This growth - or at least stability - can be expected moving forward. The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. Please create an employee account to be able to mark statistics as favorites. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. Published Feb 22, 2023. 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). National and international geopolitical issues and market volatility combined with high inflation and interest rate hikes place the U.S. economy in uncharted territory. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. on the market in Q4 2022. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. South Dakota rental vacancy is down 42.0% 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. 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. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Wisconsin rental vacancy is down 11.8% YoY. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Connecticut has the lowest vacancy rate at 2.0%. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. 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. Commercial real estate investment totalled $58.5 billion in 2022, which . 27.2% of Iowa households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. 46.0% of New York households do not own a home as of 2022Q3. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Rental vacancy in Michigan decreased 18.5% in 2021. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. 35.0% of Rhode Island households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. 44.3% of California households do not own a home as of 2022Q3. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. 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. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. Now divide that number by the days the apartment . 39.1% of Massachusetts households do not own a home as of 2022Q3. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Business Solutions including all features. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Louisiana rental vacancy is up 6.85% YoY. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. That translates to less credit and lending activity, and continued volatility for asset pricing.. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Columbia has 2.8% rental vacancy, down 67.1% YoY. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. 29.7% of Arizona households do not own a home as of 2022Q2. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). 33.6% of Tennessee households do not own a home as of 2022Q3. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. You can only download this statistic as a Premium user. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. **Such a large YoY increase may be the result of multi-unit construction. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Quad Cities Commercial Real Estate Market Report. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Rental vacancy in Pennsylvania declined 10.4% in 2021. 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%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. The highest since July 2020. 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. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. 5.6% of vacant units have been empty for 2 years or more. Massachusetts rental vacancy is up 42.9% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Rental vacancy rates increased 48.4% in 2021. Major cities will continue to see population decline. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. The national rate of homeownership is 66.0% as of 2022 Q3. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. But it has continued to be weighed down because fewer people are working in downtown offices.. 2022 real estate trends to watch. Rental vacancy in Delaware increased 7.84% in 2021. Nebraska rental vacancy is down 23.4% YoY. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. 29.9% of Louisiana households do not own a home as of 2022Q3. Statistics indicate a growing suburban rental market and a return to cities. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Rate is 5.7 % rental vacancy in Oklahoma is 1.2 %, up 120 %.... Easier by giving commercial real estate vacancy rates by city the knowledge and resources they care most about combined with high inflation and interest hikes. 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