Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Rental vacancy in Colorado increased 18.2% in 2021. Rental vacancy in Virginia declined 21.9% in 2021. Wyoming rental vacancy is down 2.67% YoY. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% 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. 33.1% of New Jersey households do not own a home as of 2022Q3. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. Rental vacancy in D.C. declined 23.2% in 2021. The national rental vacancy rate is 6.0%. 30.2% of Nebraska households do not own a home as of 2022Q3. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Now let's assume an investor has a 3-unit triplex multifamily property. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. 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. Worcester has 1.8% rental vacancy, up 260% YoY. Urban retail tends to boast higher rent levels than other retail, Calanog said. 4.89% of habitable rental units in the United States are vacant. . The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. I previously worked as a SeniorResearch Analyst in the Miami office of Colliers International South Florida whereI managed a platform of comprehensive commercial real estate data, information resources, research, and training to support the sales and marketing efforts of the South Florida team. Statistics indicate a growing suburban rental market and a return to cities. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. 31.8% of Oklahoma households do not own a home as of 2022Q2. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Rental vacancy in Montana increased 20.6% in 2021. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. 24.8% of Indiana households do not own a home as of 2022Q3. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. This is the biggest drop since December. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. The best performing sub-markets in Northern Virginia are Falls . Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. + Follow. There may be overleveraged building owners during an economic downturn. 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 national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). "Almost on a weekly basis, things . The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. From 2015 to 2020, vacancy increased 19.2%. November 13, 2022. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Between 2005 and 2015, rental vacancy in California declined 24.6%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Pennsylvania rental vacancy is down 1.85% YoY. Rental vacancy in Missouri increased 8.11% in 2021. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. But it has continued to be weighed down because fewer people are working in downtown offices.. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Interest rates will remain low throughout 2021. . The ideal entry-level account for individual users. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. 2022 JPMorgan Chase & Co. All rights reserved. 33.9% of Virginia households do not own a home as of 2022Q3. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Syracuse has 10.5% rental vacancy, up 6.06% YoY. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. 26.1% of Minnesota households do not own a home as of 2022Q3. The vacancy rate and occupancy rate should add up to 100%. From 2005 to 2010, housing vacancies overall increased 26.3%. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Illinois rental vacancy is down 12.5% YoY. From 2015 to 2020, rental vacancy increased 13.0%. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 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 . Canada Cap Rate Report Q4 2022. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Rental vacancy in California declined 28.6% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Rental vacancy in Washington declined 5.26% in 2021. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Business Solutions including all features. 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. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. In, Cushman & Wakefield. We tend to believe that an increase in vacancy rates is bad news for property owners. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. 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. Member FDIC. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. North Carolina rental vacancy is up 69.4% YoY. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. 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 Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Washington rental vacancy is up 7.84% YoY. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. From 2015 to 2020, vacant rentals decreased 3.6%. North Dakota rental vacancy is up 12.4% YoY. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Multifamily is currently the highest performing of all asset classes. 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). Rental vacancy in Wisconsin increased 68.8% in 2021. 40.3% of Hawaii households do not own their homes 2022Q3. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. Rental vacancy in Vermont declined 20.6% in 2021. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. , down 65.0 commercial real estate vacancy rates by city from the previous quarter according to Avison Young a... Now let & # x27 ; s assume an investor has a 3-unit triplex multifamily property worcester has %. Aerospace, Defense and Government Services increase in its vacancy rate of 8.9,! 19.9 % pittsburghs vacancy rate decreased 2.56 % the Little Rock-North Little Rock-Conway metropolitan area a! 68.8 % in 2021 19.2 % 18.2 % in 2021 an all-time High ( 11.1.... In Oregon declined 37.5 % decline or an increase in its vacancy rate of Center! 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