The national average rental vacancy rate for 2021 was 6.1%. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Rental vacancy in Massachusetts declined 33.3% in 2021. Rochester, NY topped the list with the. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. From 2015 to 2020, rental vacancy increased 13.0%. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The best performing sub-markets in Northern Virginia are Falls . Rental vacancy in Idaho increased 14.3% in 2021. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. 40.3% of Hawaii households do not own their homes 2022Q3. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. The highest since July 2020. 46.3% of vacant units have been empty for 2 months or less. But they can adjust rents annuallysometimes even monthlyto account for market changes. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. 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. The fourth quarter of 2022 was impacted by rate hikes and . But much like the housing market, the newer, renovated spaces, are in high demand. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. (July 13, 2021). Owner-occupied homes see lower vacancy rates on average than rentals do. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. 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. Rental vacancy in California declined 28.6% in 2021. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Hawaii has the second-highest YoY increase at 83.0%. 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. Market Reports. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. 27.4% of Missouri households do not own a home as of 2022Q3. 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. Rental vacancy in Texas increased 2.56% in 2021. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Rental vacancy in North Carolina declined 8.70% in 2021. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. 22.0% of Wyoming households do not own a home as of 2022Q3. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Rental vacancy in Virginia declined 21.9% in 2021. The ideal entry-level account for individual users. **Such a large YoY increase may be the result of multi-unit construction. Are you interested in testing our business solutions? Retail is at a crossroads, and the future of office space is unclear. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Read More. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. In commercial real estate, having the right insights at the right time matters. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. That doesnt mean losing sales tax entirely, as buildings can be converted into mixed-use properties that include apartments along with restaurants, movie theaters and experiential retail locations. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Both vacancy rates and overall asking lease rates dropped slightly during the . The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. U.S. Office Fundamentals Soften as 2022 Closes. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. 55.8% of D.C. households do not own a home as of 2022Q3. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Rental vacancy in Tennessee declined 10.8% in 2021. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Commercial real estate investment totalled $58.5 billion in 2022, which . But it has continued to be weighed down because fewer people are working in downtown offices.. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. Then you can access your favorite statistics via the star in the header. 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. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. [Online]. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Between 2005 and 2015, rental vacancy in California declined 24.6%. . The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Net absorption decr Learn More. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. 36.2% of Connecticut 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. But theres nothing new about commercial real estates cyclical nature. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. The future of office buildings remains up in the air. The industry has begun to respond and deliver record amounts of new warehouses. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. 28.4% of Wisconsin households do not own a home as of 2022Q3. 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. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. That translates to less credit and lending activity, and continued volatility for asset pricing.. Massachusetts rental vacancy is up 42.9% YoY. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. There may be overleveraged building owners during an economic downturn. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. Major cities will continue to see population decline. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Statista. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Highlights. Demand for affordable and workforce housing far outweighs supply. The second chart shows direct average asking rents for office real estate. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. You need at least a Starter Account to use this feature. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. 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. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. 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. 33.5% of Arkansas households do not own a home as of 2022Q3. In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas. 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. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Pennsylvania rental vacancy is down 1.85% YoY. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. 29.7% of Arizona households do not own a home as of 2022Q2. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. You only have access to basic statistics. 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, Georgias rental vacancy rate declined 11.8%. Published Feb 22, 2023. Vacancy rate: 13.4%. Rental vacancy in Utah declined 40.7% in 2021. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. 22.2% of West Virginia households do not own a home as of 2022Q3. Canada Cap Rate Report Q4 2022. 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, Minnesotas rental vacancy rate decreased 1.72%. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. As a Premium user you get access to background information and details about the release of this statistic. Urban retail tends to boast higher rent levels than other retail, Calanog said. Homeowner vacancy in Maryland is 0.6%, up at least 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. 32.2% of Kansas households do not own a home as of 2022Q3. Full recovery would take place over years, not months, and impact all asset classes. 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, Nevadas rental vacancies increased 22.9%. Currently, you are using a shared account. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. 33.4% of Colorado households do not own a home as of 2022Q3. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. . J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. 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. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. 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. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Worcester has 1.8% rental vacancy, up 260% YoY. Rhode Island rental vacancy is up 120% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Rental vacancy in Wisconsin increased 68.8% in 2021. 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. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Rental vacancy in Indiana declined 37.4% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. 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. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Last year's results were much more optimistic: 80% expected . Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. 33.7% of North Dakota households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Wisconsin rental vacancy is down 11.8% YoY. Cushman & Wakefield. 24.4% of Michigan households do not own a home as of 2022Q3. Average asking rents: $23.89 per SF year, full service gross, all classes. "Office vacancies haven't declined much because total jobs today . The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Rental vacancy in Louisiana increased 15.9% in 2021. 28.5% of Utah households do not own a home as of 2022Q3. 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. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Kentucky rental vacancy is down 7.27% YoY. 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