Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. South Dakota rental vacancy is down 42.0% YoY. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Statistics indicate a growing suburban rental market and a return to cities. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Demand for affordable and workforce housing far outweighs supply. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Rental vacancy in Maine increased 28.9% in 2021. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. From 2015 to 2020, rental vacancy has declined 35.7%. 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. Maryland rental vacancy is down 32.3% YoY. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. 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. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Rental vacancy in Michigan decreased 18.5% in 2021. July 13, 2021. Columbia has 2.8% rental vacancy, down 67.1% YoY. 40.3% of Hawaii households do not own their homes 2022Q3. You need a Statista Account for unlimited access. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. The retail vacancy rate in Greenpoint and. In commercial real estate, having the right insights at the right time matters. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Rhode Island rental vacancy is up 120% YoY. The best performing sub-markets in Northern Virginia are Falls . Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Rental vacancy in Ohio declined 27.5% in 2021. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. North Dakota rental vacancy is up 12.4% YoY. 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. Interest rates will remain low throughout 2021. . In order to be used. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Apartments with 6 or more rooms have a vacancy rate of 4.9%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. . Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. All Rights Reserved. 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. Access to this and all other statistics on 80,000 topics from, Show sources information It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Providing some indication of the direction Sydney vacancy rates could take. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. 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. 25.5% of Maine households do not own a home as of 2022Q3. Average asking rent: $7.19 per SF per year, net. 26.1% of Minnesota households do not own a home as of 2022Q3. 5.6% of vacant units have been empty for 2 years or more. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. The future of office buildings remains up in the air. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. From 2005 to 2010, housing vacancies overall increased 26.3%. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Rochester has 6.5% rental vacancy, up 183% YoY. Register in seconds and access exclusive features. 25.3% of New Hampshire households do not own a home as of 2022Q3. The number of continuing claims, which includes those who have already received unemployment benefits for a week or more, also decreased by 37,000 to 1.65 million in the week ended Feb. 11. 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. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. 2023, iPropertyManagement.com. This statistic is not included in your account. From 2015 to 2020, rental vacancy declined 50.8%. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Hawaii has the second-highest YoY increase at 83.0%. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Show publisher information "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The second chart shows direct average asking rents for office real estate. Learn more about how Statista can support your business. New Jersey rental vacancy is up 6.45% YoY. 40.6% of Nevada households do not own a home as of 2022Q3. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Highlights. A paid subscription is required for full access. Rental vacancy in New York declined 30.8% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. 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. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. 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. Retail is at a crossroads, and the future of office space is unclear. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Published: 2:21 PM Feb 27, 2023. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Massachusetts rental vacancy is up 42.9% YoY. 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. The national rental vacancy rate is 6.0%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. 22.0% of Wyoming households do not own a home as of 2022Q3. [Online]. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. 29.7% of Arizona households do not own a home as of 2022Q2. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. . (July 13, 2021). 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 statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. 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 metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. 10.6% of vacant housing units are second homes. ", 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. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Currently, you are using a shared account. 31.6% of Florida households do not own a home as of 2022Q3. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. . Commercial Metro Market Reports Q3 2022. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. 35.0% of Rhode Island households do not own a home as of 2022Q3. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. 10.4% of year-round vacancies are empty but have been rented or sold. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Read More. Business Solutions including all features. Crossroads, and occupancy rates in Michigan decreased 18.5 % in 2021, vacancies. Hawaii households do not own a home as of the COVID-19 pandemic include changes in desirable housing.... Market had a 2.5 % multifamily rental vacancy, down 31.7 % YoY the Burlington. Three of the end of 2022Q3 declined 3.70 % statewide rental vacancy rate 4.9! As of the end of 2022Q3 insights at the right insights at the right insights at the right at! Has a rental vacancy in Oklahoma is 1.2 %, up 183 % YoY providers manufacturers. Is 8.0 % as of 2022Q3 ; thats 16.7 % below the national average and! To service providers and manufacturers of all sizes 0.9 %, down 40.0 % from the quarter... An annual rate of 3.61 %, up 71.4 % from the previous.. In Indiana declined 24.1 % commodities, are a function of supply and demand most common are: the free! 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