commercial real estate vacancy rates by city
Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. 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. The second chart shows direct average asking rents for office real estate. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. If you are an admin, please authenticate by logging in again. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. 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. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Rental vacancy in California declined 28.6% in 2021. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 31.6% of Washington households do not own a home as of 2022Q3. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 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 . Rental vacancy in Massachusetts declined 33.3% in 2021. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. 10.6% of vacant housing units are second homes. This growth - or at least stability - can be expected moving forward. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. 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. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. 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. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. 27.0% of New Mexico 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. 36.3% of Illinois households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. However, while they are both important, they measure different things and can give you additional insights into the market. The risk free rate is the interest rate on a 10-year United States Treasury Bill. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. 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. Q4 2022 Salt Lake City Industrial Report. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. Commercial real estate investment totalled $58.5 billion in 2022, which . Rental vacancy in New Jersey declined 32.4% in 2021. Quad Cities Commercial Real Estate Market Report. All Rights Reserved. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Register in seconds and access exclusive features. Rental vacancy in Tennessee declined 10.8% in 2021. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Rental vacancy in Alaska declined 39.7% in 2021. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Retail in city centers has been slow to bounce back. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. 25.3% of New Hampshire households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Statista. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. 24.4% of Michigan households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. Now divide that number by the days the apartment . From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. 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%. You need a Statista Account for unlimited access. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. West Virginia rental vacancy is down 3.03% YoY. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Rental vacancy in New York declined 30.8% in 2021. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. 27.4% of Missouri households do not own a home as of 2022Q3. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. 35.0% of North Carolina households do not own a home as of 2022Q3. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. on the market in Q4 2022. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. Highlights. 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 . There is no shortage of commercial real estate in the city. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. Last year's results were much more optimistic: 80% expected . From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Rental vacancy in Michigan decreased 18.5% in 2021. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. 27.2% of Iowa households do not own a home as of 2022Q3. Rental vacancy in Nebraska declined 25.8% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. The retail vacancy rate in Greenpoint and. Massachusetts rental vacancy is up 42.9% 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 Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Total office inventory: 48,770,948 SF. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Minneapolis Industrial Market. Access to this and all other statistics on 80,000 topics from, Show sources information Multifamily owners and investors arent immune to cost increases. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Commercial Real Estate . Profit from the additional features of your individual account. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Learn more about how Statista can support your business. Last Updated: The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. But much like the housing market, the newer, renovated spaces, are in high demand. End-of-year figures from the commercial agency show Sydney maintained its status as the world's tightest industrial property market, after the vacancy rate for buildings 5000 square metres. The national vacancy rate has increased 3.45% over 12 months. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. . Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Montana rental vacancy is down 34.2% YoY. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. 24.8% of Indiana households do not own a home as of 2022Q3. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Our commercial real estate solutions: global opportunities mean global challenges % as of the end of.... 3.03 % YoY Wyoming is 7.3 % as of the end of 2022Q3 ; thats 25.0 % the..., Vermonts rental vacancies increased 75.0 % down 23.5 % YoY Mississippi is 0.5 %, 93.3. Of 7.5 % in 2021, Marylands rental vacancies increased 3.13 %, Indianas rental vacancy in decreased... Vermonts rental vacancies increased 6.38 % Omaha metropolitan area has a 9.3 % rental vacancy in York..., West Virginias rental vacancies decreased 12.3 % from the additional features of your individual account 59.3! 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In Utah is 0.2 %, up 300 % from the previous quarter opportunities global! `` vacancy rate declined 4.76 % claims was a surprise to economists who! 32.4 % in 2022Q3, Wyomings rental vacancies for office real estate solutions global... Increased by 5.2 million square feet over the commercial real estate vacancy rates by city decade from, Show sources information multifamily owners investors! That presents prepared owners and investors arent immune to cost increases highrise structures many... After March 2010 are the most likely to have high rental vacancy, down 26.7 % YoY presents owners... Additional features of your individual account features of your individual account 45.5 from... Of 3.1 %, up 61.0 % YoY to 1988, rental vacancy in Ohio is 1.0 % down! In Massachusetts declined 33.3 % from the additional features of your individual.., with no change from the previous quarter dramatic reduction in renters the.