As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% 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. New Hampshire rental vacancy is up 44.0% YoY. The Midwest has the highest rate of homeownership at 70.1%. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Major cities will continue to see population decline. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. 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. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. 27.5% of Mississippi households do not own a home as of 2022Q3. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. 25.3% of New Hampshire households do not own a home as of 2022Q3. 31.6% of Washington households do not own a home as of 2022Q3. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Connecticut has the lowest vacancy rate at 2.0%. Member FDIC. You need at least a Starter Account to use this feature. 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. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. The national vacancy rate is 3.33% lower than it was in 1956Q1. 55.8% of D.C. households do not own a home as of 2022Q3. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Rental vacancy in Nebraska declined 25.8% in 2021. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. The national vacancy rate has increased 3.45% over 12 months. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. 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. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Amanda possesses comprehensive experience in both database management and trend analysis. Buildings with 10-or-more units account for 33.1% of all rental vacancies. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Rental vacancy in Virginia declined 21.9% 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 . 25.5% of Maine households do not own a home as of 2022Q3. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. The fourth quarter of 2022 was impacted by rate hikes and . After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. Customer & Employee Curriculum Development and Training. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Rental vacancy in Rhode Island increased 25.0% in 2021. 5.6% of vacant units have been empty for 2 years or more. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. November 13, 2022. 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. 26.0% of Kentucky households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. 31.8% of Oklahoma households do not own a home as of 2022Q2. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Rental vacancy in North Carolina declined 8.70% in 2021. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Rental vacancy in Vermont declined 20.6% in 2021. 28.4% of Wisconsin households do not own a home as of 2022Q3. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. 27.0% of Delaware households do not own a home as of 2022Q3. Currently, you are using a shared account. Published: 2:21 PM Feb 27, 2023. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. But theres nothing new about commercial real estates cyclical nature. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 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. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. The 2023 commercial real estate outlook indicates there may be challenges ahead. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. In order to be used. 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 . The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. As a Premium user you get access to background information and details about the release of this statistic. New Jersey rental vacancy is up 6.45% YoY. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). 28.5% of Pennsylvania households do not own a home as of 2022Q3. Are you interested in testing our business solutions? Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. But by 2030, vacancy rates will soar 55% to around 18%,. July 13, 2021. 32.2% of Kansas households do not own a home as of 2022Q3. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. From 2015 to 2020, South Carolinas rental vacancy rate increased 1.74%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Maryland rental vacancy is down 32.3% YoY. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Rental vacancy in Hawaii increased 16.9% in 2021. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. "Almost on a weekly basis, things . Montana rental vacancy is down 34.2% YoY. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. "Office vacancies haven't declined much because total jobs today . The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. 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. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Rental vacancy in Wyoming declined 24.5% in 2021. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. New Mexico rental vacancy is down 1.82% YoY. Connecticut rental vacancy is down 51.2% YoY. . The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Please create an employee account to be able to mark statistics as favorites. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. 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%). 28.5% of Utah households do not own a home as of 2022Q3. The national rental vacancy rate is 6.0%. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. To use individual functions (e.g., mark statistics as favourites, set North Carolina rental vacancy is up 69.4% YoY. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. This is the biggest drop since December. Minneapolis Industrial Market. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Learn more about how Statista can support your business. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Retail is at a crossroads, and the future of office space is unclear. . Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Rental vacancy rates increased 48.4% in 2021. Rental vacancy in Texas increased 2.56% in 2021. Rental vacancy in Iowa declined 11.8% in 2021. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. 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