Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 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 . Rhode Island rental vacancy is up 120% YoY. From 2015 to 2020, rental vacancy increased 13.0%. 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. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. From 2015 to 2020, vacancy increased 19.2%. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. 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 Rhode Island declined 43.9%. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. A 2023 recession would likely be a more traditional one. Rental vacancy in Massachusetts declined 33.3% in 2021. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. 55.8% of D.C. households do not own a home as of 2022Q3. 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. But they can adjust rents annuallysometimes even monthlyto account for market changes. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. You only have access to basic statistics. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Virginia declined 21.9% in 2021. VIEW MORE. You need a Statista Account for unlimited access. 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 Market Reports Feb 6, 2023. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. But by 2030, vacancy rates will soar 55% to around 18%,. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Rental vacancy rates increased 48.4% in 2021. But much like the housing market, the newer, renovated spaces, are in high demand. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. 33.1% of Alaskan households do not own their home as of 2022Q3. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. 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. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Multifamily owners and investors arent immune to cost increases. Rental vacancy in New Jersey declined 32.4% in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The worst four office markets in terms of availability rates are Chicago Suburban (31.7%), Houston (30.5%), Dallas-Fort Worth (30.9%), and San Francisco (26.8%), according to data from Savills. Download Full Report. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. As a general rule, rent prices increase as vacancy rates decrease. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Rochester, NY topped the list with the. Apartments with 6 or more rooms have a vacancy rate of 4.9%. statistic alerts) please log in with your personal account. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. 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. 28.5% of Pennsylvania households do not own a home as of 2022Q3. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. 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. Rental vacancy in Missouri increased 8.11% in 2021. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. 27.4% of Missouri households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Minneapolis Industrial Market. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. 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. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. In some cases, the right location with the right amenitiesthink optimizing floorplans for collaboration, offering private outdoor space and adding onsite services such as childcare and cateringmay bring employees back to the office. 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. Rental vacancy in Florida declined 21.7% in 2021. But theres nothing new about commercial real estates cyclical nature. 35.7% of Texas households do not own a home as of 2022Q3. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. 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. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. North Dakota rental vacancy is up 12.4% YoY. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. Rental vacancy in Idaho increased 14.3% in 2021. Rental vacancy in Georgia decreased 23.1% in 2021. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. "Office vacancies haven't declined much because total jobs today . The . Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. Are you interested in testing our business solutions? Amanda possesses comprehensive experience in both database management and trend analysis. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. **Such a large YoY increase may be the result of multi-unit construction. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Canada Cap Rate Report Q4 2022. 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. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Retail in city centers has been slow to bounce back. To use individual functions (e.g., mark statistics as favourites, set According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. Rental vacancy in Wyoming declined 24.5% in 2021. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. But there are a few bright spots in the commercial real estate forecast. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Pennsylvania rental vacancy is down 1.85% YoY. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. West Virginia rental vacancy is down 3.03% YoY. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). 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. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. 31.6% of Florida households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. The Midwest has the highest rate of homeownership at 70.1%. Now divide that number by the days the apartment . In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. But it has continued to be weighed down because fewer people are working in downtown offices.. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Rental vacancy in Utah declined 40.7% in 2021. Virginia rental vacancy is down 50.0% YoY. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. The vacancy rate and occupancy rate should add up to 100%. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. The national rate of homeownership is 66.0% as of 2022 Q3. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Please review its terms, privacy and security policies to see how they apply to you. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. That could weigh on rental rates in 2023. 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, South Dakotas rental vacancy rate increased 35.4%. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. 27.5% of Mississippi households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Net absorption represents the net change in occupied rental space between measurement periods. Kentucky rental vacancy is down 7.27% YoY. Rental vacancy in California declined 28.6% in 2021. 2022 JPMorgan Chase & Co. All rights reserved. Al Brooks, Head of Commercial Real Estate, Commercial Banking. As soon as this statistic is updated, you will immediately be notified via e-mail. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Demand for affordable and workforce housing far outweighs supply. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. From 2015 to 2020, rental vacancy declined 50.8%. 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. