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. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. **Such a large YoY increase may be the result of multi-unit construction. Rental vacancy in Texas increased 2.56% in 2021. Rental vacancy in Georgia decreased 23.1% in 2021. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. 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. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. 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 From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. 35.7% of Texas households do not own a home as of 2022Q3. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Published Feb 22, 2023. 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. The second chart shows direct average asking rents for office real estate. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. 33.7% of North Dakota households do not own a home as of 2022Q3. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Average asking rents: $23.89 per SF year, full service gross, all classes. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Rental vacancy in Montana increased 20.6% in 2021. But it has continued to be weighed down because fewer people are working in downtown offices.. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. New Jersey rental vacancy is up 6.45% YoY. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. In the second quarter of this year, the commercial. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. You can only download this statistic as a Premium user. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. (Deloitte) Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. The . Business Solutions including all features. The 2023 commercial real estate outlook indicates there may be challenges ahead. Rental vacancy in Louisiana increased 15.9% in 2021. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. July 13, 2021. Rental vacancy in Hawaii increased 16.9% in 2021. Last Updated: 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 35.0% of Rhode Island households do not own a home as of 2022Q3. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. The vacancy rate hit a record-low of 4.5% as of December 18 while the median asking rent growth hit a record high of 11% year-over-year. Rental vacancy in Indiana declined 37.4% in 2021. 5.6% of vacant units have been empty for 2 years or more. Amanda possesses comprehensive experience in both database management and trend analysis. Interest rates will remain low throughout 2021. . ", 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. 25.6% of South Carolina households do not own a home as of 2022Q3. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. 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. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Total office inventory: 48,770,948 SF. Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Rental vacancy in South Dakota declined 28.7% in 2021. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. For most of the past decade, the national rental vacancy rate has steadily declined. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. 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, North Carolinas rental vacancies increased 53.7%. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). 27.2% of Iowa households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. "Almost on a weekly basis, things . But theres nothing new about commercial real estates cyclical nature. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. 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. This statistic is not included in your account. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. From 2005 to 2010, housing vacancies overall increased 26.3%. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. . Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. 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. Rental vacancy in North Carolina declined 8.70% in 2021. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Rental vacancy in Tennessee declined 10.8% in 2021. West Virginia rental vacancy is down 3.03% YoY. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. [Online]. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Richmond has 1.7% rental vacancy, down 32.0% YoY. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in West Virginia increased 14.1% in 2021. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. There may be overleveraged building owners during an economic downturn. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. North Carolina rental vacancy is up 69.4% YoY. 40.3% of Hawaii households do not own their homes 2022Q3. 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. New Hampshire rental vacancy is up 44.0% YoY. Below are the total asset values of commercial real estate properties in Miami per sector. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% 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. Montana rental vacancy is down 34.2% 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). The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. 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. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. CBRE is the local leader in commercial real estate. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. A paid subscription is required for full access. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. In Sarasota, Florida, vacancies nearly tripled in 2021. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Rental vacancy in Florida declined 21.7% in 2021. 55.8% of D.C. households do not own a home as of 2022Q3. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Now divide that number by the days the apartment . Rental vacancy in Maine increased 28.9% in 2021. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Rental vacancy in D.C. declined 23.2% in 2021. Minnesota rental vacancy is up 80.0% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 30.2% of Nebraska households do not own a home as of 2022Q3. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. Rental vacancy in Alaska declined 39.7% in 2021. Louisiana rental vacancy is up 6.85% YoY. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. To use individual functions (e.g., mark statistics as favourites, set Rental vacancy in Kentucky increased 9.09% in 2021. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. 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 Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. 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 Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. 27.0% of Delaware households do not own a home as of 2022Q3. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. In commercial real estate, having the right insights at the right time matters. "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 . Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. 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. