commercial real estate vacancy rates by city

Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Alabama rental vacancy is down 25.6% YoY. Business Solutions including all features. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Rental vacancy in Georgia decreased 23.1% in 2021. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. 33.7% of North Dakota households do not own a home as of 2022Q3. 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 . E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. Rental vacancy in New Hampshire increased 126.3% in 2021. 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. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. As of 2022 Q3, the homeowner vacancy rate is 0.9%. The national vacancy rate has increased 3.45% over 12 months. . Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Minneapolis Industrial Market. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. 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. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. 27.5% of Alabama households do not own their home as of 2022Q3. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. North Dakota rental vacancy is up 12.4% YoY. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 33.1% of New Jersey households do not own a home as of 2022Q3. Market Reports. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. 1968-1973 are Available online from Hathi Trust External 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. to incorporate the statistic into your presentation at any time. 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. 24.8% of Indiana households do not own a home as of 2022Q3. Rental vacancy in Florida declined 21.7% in 2021. 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 . Between 2005 and 2015, rental vacancy in California declined 24.6%. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Rental vacancy in Arkansas increased 5.63% in 2021. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. South Dakota rental vacancy is down 42.0% YoY. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Commercial real estate investment totalled $58.5 billion in 2022, which . Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. From 2010 to 2020, housing vacancies declined 57.7%. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 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. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. 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. Richmond has 1.7% rental vacancy, down 32.0% YoY. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Rochester has 6.5% rental vacancy, up 183% YoY. Rental vacancy in D.C. declined 23.2% in 2021. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. Rental vacancy in Tennessee declined 10.8% in 2021. The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. "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. Rental vacancy in Colorado increased 18.2% in 2021. Al Brooks, Head of Commercial Real Estate, Commercial Banking. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. From 2005 to 2010, housing vacancies overall increased 26.3%. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. The fourth quarter of 2022 was impacted by rate hikes and . But it has continued to be weighed down because fewer people are working in downtown offices.. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. As a Premium user you get access to background information and details about the release of this statistic. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Rental vacancy in Connecticut increased 4.44% in 2021. 36.3% of Illinois households do not own a home as of 2022Q3. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. 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. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Pennsylvania rental vacancy is down 1.85% YoY. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Kentucky rental vacancy is down 7.27% YoY. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. This is the biggest drop since December. Interest rates will remain low throughout 2021. . Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. 25.6% of South Carolina households do not own a home as of 2022Q3. statistic alerts) please log in with your personal account. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. JPMorgan Chase Bank, N.A. "We just hit 95 percent occupancy, which is. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Louisiana rental vacancy is up 6.85% YoY. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. U.S. Office Fundamentals Soften as 2022 Closes. A 2023 recession would likely be a more traditional one. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. 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