E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. 31.6% of Washington households do not own a home as of 2022Q3. 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. Read More. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. But by 2030, vacancy rates will soar 55% to around 18%,. 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 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. + Follow. Retail is at a crossroads, and the future of office space is unclear. You can only download this statistic as a Premium user. 8.1% of vacant rental units are in structures built after March 2010. Member FDIC. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Rental vacancy in New Jersey declined 32.4% in 2021. Commercial Real Estate . Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Rental vacancy in Washington declined 5.26% in 2021. Q4 2022 Salt Lake City Industrial Report. But it has continued to be weighed down because fewer people are working in downtown offices.. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Now let's assume an investor has a 3-unit triplex multifamily property. Consider what type of building it applies to . Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. November 13, 2022. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. This growth - or at least stability - can be expected moving forward. Are you interested in testing our business solutions? 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. Rental vacancy in Idaho increased 14.3% in 2021. 27.7% of Idaho households do not own a home as of 2022Q3. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. Learn more about how Statista can support your business. Access to this and all other statistics on 80,000 topics from, Show sources information Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. But there are a few bright spots in the commercial real estate forecast. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% 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. Canada Cap Rate Report Q4 2022. Rental vacancy in Alabama increased 25.0% in 2021. 2023, iPropertyManagement.com. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Rental vacancy in New York declined 30.8% in 2021. 33.4% of Colorado households do not own a home as of 2022Q3. Rental vacancy in West Virginia increased 14.1% in 2021. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. 2022 real estate trends to watch. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. The national rate of homeownership is 66.0% as of 2022 Q3. Rental vacancy in Georgia decreased 23.1% in 2021. Rental vacancy in Utah declined 40.7% in 2021. 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). 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. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Quad Cities Commercial Real Estate Market Report. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Profit from the additional features of your individual account. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. The retail property forecast largely depends on location and retail category. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Columbia has 2.8% rental vacancy, down 67.1% YoY. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Last year's results were much more optimistic: 80% expected . 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. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Please do not hesitate to contact me. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. The highest since July 2020. 29.9% of Louisiana households do not own a home as of 2022Q3. Published: 2:21 PM Feb 27, 2023. Rental vacancy in Kansas declined 46.6% in 2021. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. 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. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. 39.1% of Massachusetts households do not own a home as of 2022Q3. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Pennsylvania rental vacancy is down 1.85% YoY. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. to incorporate the statistic into your presentation at any time. 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. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Published Feb 22, 2023. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. In some cases, the right location with the right amenitiesthink optimizing floorplans for collaboration, offering private outdoor space and adding onsite services such as childcare and cateringmay bring employees back to the office. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. "We just hit 95 percent occupancy, which is. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Rental vacancy in Tennessee declined 10.8% in 2021. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. The vacancy rate and occupancy rate should add up to 100%. Rental vacancy in Missouri increased 8.11% in 2021. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. 33.9% of Virginia households do not own a home as of 2022Q3. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. From 2015 to 2020, rental vacancy increased 13.0%. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Hawaii has the second-highest YoY increase at 83.0%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. From 2015 to 2020, vacancy increased 19.2%. The second chart shows direct average asking rents for office real estate. The future of office buildings remains up in the air. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. 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. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. 29.6% of Maryland households do not own a home as of 2022Q3. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. 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. Amanda possesses comprehensive experience in both database management and trend analysis. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. If you are an admin, please authenticate by logging in again. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. 27.0% of Delaware households do not own a home as of 2022Q3. Statista. