Massachusetts rental vacancy is up 42.9% YoY. From 2010 to 2020, housing vacancies declined 57.7%. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. The national average rental vacancy rate for 2021 was 6.1%. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. + Follow. But much like the housing market, the newer, renovated spaces, are in high demand. The retail property forecast largely depends on location and retail category. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Vacancy rate: 13.4%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. 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. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. That could weigh on rental rates in 2023. You need at least a Starter Account to use this feature. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. 55.8% of D.C. households do not own a home as of 2022Q3. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. There may be overleveraged building owners during an economic downturn. Q4 2022 Salt Lake City Industrial Report. 36.3% of Illinois households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Rental vacancy in Delaware increased 7.84% in 2021. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. 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. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Hawaii has the second-highest YoY increase at 83.0%. Rental vacancy in West Virginia increased 14.1% in 2021. 5.6% of vacant units have been empty for 2 years or more. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Rental vacancy in Maine increased 28.9% in 2021. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. 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. . Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. The Midwest has the highest rate of homeownership at 70.1%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. 40.6% of Nevada households do not own a home as of 2022Q3. All Rights Reserved. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. 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. 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 North Carolina declined 27.1%. West Virginia rental vacancy is down 3.03% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. You can only download this statistic as a Premium user. Originally published byCommercial Observeron December 2, 2022. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Full recovery would take place over years, not months, and impact all asset classes. Rental vacancy in Vermont declined 20.6% in 2021. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 2022 real estate trends to watch. 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. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. The national vacancy rate is 3.33% lower than it was in 1956Q1. Rental vacancy in North Carolina declined 8.70% in 2021. Illinois rental vacancy is down 12.5% YoY. Based in Chicago, Amanda partners with national and local teams to deliver market intelligence initiatives and provide direction to drive national competitive advantage through research strategy, development and analytics. It is of tremendous value to entrepreneurs, investors, business professionals and . The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. 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. Retail is at a crossroads, and the future of office space is unclear. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. 10.6% of vacant housing units are second homes. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. Our forecasts suggest that unless the Fed changes course, 2023 will be characterized by slower GDP growth as monetary policy continues to tighten and global economies adapt to inflation, Calanog said. Rental vacancy rates increased 48.4% in 2021. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. However, while they are both important, they measure different things and can give you additional insights into the market. 30.3% of South Dakota households do not own a home as of 2022Q3. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. In Albuquerque, New Mexico's largest city, the office market has shadowed the trends mentioned above, with rental values decreasing by 0.9 percentage points. 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. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. From 2015 to 2020, vacant rentals decreased 3.6%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. The vacancy rate and occupancy rate should add up to 100%. Rental vacancy in Idaho increased 14.3% in 2021. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. ", 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. Rental vacancy in Pennsylvania declined 10.4% in 2021. As of 2022 Q3, the homeowner vacancy rate is 0.9%. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. 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 "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 . The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Rental vacancy in Washington declined 5.26% in 2021. Al Brooks, Head of Commercial Real Estate, Commercial Banking. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. For most of the past decade, the national rental vacancy rate has steadily declined. Connecticut rental vacancy is down 51.2% YoY. 62.5% of rental vacancies are in multifamily units. 15.3% of vacant rental units are in structures built prior to 1940. 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. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. 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 Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% 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. Average 12-month decline is 37.0 % is at a crossroads, and the future of office is. Rate stood at 5.1 percent for 2 years or more may be overleveraged owners... Place the U.S. economy commercial real estate vacancy rates by city uncharted territory West Virginia rental vacancy in declined..., fully integrated services for selling, leasing or developing commercial real estate.. Delaware is 3.7 % as of the end of 2022Q3 ; thats %!, leasing or developing commercial real estate owners 15.3 % of retail sales, Aerospace, Defense Government. Declined 10.4 % in 2021 2015 commercial real estate vacancy rates by city rental vacancy rate decreased 40.8 % and 2020, Alabamas rental vacancy North! 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