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 D.C. declined 23.2% in 2021. 35.0% of North Carolina households do not own a home as of 2022Q3. Member FDIC. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Rental vacancy in Alabama increased 25.0% in 2021. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. 34.5% of Ohio households do not own a home as of 2022Q3. Rental vacancy in Kentucky increased 9.09% in 2021. Rental vacancy in Delaware increased 7.84% in 2021. North Carolina rental vacancy is up 69.4% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. Rental vacancy in Alaska declined 39.7% in 2021. 30.3% of South Dakota households do not own a home as of 2022Q3. 1968-1973 are Available online from Hathi Trust External Learn more about how Statista can support your business. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Rental vacancy in Kansas declined 46.6% in 2021. Virginia rental vacancy is down 50.0% 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 . The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. 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 St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. 35.0% of Rhode Island households do not own a home as of 2022Q3. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. The retail property forecast largely depends on location and retail category. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. 24.8% of Indiana households do not own a home as of 2022Q3. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Total office inventory: 48,770,948 SF. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Quad Cities Commercial Real Estate Market Report. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Rental vacancy in Tennessee declined 10.8% in 2021. Illinois rental vacancy is down 12.5% YoY. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Pennsylvania rental vacancy is down 1.85% YoY. South Dakota rental vacancy is down 42.0% YoY. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. South Carolina rental vacancy is down 41.7% YoY. The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . 32.2% of Kansas households do not own a home as of 2022Q3. 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 statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. 36.3% of Illinois households do not own a home as of 2022Q3. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. The industry has begun to respond and deliver record amounts of new warehouses. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. That translates to less credit and lending activity, and continued volatility for asset pricing.. Rental vacancy in Missouri increased 8.11% in 2021. Minneapolis Industrial Market. Montana rental vacancy is down 34.2% YoY. [Online]. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. The highest since July 2020. Statista. Originally published byCommercial Observeron December 2, 2022. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. 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. Then you can access your favorite statistics via the star in the header. The Midwest has the highest rate of homeownership at 70.1%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below 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. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. 10.6% of vacant housing units are second homes. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. In the second quarter of this year, the commercial. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 31.8% of Oklahoma households do not own a home as of 2022Q2. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Washington rental vacancy is up 7.84% YoY. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Rental vacancy in Florida declined 21.7% in 2021. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. 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. Are you interested in testing our business solutions? Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Highlights. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. California rental vacancy is up 2.50% YoY. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. . Canada Cap Rate Report Q4 2022. 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 South Dakota declined 34.3%. Columbia has 2.8% rental vacancy, down 67.1% YoY. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. 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%). Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Get full access to all features within our Business Solutions. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Cushman & Wakefield. November 13, 2022. North Dakota rental vacancy is up 12.4% YoY. 33.9% of Virginia households do not own a home as of 2022Q3. . Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. 25.5% of Maine households do not own a home as of 2022Q3. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. 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. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. "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 statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. 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. Rental vacancy in Rhode Island increased 25.0% in 2021. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 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. 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. Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. 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 Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 0.8%, up 60.0% from the previous quarter. Rhode Island rental vacancy is up 120% YoY. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The national rate of homeownership is 66.0% as of 2022 Q3. 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. Rental vacancy in Arkansas increased 5.63% in 2021. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. The . Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . 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 Connecticut is 1.4%, down 65.0% from the previous quarter. 31.8% of Montana households do not own a home as of 2022Q3. Rental vacancy in Indiana declined 37.4% in 2021. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 39.1% of Massachusetts households do not own a home as of 2022Q3. 28.5% of Pennsylvania households do not own a home as of 2022Q3. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. As a Premium user you get access to background information and details about the release of this statistic. From 2015 to 2020, vacant rentals decreased 3.6%. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Rental vacancy in Michigan decreased 18.5% in 2021. 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. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. 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). The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. 40.3% of Hawaii households do not own their homes 2022Q3. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Rental vacancy in New Jersey declined 32.4% in 2021. 27.7% of Idaho households do not own a home as of 2022Q3. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. All Rights Reserved. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Rental vacancy in Wisconsin increased 68.8% in 2021. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Is 5.3 %, down 67.1 % YoY, up 16.7 % YoY 300 units, and 30 units second! 53.6 % 3.70 % New Mexico increased 14.3 % 2020, Oklahomas vacancy. Industrial warehouse and distribution propertiesfor at least 10 years, Calanog said of each client and geopolitical! 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