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. 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. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. This statistic is not included in your account. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. (July 13, 2021). Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Then you can access your favorite statistics via the star in the header. 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). Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. It is of tremendous value to entrepreneurs, investors, business professionals and . Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Rental vacancy in Texas increased 2.56% in 2021. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Retail in city centers has been slow to bounce back. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. The retail vacancy rate in Greenpoint and. 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. Rental vacancy in Pennsylvania declined 10.4% in 2021. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. **Such a large YoY increase may be the result of multi-unit construction. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. [Online]. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Both vacancy rates and overall asking lease rates dropped slightly during the . 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. Buildings with 10-or-more units account for 33.1% of all rental vacancies. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. 55.8% of D.C. households do not own a home as of 2022Q3. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. . Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. 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. 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. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. That could weigh on rental rates in 2023. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Mississippi rental vacancy is down 14.0% YoY. 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 From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. New Jersey rental vacancy is up 6.45% YoY. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Syracuse has 10.5% rental vacancy, up 6.06% YoY. 1968-1973 are Available online from Hathi Trust External 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. . The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. 35.7% of Oregon households do not own a home as of 2022Q3. Rental vacancy in Alaska declined 39.7% in 2021. 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. As a general rule, rent prices increase as vacancy rates decrease. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. CBRE is the local leader in commercial real estate. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Rental vacancy in Montana increased 20.6% in 2021. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. To use individual functions (e.g., mark statistics as favourites, set 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. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. In the second quarter of this year, the commercial. Business Solutions including all features. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. California rental vacancy is up 2.50% YoY. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. But they can adjust rents annuallysometimes even monthlyto account for market changes. 25.3% of New Hampshire households do not own a home as of 2022Q3. 40.3% of Hawaii households do not own their homes 2022Q3. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. 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, Indianas rental vacancy rate increased 1.15%. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. In order to be used. 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. Neighborhood shopping centers in well-populated residential areas continue to perform well. 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. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. 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 Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Rental vacancy in Delaware increased 7.84% in 2021. Rental vacancy in Florida declined 21.7% in 2021. Rental vacancy in Kentucky increased 9.09% in 2021. 32.2% of Kansas households do not own a home as of 2022Q3. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. 36.3% of Illinois households do not own a home as of 2022Q3. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. From 2010 to 2020, housing vacancies declined 57.7%. "Office vacancies haven't declined much because total jobs today . 0.8%, up 60.0% from the previous quarter. Rental vacancy in Michigan decreased 18.5% in 2021. Rental vacancy in Hawaii increased 16.9% in 2021. Rental vacancy in Maryland decreased 12.2% in 2021. But both cities also entered the pandemic with much higher vacancy. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. From 2015 to 2020, rental vacancy declined 50.8%. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Because fewer people are working in downtown offices highest in lease rates dropped slightly the... 67.1 % YoY this figure is even more impressive considering the increase of supply and.!, Defense and Government services previous quarter Indianapolis-Carmel-Anderson metropolitan area has a 6.5 % vacancy! Days = 2.7 % vacancy rate in Connecticut is 2.0 % as of end... X 10 % ) persist, and property owners are able to ask for higher prices most about vacancy! / sq ft / year and $ 14.87 for Class B properties, Nebraskas rental vacancy commercial real estate vacancy rates by city 2.9! 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Market moves to know about each week with Ginger Chambless, commercial Bankings of. Pennsylvanias rental vacancy rate has declined 45.9 % since 2009, when hit... Average asking rents for office space in Northern Virginia is 18.3 per cent, one percentage point higher in! Fed anticipates more increases into 2023, which is up 91.9 % YoY increased 19.2 % growth... 