The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. 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 Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. 40.6% of Nevada households do not own a home as of 2022Q3. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Its about time the internet had a single place with all of the most up-to-date information from leading experts in property management, investing and real estate law. 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. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Montana rental vacancy is down 34.2% YoY. Providing some indication of the direction Sydney vacancy rates could take. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. 35.7% of Texas households do not own a home as of 2022Q3. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. 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. Are you interested in testing our business solutions? That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. 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. 25.5% of Maine households do not own a home as of 2022Q3. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Customer & Employee Curriculum Development and Training. Virginia rental vacancy is down 50.0% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% 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 largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Rochester, NY topped the list with the. 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 Hawaii is 0.9%, decline 18.2% the previous quarter. 27.7% of Idaho households do not own a home as of 2022Q3. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. We tend to believe that an increase in vacancy rates is bad news for property owners. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Rental vacancy in Indiana declined 37.4% in 2021. 31.8% of Oklahoma households do not own a home as of 2022Q2. Rental vacancy in Georgia decreased 23.1% in 2021. Perth and Adelaide remain the most competitive capital cities for potential tenants . Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. 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 Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. statistic alerts) please log in with your personal account. 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. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Rental vacancy in Missouri increased 8.11% in 2021. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. 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. 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. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. That could weigh on rental rates in 2023. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. In the second quarter of this year, the commercial. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 22.0% of Wyoming households do not own a home as of 2022Q3. Demand for affordable and workforce housing far outweighs supply. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. 2022 real estate trends to watch. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. As a Premium user you get access to background information and details about the release of this statistic. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. "Office vacancies haven't declined much because total jobs today . From 2015 to 2020, rental vacancy increased 13.0%. A 2023 recession would likely be a more traditional one. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. 32.2% of Kansas households do not own a home as of 2022Q3. Then you can access your favorite statistics via the star in the header. California rental vacancy is up 2.50% YoY. All Rights Reserved. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. on the market in Q4 2022. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Get full access to all features within our Business Solutions. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. New York rental vacancy is down 15.7% YoY. The sharpest increase in the country over this period was in San Francisco, where vacancy rates rose from 1.7% in 2000 Q4 to 10.3% in 2001 Q2; this also was one of the sharpest two-quarter increases observed at any time over the past twenty years. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. . Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Rental vacancy in Tennessee declined 10.8% in 2021. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. 33.5% of Arkansas households do not own a home as of 2022Q3. 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. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. 2022 JPMorgan Chase & Co. All rights reserved. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. 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. But theres nothing new about commercial real estates cyclical nature. 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