Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. The fourth quarter of 2022 was impacted by rate hikes and . Highlights. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Mississippi rental vacancy is down 14.0% YoY. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Canada Cap Rate Report Q4 2022. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Washington rental vacancy is up 7.84% YoY. Statista. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. 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). The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Rental vacancy in New Hampshire increased 126.3% in 2021. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. [Online]. The average U.S. office listing rate stood at $38.04 per square foot, up 1.1% year-over-year Up 80 basis points year-over-year, the national vacancy rate rested at 16.6% Under-construction office space reached 123 million square feet or 1.9% of total stock Office sales totaled $1.9 billion in January, with assets trading at $202 per square foot Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 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. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. 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. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. statistic alerts) please log in with your personal account. Rental vacancy in Ohio declined 27.5% in 2021. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. 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 formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 27.0% of New Mexico households do not own a home as of 2022Q3. 26.0% of Kentucky households do not own a home as of 2022Q3. 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 Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Quad Cities Commercial Real Estate Market Report. 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. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below 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. To use individual functions (e.g., mark statistics as favourites, set Amanda possesses comprehensive experience in both database management and trend analysis. Business Solutions including all features. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. From 2015 to 2020, vacant rentals decreased 3.6%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. 27.7% of Idaho households do not own a home as of 2022Q3. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Kentucky rental vacancy is down 7.27% YoY. Rental vacancy in Illinois declined 5.88% in 2021. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. November 13, 2022. Rental vacancy in Oregon declined 32.7% 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). Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. 33.1% of Alaskan households do not own their home as of 2022Q3. The national vacancy rate has increased 3.45% over 12 months. Rental vacancy in Kansas declined 46.6% in 2021. Both vacancy rates and overall asking lease rates dropped slightly during the . From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. You only have access to basic statistics. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. The national vacancy rate is 3.33% lower than it was in 1956Q1. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. 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. 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. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Rental vacancy in Louisiana increased 15.9% in 2021. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. In major cities where the vacancy rate increased, the average 12-month increase is 146%. That translates to less credit and lending activity, and continued volatility for asset pricing.. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. CBRE is the local leader in commercial real estate. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Rental vacancy in Colorado increased 18.2% in 2021. New Mexico rental vacancy is down 1.82% YoY. Learn more about how Statista can support your business. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Rental vacancy in Arkansas increased 5.63% in 2021. . For most of the past decade, the national rental vacancy rate has steadily declined. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Massachusetts rental vacancy is up 42.9% YoY. 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. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Rental vacancy in Wisconsin increased 68.8% in 2021. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Are you interested in testing our business solutions? 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). Owner-occupied homes see lower vacancy rates on average than rentals do. The second chart shows direct average asking rents for office real estate. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. The . 22.0% of Wyoming 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%. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. 31.6% of Washington households do not own a home as of 2022Q3. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Rental vacancy in Montana increased 20.6% in 2021. Between 2005 and 2015, rental vacancy in California declined 24.6%. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. All Rights Reserved. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. Syracuse has 10.5% rental vacancy, up 6.06% YoY. 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. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Last year's results were much more optimistic: 80% expected . Read More. There may be overleveraged building owners during an economic downturn. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Major cities will continue to see population decline. Neighborhood shopping centers in well-populated residential areas continue to perform well. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rochester has 6.5% rental vacancy, up 183% YoY. But by 2030, vacancy rates will soar 55% to around 18%,. West Virginia rental vacancy is down 3.03% YoY. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. 62.5% of rental vacancies are in multifamily units. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. From 2010 to 2020, housing vacancies declined 57.7%. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. 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. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. 36.2% of Connecticut households do not own a home as of 2022Q3. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Commercial real estate investment totalled $58.5 billion in 2022, which . Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. 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. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 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. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Rental vacancy in Iowa declined 11.8% in 2021. But they can adjust rents annuallysometimes even monthlyto account for market changes. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Now let's assume an investor has a 3-unit triplex multifamily property. ", 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. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K. At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Maryland rental vacancy is down 32.3% YoY. "Almost on a weekly basis, things . Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. 33.6% of Tennessee households do not own a home as of 2022Q3. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. (Deloitte) As a Premium user you get access to background information and details about the release of this statistic. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Montana rental vacancy is down 34.2% YoY. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. 35.7% of Oregon households do not own a home as of 2022Q3. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Rental vacancy in Idaho increased 14.3% in 2021. 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 New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. 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. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. And Virginia have the greatest rate of 11.3 % commercial real estate an increase its! 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