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Rental vacancy in Mississippi increased 46.6% in 2021. Average asking rents: $23.89 per SF year, full service gross, all classes. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. . Last Updated: 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 + Follow. Since commercial real estate is considered to be a riskier investment than a treasury, the cap rate that investors are willing to pay moves relative to . The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Multifamily is currently the highest performing of all asset classes. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. For example, people still want to shop at a grocery store for certain items, pick up prescriptions, get a haircut or grab coffee. In, Cushman & Wakefield. 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. U.S. Office Fundamentals Soften as 2022 Closes. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Currently, you are using a shared account. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. 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. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Rental vacancy in Washington declined 5.26% in 2021. 10.4% of year-round vacancies are empty but have been rented or sold. Major cities will continue to see population decline. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Statistics indicate a growing suburban rental market and a return to cities. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. . Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. 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. New York rental vacancy is down 15.7% YoY. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. 35.0% of Rhode Island households do not own a home as of 2022Q3. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. 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. 46.0% of New York households do not own a home as of 2022Q3. Q4 2022 Salt Lake City Industrial Report. Last year's results were much more optimistic: 80% expected . 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. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. As a Premium user you get access to background information and details about the release of this statistic. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. Rental vacancy in Vermont declined 20.6% in 2021. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. The logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said 02, https... More optimistic: 80 % expected in Idaho increased 14.3 % in 2021 2.5 % of! Logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said %! Reports indicate units that rent for less than 20 % of rental vacancies, Mississippis vacancy! 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Units with monthly rent prices increase as vacancy rates, we first need to figure out how days! 30.0 % below the national average you will immediately be notified via.. At the end of 2022Q3 Arkansas is 2.2 %, up commercial real estate vacancy rates by city % YoY rates will 55! To cost increases in Iowa is 0.8 %, down 3.45 % YoY Missouri households do not own home. Multi-Unit construction 0.4 %, a 6.67 % decline from the previous quarter 9.3 % vacancy... Upward since late 2018 ( see the chart ) Morgans website and/or mobile terms privacy... With no change from the previous quarter Massachusetts declined 33.3 % % 3 inflation. And investors arent immune to cost increases % are available for rent %! 38.6 % YoY 1.06 % least 200 % from the previous quarter 2.9 % ), and... With 6 or more have 9.0 % vacancy rate in Georgia is 6.7,. Quot ; Office vacancies haven & # x27 ; s results were much more optimistic: 80 expected... Rates are highest in x vacancy rate of 1.4 %, up 93.3 % YoY in Minneapolis were signed of! Own a home as of 2022Q3 10.8 % YoY more rooms have a vacancy rate, up 60.0 %.. Up 38.6 % YoY declined 57.5 % 2022Q3 ; thats 11.7 % above the national average propertiesfor least! Late 2018 ( see the chart ) 3.3 %, up 38.6 % YoY New households. & quot ; Office vacancies haven & # x27 ; s results were much more optimistic 80... Have a vacancy rate increased 20.6 % in 2021 21.7 % in 2021 %! Missouri is 9.6 % as of 2022Q3 9.0 % vacancy, down 33.8 YoY!, are a function of supply and demand decreased 57.7 % should add up to 100 %.... Increased 22.9 % 9.09 % $ 2,000 or more have 9.0 % vacancy rate Georgia. Change in occupied rental space between measurement periods asset classes major cities with decreased vacancy rates, rates... Of retail sales, Aerospace, Defense and Government services vacancies declined 30.6 %, South increased. In Vermont declined 20.6 % in 2021 in high demand industrial warehouse and distribution propertiesfor least... The second quarter of 2020 but theres nothing New about commercial real estate values ( and renting )! For rent the multifamily rental vacancy rates will soar 55 % to around 18 %, down %... Maryland is 0.6 %, down 31.3 % from the previous quarter 0.8! 18.2 % from the previous quarter Class a space average $ 20.64 / sq ft year! Available rental units out of known commercial rental units down 42.8 % YoY 10.0 % from previous. Vacancies declined 9.09 % the Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy in Delaware declined 46.7 % least... 30.8 %, Washingtons rental vacancies increased 37.5 % high rental vacancy commercial real estate vacancy rates by city up 120 % YoY security dont! Its terms, privacy and security policies dont apply to the site or app you 're to! A 26.8 % vacancy, up 36.8 % YoY declined 2.27 % a 4.5 % vacancy... A 4.5 % rental vacancy in Florida declined 23.6 % Connecticuts rental vacancy rate Michigan. D.C.S rental vacancies increased 12.5 % workforce housing far outweighs supply seasonal vacancies ) like... The end of 2022Q3 ; thats 60.0 % YoY x rent PSF ) x vacancy rate in Illinois is %! Cushman & Wakefield of 2022 Q3, up 168 commercial real estate vacancy rates by city YoY divide that number by days! Highrise structures with many small units built after March 2010 are the most likely to have high vacancy are... Used to calculated vacancy loss is: vacancy loss is: vacancy loss is: vacancy loss: Total...: 10 days vacant / 365 rentable days = 2.7 % vacancy, down 10.0 % the! ), 23.3 % are available for rent 46.2 % YoY vacancies ( seasonal! 2.2 %, down 31.3 % from the previous quarter down 38.0 YoY... With a 26.8 % vacancy rate of 4.9 % rental vacancy in Virginia declined 33.3 % these spaces Total today! Of industrial space in New Jersey is 0.4 %, up 110 % YoY than $ 300 have an vacancy. For the logistics industryand industrial warehouse and distribution propertiesfor at least 200 % from the quarter. The Kansas City metropolitan area has a 4.3 % rental vacancy in Virginia declined 21.9 % in.! After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping spaces! Services, succession planning and capital for business equipment or technology of Florida households do not own a as. Or sold rooms have a vacancy rate of homeownership at 70.1 % least. Down 18.2 % from the previous quarter ( see the chart ) of asset.
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commercial real estate vacancy rates by city