Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Now let's assume an investor has a 3-unit triplex multifamily property. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Please review its terms, privacy and security policies to see how they apply to you. The Midwest has the highest rate of homeownership at 70.1%. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. 10.6% of vacant housing units are second homes. Rental vacancy in Idaho increased 14.3% in 2021. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. 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. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Cushman & Wakefield. Published Feb 22, 2023. Net absorption totaled negative 536,561 square feet during the fourth quarter of 2022, equating to negative 965,693 square feet during the past four quarters. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. 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 lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Rental vacancy in Michigan decreased 18.5% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. 33.5% of Arkansas households do not own a home as of 2022Q3. Canada Cap Rate Report Q4 2022. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. For example, assume that the same 100,000 SF property has average rents of $10 PSF. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. As a Premium user you get access to background information and details about the release of this statistic. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Below are the total asset values of commercial real estate properties in Miami per sector. . Certain types of buildings or rental unit structures are more likely to have high vacancy rates. ", 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. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Rental vacancy in Utah declined 40.7% in 2021. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. 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 . Market Reports Feb 6, 2023. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. 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. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. The national rental vacancy rate is 6.0%. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. For most of the past decade, the national rental vacancy rate has steadily declined. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 27.2% of Iowa households do not own a home as of 2022Q3. Rental vacancy in Indiana declined 37.4% in 2021. Rhode Island rental vacancy is up 120% YoY. Net absorption decr Learn More. Rental vacancy in California declined 28.6% in 2021. 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 . The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. The national vacancy rate is 3.33% lower than it was in 1956Q1. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. 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. Between 2005 and 2015, the average rental vacancy declined 23.3%. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. This statistic is not included in your account. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Business Solutions including all features. Connecticut rental vacancy is down 51.2% YoY. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. 28.5% of Pennsylvania households do not own a home as of 2022Q3. New Hampshire rental vacancy is up 44.0% YoY. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. From 2005 to 2010, housing vacancies overall increased 26.3%. U.S. Office Fundamentals Soften as 2022 Closes. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Wisconsin rental vacancy is down 11.8% YoY. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Rental vacancy in South Dakota declined 28.7% in 2021. Minneapolis Industrial Market. Currently, you are using a shared account. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. 35.0% of North Carolina households do not own a home as of 2022Q3. . Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Rental vacancy in Mississippi increased 46.6% in 2021. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Chart. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. There may be overleveraged building owners during an economic downturn. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. 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. Wyoming rental vacancy is down 2.67% YoY. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Washington rental vacancy is up 7.84% YoY. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. 10.6% of vacant housing units are second homes. Major cities will continue to see population decline. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Rental vacancy in Missouri increased 8.11% in 2021. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Rental vacancy rates increased 48.4% in 2021. Multifamily is currently the highest performing of all asset classes. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. 28.5% of Utah households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Louisiana rental vacancy is up 6.85% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Rental vacancy in Maryland decreased 12.2% in 2021. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. 27.0% of Delaware households do not own a home as of 2022Q3. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. "Almost on a weekly basis, things . 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. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. 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. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. 35.7% of Oregon households do not own a home as of 2022Q3. The national rate of homeownership is 66.0% as of 2022 Q3. Customer & Employee Curriculum Development and Training. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Owner-occupied homes see lower vacancy rates on average than rentals do. New Jersey rental vacancy is up 6.45% YoY. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 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 Rental vacancy in Arkansas increased 5.63% in 2021. 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. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. 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 best performing sub-markets in Northern Virginia are Falls . The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. 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. Rochester, NY topped the list with the. Rental vacancy in Louisiana increased 15.9% in 2021. 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