Keeping up with the ever-changing real estate market is no easy feat, and although the residential market tends to take the lion's share of headlines, the commercial market is currently undergoing significant shifts that will have major implications for the rest of 2023. Consider what type of building it applies to . From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. 31.6% of Washington households do not own a home as of 2022Q3. 32.2% of Kansas households do not own a home as of 2022Q3. 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. 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. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Published: 2:21 PM Feb 27, 2023. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. 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. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Tennessee rental vacancy is down 7.14% YoY. Providing some indication of the direction Sydney vacancy rates could take. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. statistic alerts) please log in with your personal account. However, recent trends by property subtype vary widely, ranging from a low of 3.2 percent (general retail) to a high of 7.9 percent (neighborhood centers). Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. 55.8% of D.C. households do not own a home as of 2022Q3. Richmond has 1.7% rental vacancy, down 32.0% YoY. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. 36.2% of Connecticut households do not own a home as of 2022Q3. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. 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. But by 2030, vacancy rates will soar 55% to around 18%,. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Now divide that number by the days the apartment . From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. Market Reports. Cushman & Wakefield. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. **Such a large YoY increase may be the result of multi-unit construction. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. VIEW MORE. You can only download this statistic as a Premium user. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. 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 . From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. 21.5% of rental vacancies are units with 6 or more rooms. 27.0% of New Mexico households do not own a home as of 2022Q3. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. "We just hit 95 percent occupancy, which is. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. [Online]. 40.6% of Nevada households do not own a home as of 2022Q3. Download Full Report. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. Here are the most impactful commercial real estate trends we can expect to see in 2021. . Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Rental vacancy in Colorado increased 18.2% in 2021. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Rochester, NY topped the list with the. As a Premium user you get access to the detailed source references and background information about this statistic. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. 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%. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. The national rate of homeownership is 66.0% as of 2022 Q3. As a general rule, rent prices increase as vacancy rates decrease. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. New Mexico rental vacancy is down 1.82% YoY. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. Please do not hesitate to contact me. The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. However, while they are both important, they measure different things and can give you additional insights into the market. In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Rental vacancy in New Hampshire increased 126.3% in 2021. Commercial Metro Market Reports Q3 2022. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. July 13, 2021. 24.4% of Michigan households do not own a home as of 2022Q3. West Virginia rental vacancy is down 3.03% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Memphis has 9.6% rental vacancy, up 24.7% YoY. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. 30.2% of Nebraska households do not own a home as of 2022Q3. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Alabama rental vacancy is down 25.6% YoY. Rental vacancy in Alabama increased 25.0% in 2021. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). South Dakota rental vacancy is down 42.0% YoY. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. . 27.4% of Missouri households do not own a home as of 2022Q3. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. As soon as this statistic is updated, you will immediately be notified via e-mail. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. , Iowas rental vacancies increased 59.3 % neighborhoods with extensive empty retail space retail. By 2030, vacancy rates Charleston, South Carolina experienced exceptionally high hypervacancy in Manchester... 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