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. Statistics indicate a growing suburban rental market and a return to cities. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. But theres nothing new about commercial real estates cyclical nature. 8.1% of vacant rental units are in structures built after March 2010. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Tennessee rental vacancy is down 7.14% YoY. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). 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. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. 10.4% of year-round vacancies are empty but have been rented or sold. 15.3% of vacant rental units are in structures built prior to 1940. 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 Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. Rental vacancy in Utah declined 40.7% in 2021. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. 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. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. The second chart shows direct average asking rents for office real estate. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 2022 JPMorgan Chase & Co. All rights reserved. "We just hit 95 percent occupancy, which is. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. VIEW MORE. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Consider what type of building it applies to . Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Minneapolis Industrial Market. Kentucky rental vacancy is down 7.27% YoY. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. Net absorption decr Learn More. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. The retail property forecast largely depends on location and retail category. Currently, you are using a shared account. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Download Full Report. 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. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Rental vacancy in Massachusetts declined 33.3% in 2021. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. As a general rule, rent prices increase as vacancy rates decrease. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Cushman & Wakefield. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Hawaii has the second-highest YoY increase at 83.0%. Note you are now viewing the Colliers United States website. Rental vacancy in Illinois declined 5.88% in 2021. Retail is at a crossroads, and the future of office space is unclear. California rental vacancy is up 2.50% YoY. Then you can access your favorite statistics via the star in the header. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The national rental vacancy rate is 6.0%. As soon as this statistic is updated, you will immediately be notified via e-mail. Published: 2:21 PM Feb 27, 2023. 29.6% of Maryland households do not own a home as of 2022Q3. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. 28.5% of Utah households do not own a home as of 2022Q3. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. As a Premium user you get access to the detailed source references and background information about this statistic. In order to be used. 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. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% 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. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. U.S. Office Fundamentals Soften as 2022 Closes. Full recovery would take place over years, not months, and impact all asset classes. 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 West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. 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. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. Statista. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. But it has continued to be weighed down because fewer people are working in downtown offices.. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Wyoming rental vacancy is down 2.67% YoY. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Rental vacancy in Hawaii increased 16.9% in 2021. The ideal entry-level account for individual users. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. 27.0% of Delaware households do not own a home as of 2022Q3. 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. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. The city's office market has a vacancy rate of 16 percent, while the sublease vacancy rate is 5 percent; both are higher than they were during recent economic crises. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Below are the total asset values of commercial real estate properties in Miami per sector. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. 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 . The highest since July 2020. There may be overleveraged building owners during an economic downturn. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Learn more about how Statista can support your business. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. But there are a few bright spots in the commercial real estate forecast. Rental vacancy in Alaska declined 39.7% in 2021. Rental vacancy in South Carolina declined 35.3% in 2021. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. 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. Vacancy rate: 13.4%. The retail vacancy rate in Greenpoint and. 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 You need a Statista Account for unlimited access. Commercial real estate investment totalled $58.5 billion in 2022, which . The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. However, while they are both important, they measure different things and can give you additional insights into the market. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. 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