The fourth quarter of 2022 was impacted by rate hikes and . 10.6% of vacant housing units are second homes. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. 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. 35.0% of Rhode Island households do not own a home as of 2022Q3. 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. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. 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. Between 2022Q2 and 2022Q3, Idahos rental vacancies increased 13.2%. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . In major cities where the vacancy rate increased, the average 12-month increase is 146%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. VIEW MORE. Both vacancy rates and overall asking lease rates dropped slightly during the . South Dakota rental vacancy is down 42.0% YoY. July 13, 2021. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 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%). The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Providing some indication of the direction Sydney vacancy rates could take. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Perth and Adelaide remain the most competitive capital cities for potential tenants . There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Kentucky rental vacancy is down 7.27% YoY. 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. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). 2023, iPropertyManagement.com. Rental vacancy in New Hampshire increased 126.3% in 2021. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. 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). Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. 35.7% of Texas households do not own a home as of 2022Q3. 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. 31.6% of Washington households do not own a home as of 2022Q3. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. 27.5% of Alabama households do not own their home as of 2022Q3. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Total office inventory: 48,770,948 SF. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Originally published byCommercial Observeron December 2, 2022. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. JPMorgan Chase Bank, N.A. Wyoming rental vacancy is down 2.67% YoY. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. You only have access to basic statistics. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Multifamily owners and investors arent immune to cost increases. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. 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. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. 33.6% of Tennessee households do not own a home as of 2022Q3. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Rental vacancy in Massachusetts declined 33.3% in 2021. 33.1% of New Jersey households do not own a home as of 2022Q3. "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. California rental vacancy is up 2.50% YoY. Rental vacancy in Florida declined 21.7% in 2021. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. 24.8% of Indiana households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Nebraska rental vacancy is down 23.4% YoY. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. The vacancy rate and occupancy rate should add up to 100%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. In Sarasota, Florida, vacancies nearly tripled in 2021. Rental vacancy in New York declined 30.8% in 2021. 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%. Between 2005 and 2015, rental vacancy in California declined 24.6%. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. From 2015 to 2020, rental vacancy declined 50.8%. In, Cushman & Wakefield. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. 33.4% of Colorado households do not own a home as of 2022Q3. Read More. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. 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. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Chart. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Statistics indicate a growing suburban rental market and a return to cities. Member FDIC. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. 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. 35.0% of North Carolina households do not own a home as of 2022Q3. Now divide that number by the days the apartment . As soon as this statistic is updated, you will immediately be notified via e-mail. Published: 2:21 PM Feb 27, 2023. 35.6% of Georgia households do not own a home as of 2022Q3. Louisiana rental vacancy is up 6.85% YoY. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. The 2023 commercial real estate outlook indicates there may be challenges ahead. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. Alabama rental vacancy is down 25.6% YoY. 27.7% of Idaho households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. 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. 40.3% of Hawaii households do not own their homes 2022Q3. A 2023 recession would likely be a more traditional one. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. 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. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. 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