44.3% of California households do not own a home as of 2022Q3. Rental vacancy in New Jersey declined 32.4% in 2021. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. 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. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 22.2% of West Virginia households do not own a home as of 2022Q3. Access to this and all other statistics on 80,000 topics from, Show sources information J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Consider what type of building it applies to . Minnesota began and ended 2021 with a 5.1% rental vacancy rate. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. . Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. 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. 46.3% of vacant units have been empty for 2 months or less. 35.0% of North Carolina households do not own a home as of 2022Q3. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. 27.5% of Alabama households do not own their home as of 2022Q3. 21.5% of rental vacancies are units with 6 or more rooms. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. You need a Statista Account for unlimited access. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Tennessee rental vacancy is down 7.14% YoY. The number of continuing claims, which includes those who have already received unemployment benefits for a week or more, also decreased by 37,000 to 1.65 million in the week ended Feb. 11. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. 36.3% of Illinois households do not own a home as of 2022Q3. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. 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. "We just hit 95 percent occupancy, which is. The . The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. 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. If you are an admin, please authenticate by logging in again. As a Premium user you get access to background information and details about the release of this statistic. 10.6% of vacant housing units are second homes. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. 32.2% of Kansas households do not own a home as of 2022Q3. Quad Cities Commercial Real Estate Market Report. You need at least a Starter Account to use this feature. Canada Cap Rate Report Q4 2022. Rental vacancy in Florida declined 21.7% in 2021. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Market Reports Feb 6, 2023. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. That could weigh on rental rates in 2023. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. 15.3% of vacant rental units are in structures built prior to 1940. Rental vacancy in Montana increased 20.6% in 2021. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. 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. . From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. 27.5% of Mississippi households do not own a home as of 2022Q3. Rental vacancy in Washington declined 5.26% in 2021. Rental vacancy in Ohio declined 27.5% in 2021. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. 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. 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. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Rental vacancy in Alaska declined 39.7% in 2021. Chart. The average U.S. office listing rate stood at $38.04 per square foot, up 1.1% year-over-year Up 80 basis points year-over-year, the national vacancy rate rested at 16.6% Under-construction office space reached 123 million square feet or 1.9% of total stock Office sales totaled $1.9 billion in January, with assets trading at $202 per square foot Rental vacancy in Rhode Island increased 25.0% in 2021. 30.2% of Nebraska households do not own a home as of 2022Q3. The Midwest has the highest rate of homeownership at 70.1%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Rental vacancy in Hawaii increased 16.9% in 2021. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Washington rental vacancy is up 7.84% YoY. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. 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. **Such a large YoY increase may be the result of multi-unit construction. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. (Deloitte) Commercial Metro Market Reports Q3 2022. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. Get full access to all features within our Business Solutions. 36.2% of Connecticut 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%. Learn more about how Statista can support your business. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. 27.0% of New Mexico households do not own a home as of 2022Q3. 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. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. The best performing sub-markets in Northern Virginia are Falls . Between 2005 and 2015, rental vacancy in Florida declined 23.6%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. California rental vacancy is up 2.50% YoY. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Please review its terms, privacy and security policies to see how they apply to you. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Columbia has 2.8% rental vacancy, down 67.1% YoY. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Rental vacancy in West Virginia increased 14.1% in 2021. Commercial real estate investment totalled $58.5 billion in 2022, which . The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. The second chart shows direct average asking rents for office real estate. 24.8% of Indiana households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. From 2010 to 2020, housing vacancies declined 57.7%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates 55.8% of D.C. households do not own a home as of 2022Q3. In Sarasota, Florida, vacancies nearly tripled in 2021. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. As a general rule, rent prices increase as vacancy rates decrease. Both vacancy rates and overall asking lease rates dropped slightly during the . 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. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Rental vacancy in Virginia declined 21.9% in 2021. North Carolina rental vacancy is up 69.4% YoY. 35.7% of Texas households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. 33.5% of Arkansas households do not own a home as of 2022Q3. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. 2022 JPMorgan Chase & Co. All rights reserved. 40.6% of Nevada households do not own a home as of 2022Q3. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. 29.6% of Maryland households do not own a home as of 2022Q3. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Highlights. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Hawaii has the second-highest YoY increase at 83.0%. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. The national rate of homeownership is 66.0% as of 2022 Q3. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. 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 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Mississippi rental vacancy is down 14.0% YoY. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 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. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. A 2023 recession would likely be a more traditional one. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. JPMorgan Chase Bank, N.A. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. 33.1% of New Jersey households do not own a home as of 2022Q3. Rental vacancy in Idaho increased 14.3% in 2021. This growth - or at least stability - can be expected moving forward. 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. Rental vacancy in Alabama increased 25.0% in 2021. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. However, recent trends by property subtype vary widely, ranging from a low of 3.2 percent (general retail) to a high of 7.9 percent (neighborhood centers). The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. You only have access to basic statistics. Massachusetts rental vacancy is up 42.9% YoY. Demand for affordable and workforce housing far outweighs supply. A paid subscription is required for full access. But both cities also entered the pandemic with much higher vacancy. 33.1% of Alaskan households do not own their home as of 2022Q3. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. 33.7% of North Dakota households do not own a home as of 2022Q3. Cushman & Wakefield. 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. Rental vacancy in Michigan decreased 18.5% in 2021. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 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 Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. . South Dakota rental vacancy is down 42.0% YoY. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. 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. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Rental vacancy in Missouri increased 8.11% in 2021. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . 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. 33.4% of Colorado households do not own a home as of 2022Q3. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. "Almost on a weekly basis, things . From 2015 to 2020, Texass rental vacancy rate declined 8.79%. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. 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. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. 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. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. However, while they are both important, they measure different things and can give you additional insights into the market. A 2023 recession would likely be a more traditional one %, up 93.3 YoY... 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