In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. In, Cushman & Wakefield. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. 40.3% of Hawaii households do not own their homes 2022Q3. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. From 2015 to 2020, rental vacancy increased 13.0%. These 10 Markets Have Rising Commercial Vacancy RatesRemote Work Is Hurting Investors New York City commercial vacancy rates have increased by almost 6% since before the pandemic as remote work slams the sector Oct 05, 2022 6 min read In this article The statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. New York rental vacancy is down 15.7% YoY. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. Rental vacancy in Mississippi increased 46.6% in 2021. Between 2005 and 2015, rental vacancy in Arkansas declined 21.7%. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. 62.5% of rental vacancies are in multifamily units. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. 44.3% of California households do not own a home as of 2022Q3. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. 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. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. 36.3% of Illinois households do not own a home as of 2022Q3. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. In commercial real estate, having the right insights at the right time matters. The retail vacancy rate in Greenpoint and. 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. The national vacancy rate is 3.33% lower than it was in 1956Q1. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. 27.2% of Iowa households do not own a home as of 2022Q3. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Rental vacancy in Alabama increased 25.0% in 2021. 46.0% of New York households do not own a home as of 2022Q3. Rental vacancy in Kansas declined 46.6% in 2021. But by 2030, vacancy rates will soar 55% to around 18%,. 55.8% of D.C. households do not own a home as of 2022Q3. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Customer & Employee Curriculum Development and Training. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. 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. Rental vacancy in Iowa declined 11.8% in 2021. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. 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. Rental vacancy in Maine increased 28.9% in 2021. 15.3% of vacant rental units are in structures built prior to 1940. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. All Rights Reserved. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Cushman & Wakefield. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. Minnesota rental vacancy is up 80.0% YoY. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. This is the biggest drop since December. Alabama rental vacancy is down 25.6% YoY. 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 The Anchorage metropolitan market had a 2.5% multifamily rental vacancy rate in 2022Q1, down 28.6% YoY. Member FDIC. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Rental vacancy in Rhode Island increased 25.0% in 2021. Rental vacancy in Indiana declined 37.4% in 2021. Pennsylvania rental vacancy is down 1.85% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. (Deloitte) Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. We tend to believe that an increase in vacancy rates is bad news for property owners. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. 0.8%, up 60.0% from the previous quarter. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. 29.6% of Maryland households do not own a home as of 2022Q3. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 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. Rental vacancy in Tennessee declined 10.8% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. 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. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. 32.2% of Kansas households do not own a home as of 2022Q3. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. The statewide rental vacancy rate in Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. As empty units diminish, finding an apartment becomes more difficult, and property owners are able to ask for higher prices. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. November 13, 2022. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. 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 Missouri is 0.9%, up 200% from the previous quarter. 33.9% of Virginia households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Providing some indication of the direction Sydney vacancy rates could take. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. "Almost on a weekly basis, things . Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. 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. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Chart. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. Rental vacancy in New Jersey declined 32.4% in 2021. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. From 2015 to 2020, vacant rentals decreased 3.6%. 21.5% of rental vacancies are units with 6 or more rooms. Profit from the additional features of your individual account. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. As a Premium user you get access to background information and details about the release of this statistic. 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. . 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. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. Rochester, NY topped the list with the. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. 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. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Montana rental vacancy is down 34.2% YoY. Q4 2022 Salt Lake City Industrial Report. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. 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. Last Updated: 10.6% of vacant housing units are second homes. The Indianapolis-Carmel-Anderson metropolitan area has an 11.9% rental vacancy rate, up 91.9% YoY. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. In the second quarter of this year, the commercial. Rental vacancy in Delaware increased 7.84% in 2021. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. 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 With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. 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