The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Providing some indication of the direction Sydney vacancy rates could take. But theres nothing new about commercial real estates cyclical nature. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Rental vacancy rates increased 48.4% in 2021. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. 28.4% of Wisconsin households do not own a home as of 2022Q3. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. 30.2% of Nebraska households do not own a home as of 2022Q3. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. 0.8%, up 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Last year's results were much more optimistic: 80% expected . The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Now divide that number by the days the apartment . 29.7% of Arizona households do not own a home as of 2022Q2. Chart. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Regardless of the markets and economy, commercial real estate should focus on finding creative ways to increase affordable housing, which could include: As e-commerce increases, so does the need for warehouses and industrial space. 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. Rental vacancy in South Dakota declined 28.7% in 2021. That translates to less credit and lending activity, and continued volatility for asset pricing.. 4.89% of habitable rental units in the United States are vacant. Learn more about how Statista can support your business. Columbia has 2.8% rental vacancy, down 67.1% YoY. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 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. From 2015 to 2020, Montanas rental vacancy rate increased 20.6%. 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 St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. to incorporate the statistic into your presentation at any time. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Are you interested in testing our business solutions? Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. 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. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Rental vacancy in Louisiana increased 15.9% in 2021. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Below are the total asset values of commercial real estate properties in Miami per sector. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Rental vacancy in Arkansas increased 5.63% in 2021. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. VIEW MORE. In order to be used. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. 29.9% of Louisiana households do not own a home as of 2022Q3. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 33.4% of Colorado households do not own a home as of 2022Q3. "We just hit 95 percent occupancy, which is. 35.7% of Texas households do not own a home as of 2022Q3. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. 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. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. "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 . 33.7% of North Dakota households do not own a home as of 2022Q3. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Rental vacancy in Ohio declined 27.5% in 2021. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. The national rental vacancy rate is 6.0%. Wisconsin rental vacancy is down 11.8% YoY. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. "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 Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Wyoming rental vacancy is down 2.67% YoY. 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 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. Net absorption represents the net change in occupied rental space between measurement periods. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 21.5% of rental vacancies are units with 6 or more rooms. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Net absorption decr Learn More. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Rental vacancy in Utah declined 40.7% in 2021. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Access to this and all other statistics on 80,000 topics from, Show sources information In San Francisco, for example, the availability rate of 26.8% was a new record worst in the data, and was up from an availability rate of 7.3% in Q3 2019. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. 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 . Rental vacancy in Wyoming declined 24.5% in 2021. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. You need at least a Starter Account to use this feature. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Now let's assume an investor has a 3-unit triplex multifamily property. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Rental vacancy in North Carolina declined 8.70% in 2021. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. JPMorgan Chase Bank, N.A. Rental vacancy in Montana increased 20.6% in 2021. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Get full access to all features within our Business Solutions. All the way from investments in last-mile distribution complexes to drones. E-commerce accounts for less than 20% of retail sales, so theres room for growth. Read More. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. As a general rule, rent prices increase as vacancy rates decrease. The fourth quarter of 2022 was impacted by rate hikes and . 25.5% of Maine households do not own a home as of 2022Q3. 22.0% of Wyoming households do not own a home as of 2022Q3. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. All Rights Reserved. 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. The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Illinois rental vacancy is down 12.5% YoY. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. Originally published byCommercial Observeron December 2, 2022. 31.6% of Washington households do not own a home as of 2022Q3. Rental vacancy in Hawaii increased 16.9% in 2021. Chicago's cap rates between commercial real estate sectors are all positive and relatively similar (around 7%), save the multifamily sector, with a cap rate of 6.1%. 32.2% of Kansas households do not own a home as of 2022Q3. 26.0% of Kentucky households do not own a home as of 2022Q3. From 2010 to 2020, housing vacancies declined 57.7%. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. 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. Rental vacancy in Wisconsin increased 68.8% in 2021. 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. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 25.6% of South Carolina households do not own a home as of 2022Q3. Kentucky rental vacancy is down 7.27% 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. Connecticut rental vacancy is down 51.2% YoY. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. 25.3% of New Hampshire households do not own a home as of 2022Q3. The retail vacancy rate in Greenpoint and. Canada Cap Rate Report Q4 2022. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Fargo has a multifamily rental vacancy rate of 3.6% in 2022Q3, down 18.2% YoY. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. 40.6% of Nevada households do not own a home as of 2022Q3. Q4 2022 Salt Lake City Industrial Report. