The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. 24.8% of Indiana households do not own a home as of 2022Q3. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. 1968-1973 are Available online from Hathi Trust External . This statistic is not included in your account. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). 27.2% of Iowa households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. "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 vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . As a Premium user you get access to the detailed source references and background information about this statistic. 31.8% of Oklahoma households do not own a home as of 2022Q2. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. 2022 real estate trends to watch. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. 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 Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. 27.7% of Idaho households do not own a home as of 2022Q3. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Amanda possesses comprehensive experience in both database management and trend analysis. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. In major cities where the vacancy rate increased, the average 12-month increase is 146%. From 2005 to 2010, housing vacancies overall increased 26.3%. Access to this and all other statistics on 80,000 topics from, Show sources information Alabama rental vacancy is down 25.6% YoY. 31.6% of Washington households do not own a home as of 2022Q3. Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. Cleveland-Elyria has 3.3% rental vacancy, up 175% YoY. Get full access to all features within our Business Solutions. Owner-occupied homes see lower vacancy rates on average than rentals do. 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 statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. 46.3% of vacant units have been empty for 2 months or less. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. + Follow. 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). South Carolina rental vacancy is down 41.7% YoY. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Rental vacancy in South Carolina declined 35.3% in 2021. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Kentucky rental vacancy is down 7.27% YoY. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. The fourth quarter of 2022 was impacted by rate hikes and . Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. 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. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. Rhode Island rental vacancy is up 120% YoY. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Rental vacancy in South Dakota declined 28.7% in 2021. Rental vacancy in New Hampshire increased 126.3% in 2021. 22.0% of Wyoming households do not own a home as of 2022Q3. 29.7% of Arizona households do not own a home as of 2022Q2. ", 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. Rental vacancy in Colorado increased 18.2% in 2021. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Perth and Adelaide remain the most competitive capital cities for potential tenants . Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. Rental vacancy in Kentucky increased 9.09% in 2021. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Connecticut has the lowest vacancy rate at 2.0%. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. Last year's results were much more optimistic: 80% expected . 33.9% of Virginia households do not own a home as of 2022Q3. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Net absorption represents the net change in occupied rental space between measurement periods. 36.3% of Illinois households do not own a home as of 2022Q3. Q4 2022 Salt Lake City Industrial Report. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. 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. 40.3% of Hawaii households do not own their homes 2022Q3. Quad Cities Commercial Real Estate Market Report. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Rental vacancy in New Jersey declined 32.4% 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. Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. 39.1% of Massachusetts households do not own a home as of 2022Q3. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. But there are a few bright spots in the commercial real estate forecast. Rental vacancy in Montana increased 20.6% in 2021. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Full recovery would take place over years, not months, and impact all asset classes. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. November 13, 2022. Rental vacancy in Georgia decreased 23.1% in 2021. 33.6% of Tennessee households do not own a home as of 2022Q3. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. "Almost on a weekly basis, things . Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Please create an employee account to be able to mark statistics as favorites. The national rental vacancy rate is 6.0%. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. 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. 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. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. Illinois rental vacancy is down 12.5% YoY. Rental vacancy in Wyoming declined 24.5% in 2021. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. From 2015 to 2020, rental vacancy increased 13.0%. Urban retail tends to boast higher rent levels than other retail, Calanog said. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Tennessee rental vacancy is down 7.14% YoY. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Columbia has 2.8% rental vacancy, down 67.1% YoY. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. to incorporate the statistic into your presentation at any time. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. The retail property forecast largely depends on location and retail category. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). & # x27 ; s results were much more optimistic: 80 % expected office vacancy rate down... Declined 24.5 % in 2021 competitive capital cities for potential tenants of 2021, the average increase... 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