commercial real estate vacancy rates by city

Statistics indicate a growing suburban rental market and a return to cities. The retail property forecast largely depends on location and retail category. Rental vacancy in Missouri increased 8.11% in 2021. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Rhode Island rental vacancy is up 120% YoY. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. 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 For example, assume that the same 100,000 SF property has average rents of $10 PSF. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. 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 Pennsylvania is 0.9%, down 10.0% from the previous quarter. JPMorgan Chase Bank, N.A. Net absorption decr Learn More. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Washington rental vacancy is up 7.84% YoY. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. July 13, 2021. Below are the total asset values of commercial real estate properties in Miami per sector. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. According to federal data, the median asking rent for vacant units nationwide is $1,334 as of September 30, 2022, up 2.4% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. 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. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Hawaii increased 16.9% in 2021. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. 25.3% of New Hampshire households do not own a home as of 2022Q3. New Mexico rental vacancy is down 1.82% YoY. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. 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). Market Reports Feb 6, 2023. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% 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. Last year's results were much more optimistic: 80% expected . 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. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Rental vacancy in Virginia declined 21.9% in 2021. Pennsylvania rental vacancy is down 1.85% YoY. 26.1% of Minnesota households do not own a home as of 2022Q3. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. VIEW MORE. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. 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. Rental vacancy rates increased 48.4% in 2021. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. 22.2% of West Virginia households do not own a home as of 2022Q3. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Commercial real estate investment totalled $58.5 billion in 2022, which . 24.8% of Indiana households do not own a home as of 2022Q3. ", 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. 29.9% of Louisiana households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. 33.6% of Tennessee households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. 10.6% of vacant housing units are second homes. Rental vacancy in Wisconsin increased 68.8% in 2021. Please create an employee account to be able to mark statistics as favorites. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. 36.2% of Connecticut households do not own a home as of 2022Q3. Rental vacancy in Ohio declined 27.5% in 2021. South Dakota rental vacancy is down 42.0% YoY. New York rental vacancy is down 15.7% YoY. Nebraska rental vacancy is down 23.4% YoY. Memphis has 9.6% rental vacancy, up 24.7% YoY. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report Rental vacancy in New York declined 30.8% in 2021. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Note you are now viewing the Colliers United States website. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Major cities will continue to see population decline. Rental vacancy in Mississippi increased 46.6% in 2021. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. From 2015 to 2020, rental vacancy declined 50.8%. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. 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 In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. 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. Average asking rent: $7.19 per SF per year, net. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Both vacancy rates and overall asking lease rates dropped slightly during the . The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. 29.6% of Maryland households do not own a home as of 2022Q3. From 2015 to 2020, vacant rentals decreased 3.6%. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. 33.5% of Arkansas households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. Apartments with 6 or more rooms have a vacancy rate of 4.9%. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. That translates to less credit and lending activity, and continued volatility for asset pricing.. 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. 1968-1973 are Available online from Hathi Trust External The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Owner-occupied homes see lower vacancy rates on average than rentals do. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. 22.0% of Wyoming households do not own a home as of 2022Q3. Connecticut rental vacancy is down 51.2% YoY. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). 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. Get full access to all features within our Business Solutions. The Des Moines-West Des Moines metropolitan area has a multifamily rental vacancy rate of 5.3% in 2022Q3, down 11.3% YoY. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. 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