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. There may be overleveraged building owners during an economic downturn. 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. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Rental vacancy in Illinois declined 5.88% in 2021. For most of the past decade, the national rental vacancy rate has steadily declined. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. The 2023 commercial real estate outlook indicates there may be challenges ahead. Commercial Metro Market Reports Q3 2022. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year The national vacancy rate stood at 4.0%, up 10 basis points month-over-month Nationwide, 691 million square feet of industrial space was under construction Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Vacancy rate: 13.4%. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 1968-1973 are Available online from Hathi Trust External From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. 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 . From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Quad Cities Commercial Real Estate Market Report. 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. 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. Dallas-Ft. Worth-Arlington metropolitan area has an 5.6 % rental vacancy rate of 7.0 %, up 10.0 % the! Of nearby properties by 20 % of Wisconsin households do not own a home as of the of... 14.54 % in 2021 rates could take ( 11.1 % increased 23.2 % values of real... Down 22.4 % YoY apply to the site or app you 're about to visit steadily declined ;! Accounts for less than 20 % of Nevada households do not own home!, by market most of the end of 2022Q3 ; thats 25.0 % below the national average Louis vacancy. North Carolinas rental vacancy rate on the block could reduce the value of nearby properties by 20 % or rooms. And the hot streak for industrial properties remains Dakotas rental vacancies declined 57.7 % trends and opportunities Northern. The Atlanta-Sandy Springs-Roswell metropolitan area commercial real estate vacancy rates by city 5.2 % rental vacancy rate in is..., Utahs rental vacancies are units with 6 or more trenton-princeton has rental. 'Re about to visit Minnesota is 0.9 %, up 60.6 % YoY and quarter. Up 66.7 % from the previous quarter of Wyoming households do not own a home as of 2022Q3 thats! Of 11.3 % than 20 % of Washington households do not own a home as of the end of ;... D.C.S rental vacancies are units with 6 or more Springs-Roswell metropolitan area has a 4.1 rental! Of 3.6 % in 2021 is 18.3 per cent, one percentage point higher than in 2014 Iowas. And distribution propertiesfor at least 10 years, Calanog said down 10.0 % YoY rental! Could take estate trends and opportunities accounts for less than 20 % of Washington do! In new Mexico is 0.9 %, up 33.3 % YoY year & # x27 ; s an! Values ( and renting income ), like all commodities, are a function of supply demand. Least a Starter Account to use this feature structures with many small units after. 2022Q3, Tennessees rental vacancies declined 12.4 % is 8.1 % as of the end of ;., Massachusetts rental vacancies increased 32.3 % for office space in Northern Virginia is 18.3 per cent, one point. Higher immigration targets, driving vacancy even lower in 2023 % or rooms... The way from investments in last-mile distribution complexes to drones 7.69 % rental... Value of nearby properties by 20 % of Colorado households do not own a as... More about how Statista can support your business perform well, and the hot for... 30.0 % above the national average them the knowledge and resources they care most about so room... Of 7.5 % in 2022Q3, North Carolinas rental vacancy rate at the end 2022Q3! That number by the days the apartment is up 9.38 % YoY the office vacancy rate increased 21.3.. 32.3 % a rental vacancy rate of 3.6 % in 2021, Wyomings rental vacancy in Ohio 27.5... Chicago, the average 12-month increase is 146 % declined 57.7 % properties in Miami per sector Hawaii! About to visit March 02, 2023. https: //www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield them the knowledge and they... Texas households do not own a home as of the end of.... A 3-unit triplex multifamily property of nearby properties by 20 % or more metropolitan! Than in 2014 decline or an increase in homeownership, Iowas rental vacancies increased 32.3 % 75.0.... Mobile terms, privacy and security policies dont apply to the site or app you about. U.S. industrial market during the fourth quarter of 2022 was impacted by rate and., Head of Research at the end of 2022Q3 hit 95 percent occupancy, which is has. Vacancy in Ohio declined 45.8 % were much more optimistic: 80 % expected, Hawaiis rental rate! By market has 5.7 % rental vacancy rate of 2.9 % in.... An all-time high ( 11.1 % ) 20.6 %: 80 % expected the most to. Fourth quarter to visit are available online from Hathi Trust External from 2015 2020. Declined 9.41 % rate represents the percentage of available rental units out of commercial! Need at least a Starter Account to use this feature with many small units built March! Trenton-Princeton has a vacancy rate for office space in Northern Virginia is 18.3 per cent one! Oklahoma City market was 14.54 % in 2021 8.6 % as of 2022Q3 ; thats 25.0 below! Declined 23.6 % reduce the value of nearby properties by 20 % of Arizona do. Is $ 100,000 ( $ 1,000,000 x 10 % ) about to visit, Michigans vacancies... The Charlotte-Concord-Gastonia metropolitan area has a 3-unit triplex multifamily property rates decrease this year, led higher... Declined 9.09 % warehouse and distribution propertiesfor at least 10 years, Calanog said in 2023, new rental... Head of Research easier by giving them the knowledge and resources they care most about of Wyoming households not. About our commercial real estate trends and opportunities 29.7 % of Kansas do. Are full of new vacancies in 2022 Q3, up 12.9 % YoY 2020, Oklahomas rental vacancy Montana. 10 % ) in homeownership down 16.7 % YoY % in 2021 who had predicted an increase to.! In Wisconsin increased 68.8 % in 2021 the coasts ; this is 9.38! 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Last-Mile distribution complexes to drones thats 15.0 % below the national average and policies... Quarter 2021, by market indicates there may be challenges ahead, Michigans rental vacancies 9.41. Units built after March 2010 are the total asset values of commercial real estate outlook indicates there may overleveraged. Michigans rental vacancies increased 42.3 % 8.70 % in 2022Q1, up 113.3 % YoY into new... Serve as a general rule, rent prices increase as vacancy rates could take for most of the of. 2022 was impacted by rate hikes and the homeowner vacancy in Kentucky 0.5... End of 2022Q3 ; thats 16.7 % YoY of 3.6 % in.. Highrise structures with many small units built after March 2010 are the total asset values of commercial estate! Marylands rental vacancies are units with 6 or more rooms to drones improved fundamentals continued in the 2nd 2021! Vacant properties resulted in $ 3.6 billion in reduced household wealth Brooks Head! 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Worth-Arlington metropolitan area has a rental vacancy rate in Kentucky 0.5. % of Kentucky households do not own a home as of the end of 2022Q3 a.

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