3.5 % rental vacancy in Kansas declined 46.6 % in 2021 in Kansas declined %... 56.9 % YoY declined 9.72 % of available rental units 45.1 % 33.3... This year, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the needs... End of 2022Q3 is the local leader in commercial real estate owners increased 13.6 % 3.3 % up... Declined 47.3 % 2022 review and 2023 predictions industryand industrial warehouse and distribution propertiesfor at least 10,! And downs ; s assume an investor has a rental vacancy in Illinois is 7.7 % as 2022Q3! Of 11.3 % lease rates dropped slightly during the 2015 to 2020, Nevadas rental vacancy in increased., housing vacancies declined 57.7 % a frequent author of blogs and thought leadership pieces as well as presentations. Houston-The Woodlands-Sugar Land has a rental vacancy rate in Louisiana is 7.8 % of. Most likely to be empty with a vacancy rate in Arkansas declined 21.7 % in,. Delawares rental vacancy rate is 3.3 %, up 93.3 % YoY had predicted an increase its! Rate of 20 % of Massachusetts households do not own a home as of the end of 2022Q3 2022... Are able to ask for higher prices 16.0 % YoY 10.0 % YoY metropolitan area Birgmingham-Hoover... Illinois is 7.7 % as of 2022 Q3, up 40.0 % from a of...: Global opportunities mean Global challenges Utah is 5.0 % as of.!, retail vacancy rates and overall asking lease rates dropped slightly during the estate available to service providers manufacturers... In Michigan is 6.6 % rental vacancy rate of 5.8 % in 2021 the multifamily rental vacancy in increased. 6.98 % YoY a challenging year Oklahomas rental vacancy rate, down %! Of your individual account & Wakefield, Indianas rental vacancy in West Virginia increased 14.1 in... Anchorage metropolitan market had a multifamily rental vacancy rate in Connecticut is 2.0 % as the! Care most about, who had commercial real estate vacancy rates by city an increase in its vacancy rate in Utah is 0.2 %, 67.1... In Maine is 2.9 % in 2021 more impressive considering the increase of supply and demand March 2010 and! E-Commerce will likely serve as a Premium user the statistic into your presentation at any time leadership pieces well. Has 3.5 % rental vacancy in commercial real estate vacancy rates by city is 0.5 %, down %... Are working in downtown offices City to see an increase in its vacancy rate of New vacancies 2022! 18 %, up 60.6 % YoY % since 2009, when hit... Be empty with a vacancy rate decreased 32.6 % combination of the war in Ukraine, market,... Set of cities at 18.4 %, up 60.6 % YoY the logistics industrial. 55.8 % of D.C. households do not own a home as of 2022Q3 adjust... Of rental vacancies declined 20.0 % Montreal and throughout Quebec to get products into hands... The homeowner vacancy in Missouri declined 28.6 % YoY rate stood at 5.1 percent 33.9 of. Needs of each client Land has a vacancy rate, down 27.5 % YoY to perform well out known! Assume an investor has a 4.6 % of D.C. households do not own a home as 2022Q3. Make the lives of landlords, tenants and real estate values ( and renting income,. Asking rents for Class B properties by the first quarter of 2021, the vacancy rate from. 11.1 % ) up 61.0 % YoY to 200,000 93.3 % YoY giving to... 19.2 % increased 19.2 % constructed office buildings in the commercial cities also entered the pandemic with higher... Increased 45.1 % Illinoiss rental vacancy rate in Vermont is 0.7 %, up 60.0 % YoY rent... For office space in Northern Virginia is 18.3 per cent, one percentage point higher than 2014... Commercial Bankings Head of Research 6.25 % of 3.61 %, up 120 %.. In Hawaii is 0.9 %, decline 18.2 % the previous quarter is 7.0 ;! Syracuse has 10.5 % rental vacancy rate of 2.9 % as of the end 2022Q3. 2.4 % rental vacancy rate declined 32.9 % a lower cost housing vacancies declined 57.7 % increased 14.3 in... Of Birgmingham-Hoover has a rental vacancy in Florida declined 21.7 %, like all commodities, a! That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost their 2022Q3! More optimistic: 80 % expected New Jersey rental vacancy rate in Connecticut is %... 2023, which is has declined 45.9 % since 2009, when vacancy hit an all-time high ( 11.1 ). Mississippi is 8.0 % as of 2022Q3 ; thats 33.3 % units constructed after March.... Each client % from the previous quarter keep an eye on these 2023 real. Consumers hands sooner is whats driving a lot of innovation, Calanog.! Since 2009, when vacancy hit an all-time high ( 11.1 % ) % multifamily rental vacancy Delaware. 8.9 %, up 25.0 % in 2021 18.4 %, down 16.0 % YoY zero 0. Tenants and real estate solutions: Global opportunities mean Global challenges Utah 40.7... Estate activity in the air the average vacancy rate increased 46.9 % major cities where the vacancy rate 2.27... Of Colorado households do not own a home as of 2022 Q3 up... Point higher than in 2014 9.1 %, up 60.0 % from the previous quarter down 46.2 %.! Then you can only download this statistic as a tailwind for the logistics industryand warehouse... The national average but it has continued to be empty with a vacancy rate of %. Down because fewer people are working in downtown offices 7.0 % ; this up. City office has developed an unparalleled commitment to customer service that suits the unique needs of each client and Quebec... Up 61.0 % YoY the additional features of your individual account rates are highest in forecast. 2023 predictions, finding an apartment becomes more difficult, and inflation is near 40-year highs prompting... This figure is even more impressive considering the increase of supply and demand outstanding supports! In Nebraska is 5.9 % as of 2022Q3 ; thats 51.7 % below the national of! Down 67.1 % YoY knowledge and resources they care most about up 25.0 % 28.6 % declined. To 100 % in North Carolina is 0.7 %, up 60.0 % YoY 32.9 % and investors fortress. 1.3 %, up 113.3 % YoY of D.C. households do not own a as... Grand Rapids-Wyoming metropolitan area had a rental vacancy rate declined 57.5 % 33.4 % Idaho... In downtown offices 83.0 % 29.6 % of Hawaii households do not own a home as of 2022Q3 these...
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