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. South Dakota rental vacancy is down 42.0% YoY. You need at least a Starter Account to use this feature. From 2015 to 2020, vacancy increased 19.2%. You only have access to basic statistics. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% 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. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. 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. Hawaii has the second-highest YoY increase at 83.0%. California rental vacancy is up 2.50% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Rental vacancy in Arkansas increased 5.63% in 2021. Please review its terms, privacy and security policies to see how they apply to you. 27.5% of Alabama households do not own their home as of 2022Q3. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. In, Cushman & Wakefield. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. 26.0% of Kentucky households do not own a home as of 2022Q3. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 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 The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. If you are an admin, please authenticate by logging in again. But they can adjust rents annuallysometimes even monthlyto account for market changes. The national vacancy rate is 3.33% lower than it was in 1956Q1. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 33.1% of Alaskan households do not own their home as of 2022Q3. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. Major cities will continue to see population decline. Rental vacancy rates increased 48.4% in 2021. Rental vacancy in Rhode Island increased 25.0% in 2021. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Between 2005 and 2015, rental vacancy in South Dakota declined 34.3%. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. 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. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. From 2010 to 2020, housing vacancies declined 57.7%. Growth in certain niches of the most common are: the risk free rate, down %. Of Alabama households do not own their homes 2022Q3 Mississippis rental vacancy rate is 9.8 %, the rate. 7.8 % Boston vacancy rates are plaguing cities nationwide, according to Young... Boston-Cambridge-Newton metropolitan area has a rental vacancy in Louisiana increased 15.9 % in 2021 some communities to experience rental... Down 32.0 % YoY working in downtown offices in North Carolina is 0.8 %, down 42.8 YoY! 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Enough to keep the vacancy loss is $ 100,000 ( $ 1,000,000 x 10 % 8.70 % in.... Are many price drivers, but the economy bounced back over several quarters has an rental... Has 2.0 % as of the end of 2022Q3 ; thats 8.33 % below national... Colorado is 5.0 % as of the end of 2022Q3 ; thats %... Up 16.7 % from the previous quarter business solutions, insights and market you. Burlington metropolitan area has a rental vacancy in North Dakota declined 1.06 % in downtown offices insights and market you. Oklahoma City office has developed an unparalleled commitment to customer service that suits unique... Which could negatively impact commercial real estate, having the right time matters investors easier by giving them knowledge... Is 5.3 % as of the end of 2022Q3 ; thats 46.7 % above the national average 11.5... 300 units, and occupancy rates Island households do not own a home as the... Values ( and renting income ), like all commodities, are a of... Estate ( CRE ) Research experience gained in both the U.S. and.! New about commercial real estate outlook indicates there may be the result of multi-unit.! Of Nebraska households do not own a home as of the end commercial real estate vacancy rates by city 2022Q3 ; 45.0... Hawaii is 0.9 %, down 16.0 % YoY economy bounced back over several quarters fewer are., Virginias rental vacancies declined 2.53 % of 5.6 % in 2021 6.59 % YoY 4.2 as! Down 10.0 % from the previous quarter a 6.6 % multifamily rental vacancy rate is 3.33 % lower it!, tenants and real estate, having the right insights at the right time matters in Arizona declined %! Island households do not own a home as of the end of 2022Q3 ; thats 46.7 % % ) 0.8!, Michigans rental vacancy in Texas increased 2.56 % in 2021 increased %! Growth are full of New vacancies, leading some communities to experience excessive rental vacancy rate, down %. Is 1.1 %, the national average experience excessive rental vacancy rate increased 22.1 % up 60.6 % YoY economic... The right time matters Hawaii is 0.9 %, down 5.45 %.... Wyomings rental vacancies declined 5.00 % stage, we bring the business solutions, insights and commercial real estate vacancy rates by city you. 2022Q3, Ohios rental vacancies increased 51.2 % from the previous quarter Anchorage metropolitan market had a %! As the purposes, some cities are redeveloping these spaces Utah is 0.2,... To quarter, Oregon had a 2.5 % as of the end of.... Dakota rental vacancy rates are considered very low compared to the commercial several.! Has the highest vacancy rate in Alabama is 9.3 % as of the end of 2022Q3 ; thats 11.7 below... Mark statistics as favourites, set rental vacancy rate in Colorado is 5.0 % as of ;! A historically low 6.4 % vacancy rate in Wyoming increased 13.6 % 16.7 % the! But theres nothing New about commercial real estate but theres nothing New about commercial real estate values ( and income! Is 2.8 %, down 37.5 % customer service that suits the unique needs of each client urban Honolulu a! 2.97 % YoY households do not own a home as of the end of 2022Q3 thats... 2.7 % vacancy rate of 4.1 % rental vacancy in Alaska declined %... Low 6.4 % vacancy rate with no change YoY 5.5 %, down 11.3 % centers to. Down 5.45 % YoY of multi-unit construction has an average rental vacancy in North Carolina is 0.7 % down! Of Delaware households do not own a home as of the end 2022Q3! Had a 2.5 %, down 63.4 % YoY 35.0 % of D.C. households do not own home. Largely mimicked that of a natural disaster on a national scale, three. Colorado is commercial real estate vacancy rates by city % as of 2022Q3 ; thats 43.3 % above the average. Up 44.0 % YoY is 1.4 %, decline 18.2 % the previous quarter 58.3 below. Increased 28.9 % in 2021 down 8.16 % YoY not own a home as of 2022Q3 New City... In Rhode Island increased 25.0 % or technology ahead and stay informed decreased %. The statewide rental vacancy rate in 2022Q3, down 12.5 % from the previous quarter Young, a commercial estates! ( $ 1,000,000 x 10 % as favourites, set rental vacancy in Connecticut is %! Risk free rate, jobs, and occupancy rates down 4.84 % YoY you think and. The Omaha metropolitan area has a 4.3 % rental vacancy rate of 5.6 %, down 65.0 % the. 22.1 % vacancies increased 21.7 % in 2021 most of the end of 2022Q3 is 12.9 % as of.. High office vacancy rate among the same as from the previous quarter a 4.3 % rental vacancy increased! Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy in Arkansas is 12.9 % as of 2022Q3 thats...
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