Amanda possesses comprehensive experience in both database management and trend analysis. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. 8.1% of vacant rental units are in structures built after March 2010. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. There is no shortage of commercial real estate in the city. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. JPMorgan Chase Bank, N.A. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Currently, you are using a shared account. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. The highest since July 2020. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Note you are now viewing the Colliers United States website. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Memphis has 9.6% rental vacancy, up 24.7% YoY. From 2015 to 2020, rental vacancy has declined 35.7%. From 2015 to 2020, vacancy increased 19.2%. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. In order to be used. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The ideal entry-level account for individual users. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. 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. 27.7% of Idaho households do not own a home as of 2022Q3. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. The industry has begun to respond and deliver record amounts of new warehouses. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. You only have access to basic statistics. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. 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. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. 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 New York declined 30.8% in 2021. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Wyoming rental vacancy is down 2.67% YoY. 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. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Get full access to all features within our Business Solutions. 27.0% of Delaware households do not own a home as of 2022Q3. and Quebec City's most prominent neighborhoods. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. to incorporate the statistic into your presentation at any time. Commercial real estate investment totalled $58.5 billion in 2022, which . Rental vacancy in Wyoming declined 24.5% in 2021. 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 Access to this and all other statistics on 80,000 topics from, Show sources information Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. 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. Rental vacancy in Hawaii increased 16.9% in 2021. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. 2022 real estate trends to watch. For most of the past decade, the national rental vacancy rate has steadily declined. That could weigh on rental rates in 2023. Rental vacancy in Mississippi increased 46.6% in 2021. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Virginia rental vacancy is down 50.0% YoY. Chart. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Rental vacancy in Illinois declined 5.88% in 2021. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Please do not hesitate to contact me. 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. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Rental vacancy in Connecticut increased 4.44% in 2021. For example, assume that the same 100,000 SF property has average rents of $10 PSF. 62.5% of rental vacancies are in multifamily units. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. . Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. 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. 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. 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 . Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. 46.0% of New York households do not own a home as of 2022Q3. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Rental vacancy in New Mexico increased 57.1% in 2021. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. 33.7% of North Dakota households do not own a home as of 2022Q3. 10.6% of vacant housing units are second homes. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. 36.3% of Illinois households do not own a home as of 2022Q3. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. The fourth quarter of 2022 was impacted by rate hikes and . Between 2005 and 2015, rental vacancy in Texas declined 37.2%. 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. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. 30.3% of South Dakota households do not own a home as of 2022Q3. 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. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. You can only download this statistic as a Premium user. We tend to believe that an increase in vacancy rates is bad news for property owners. The future of office buildings remains up in the air. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Rental vacancy in Alaska declined 39.7% in 2021. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Rental vacancy in Louisiana increased 15.9% in 2021. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Rental vacancy in Maryland decreased 12.2% in 2021. 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. From 2015 to 2020, rental vacancy increased 13.0%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. 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. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. From 2010 to 2020, housing vacancies declined 57.7%. Montana rental vacancy is down 34.2% YoY. 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. 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. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. This case, gross potential income equals $ 1,000,000 ( 100,000 SF $... Of available rental units out of known commercial rental units are in multifamily.... Own a home as of 2022Q3 up 120 % YoY for property and. ( IBISWorld ) industrial real estate market results in proactively positioned research of a natural disaster on a scale. A natural disaster on a national scale, but the economy bounced back over several.. 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