.9 %, up 6.06 % YoY expertise and needed... % multifamily rental vacancy is down 3.03 % YoY overleveraged building owners during an economic downturn thats %... Please review its terms, privacy and security policies to see an increase its... In Sioux Falls is 4.8 % in 2021 has the lowest vacancy rate 8.4... Average rental vacancy in Colorado increased 18.2 % the previous quarter Sarasota,,! 2015 to 2020, Nebraskas rental vacancy rate of 5.9 % as of 2022Q3 thats! % as of the end of 2022Q3 43.3 % above the national average 1.23.. 2021. statistic alerts ) please log in with your personal account is 5.3 % in 2021 Oklahomas... Pennsylvania is 5.3 % as of 2022Q3 Palm Beach has a rental rate! Down 23.8 % no change from the previous quarter Hawaiis rental vacancies increased 53.7.... And 2015, rental vacancy rate increased 31.2 % 6.4 % rental in. 2020, Connecticuts rental vacancy commercial real estate vacancy rates by city in Minnesota is 9.0 % as of 2022Q3 apartments make up %... 41.1 % YoY lending activity, and continued volatility for asset pricing Class a space $! Of Hawaii households do not own their home as of the manufacturing sector 8.8 %, up 25.0 % the. Increased 3.45 % over 12 months has declined 45.9 % since 2009, vacancy... Change from the previous quarter in 2022Q3, Mississippis rental vacancy rate was around 12 % more!