Connecticut has the lowest vacancy rate at 2.0%. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. 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. You only have access to basic statistics. 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 vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. 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 combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. From 2005 to 2010, housing vacancies overall increased 26.3%. 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 From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. From 2010 to 2020, housing vacancies declined 57.7%. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Please do not hesitate to contact me. 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. Rental vacancy in Hawaii increased 16.9% in 2021. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. "We just hit 95 percent occupancy, which is. Perth and Adelaide remain the most competitive capital cities for potential tenants . From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. **Such a large YoY increase may be the result of multi-unit construction. The national vacancy rate is 3.33% lower than it was in 1956Q1. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. 10.4% of year-round vacancies are empty but have been rented or sold. 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 . Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 33.4% of Colorado households do not own a home as of 2022Q3. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. 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. Providing some indication of the direction Sydney vacancy rates could take. + Follow. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. 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 New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . A 2023 recession would likely be a more traditional one. Originally published byCommercial Observeron December 2, 2022. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates 46.3% of vacant units have been empty for 2 months or less. Rental vacancy in Maine increased 28.9% in 2021. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Wyoming rental vacancy is down 2.67% YoY. 35.7% of Texas households do not own a home as of 2022Q3. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Learn more about how Statista can support your business. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% 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. CBRE is the local leader in commercial real estate. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. 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. California rental vacancy is up 2.50% YoY. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. Buildings with 10-or-more units account for 33.1% of all rental vacancies. 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. 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. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Profit from the additional features of your individual account. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. 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. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Minneapolis Industrial Market. The ideal entry-level account for individual users. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. 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. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. 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. November 13, 2022. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. For example, assume that the same 100,000 SF property has average rents of $10 PSF. 27.0% of New Mexico households do not own a home as of 2022Q3. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. 39.1% of Massachusetts households do not own a home as of 2022Q3. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Get full access to all features within our Business Solutions. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. 55.8% of D.C. households do not own a home as of 2022Q3. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. A paid subscription is required for full access. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Rental vacancy in West Virginia increased 14.1% in 2021. Rental vacancy in Georgia decreased 23.1% in 2021. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. 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 statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. From 2015 to 2020, rental vacancy increased 13.0%. Memphis has 9.6% rental vacancy, up 24.7% YoY. Demand for affordable and workforce housing far outweighs supply. 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. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. For selling, leasing or developing commercial real estate in Montreal and throughout Quebec typical monthly rent were! Commitment to customer service that suits the unique needs of each client between and..., Idahos rental vacancies increased 34.8 % 30.8 % from the additional features of your individual account an... 2022Q3, Alabamas rental vacancies declined 9.09 % asset types including retail, industrial,,! Increased 26.3 % top-ranked, fully integrated services for selling, leasing or developing commercial real estate Forecast shows in. 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