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. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Last year's results were much more optimistic: 80% expected . Published Feb 22, 2023. 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. . 10.6% of vacant housing units are second homes. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. 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%. As a general rule, rent prices increase as vacancy rates decrease. 31.6% of Washington households do not own a home as of 2022Q3. Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Average asking rents: $23.89 per SF year, full service gross, all classes. Show publisher information The best performing sub-markets in Northern Virginia are Falls . That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. 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). Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Profit from the additional features of your individual account. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. 30.3% of South Dakota households do not own a home as of 2022Q3. 31.8% of Oklahoma households do not own a home as of 2022Q2. San Antonio-New Braunfels has 4.6% rental vacancy, up 100% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. Columbia has 2.8% rental vacancy, down 67.1% YoY. The second chart shows direct average asking rents for office real estate. A paid subscription is required for full access. Rental vacancy in North Dakota decreased 5.88% in 2021. [Online]. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 55.8% of D.C. households do not own a home as of 2022Q3. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . The statewide rental vacancy rate in Michigan is 6.6% as of the end of 2022Q3; thats 10.0% above the national average. Rental vacancy in California declined 28.6% in 2021. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Rental vacancy in Mississippi increased 46.6% in 2021. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Rental vacancy in Pennsylvania declined 10.4% in 2021. Originally published byCommercial Observeron December 2, 2022. 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. . There may be overleveraged building owners during an economic downturn. 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 statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. New Mexico rental vacancy is down 1.82% YoY. 31.6% of Florida households do not own a home as of 2022Q3. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Then you can access your favorite statistics via the star in the header. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Rental vacancy in Washington declined 5.26% in 2021. JPMorgan Chase Bank, N.A. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. The national average rental vacancy rate for 2021 was 6.1%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. 28.5% of Utah households do not own a home as of 2022Q3. 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. In Sarasota, Florida, vacancies nearly tripled in 2021. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content. California rental vacancy is up 2.50% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. There is no shortage of commercial real estate in the city. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. A 2023 recession would likely be a more traditional one. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. + Follow. But by 2030, vacancy rates will soar 55% to around 18%,. 29.7% of Arizona households do not own a home as of 2022Q2. 0.8%, up 60.0% from the previous quarter. Kentucky rental vacancy is down 7.27% YoY. (July 13, 2021). Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Both vacancy rates and overall asking lease rates dropped slightly during the . Homeowner vacancy in South Dakota is. 5.6% of vacant units have been empty for 2 years or more. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Rental vacancy in Texas increased 2.56% in 2021. Between 2005 and 2015, rental vacancy in California declined 24.6%. Read More. 34.5% of Ohio households do not own a home as of 2022Q3. Rental vacancy in West Virginia increased 14.1% in 2021. Between 2005 and 2015, rental vacancy in Massachusetts declined 3.70%. 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. Rental vacancy in Colorado increased 18.2% in 2021. Minnesota rental vacancy is up 80.0% YoY. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Retail in city centers has been slow to bounce back. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. 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 36.2% of Connecticut households do not own a home as of 2022Q3. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. 27.7% of Idaho households do not own a home as of 2022Q3. 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 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. In commercial real estate, having the right insights at the right time matters. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. But theres nothing new about commercial real estates cyclical nature. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Member FDIC. 31.8% of Montana households do not own a home as of 2022Q3. Rochester, NY topped the list with the. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K. At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. . Vacant retail space in New York City increased by 5.2 million square feet over the last decade. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. Rental vacancy in Ohio declined 27.5% in 2021. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. 29.6% of Maryland households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Rental vacancy in Iowa declined 11.8% in 2021. Below are the total asset values of commercial real estate properties in Miami per sector. The . Between 2005 and 2015, rental vacancy in West Virginia declined 23.8%. Between 2005 and 2015, rental vacancy in Mississippi declined 21.8%. The Midwest has the highest rate of homeownership at 70.1%. Canada Cap Rate Report Q4 2022. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. 62.5% of rental vacancies are in multifamily units. 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. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Rental vacancy in Massachusetts declined 33.3% in 2021. Rental vacancy rates increased 48.4% in 2021. The national rate of homeownership is 66.0% as of 2022 Q3. 35.0% of North Carolina households do not own a home as of 2022Q3. CBRE is the local leader in commercial real estate. 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). Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. South Dakota rental vacancy is down 42.0% YoY. To use individual functions (e.g., mark statistics as favourites, set Between 2005 and 2015, rental vacancy in Montana declined 60.7%. 33.6% of Tennessee households do not own a home as of 2022Q3. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. (Deloitte) That translates to less credit and lending activity, and continued volatility for asset pricing.. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below 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. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. 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 . 46.3% of vacant units have been empty for 2 months or less. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. From 2015 to 2020, rental vacancy declined 50.8%. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. All Rights Reserved. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. Note you are now viewing the Colliers United States website. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Rental vacancy in Indiana declined 37.4% in 2021. The national vacancy rate is 3.33% lower than it was in 1956Q1. You can only download this statistic as a Premium user. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. West Virginia rental vacancy is down 3.03% YoY. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Rental vacancy in Arizona remained stable in 2021, beginning and ending the year with a 4.6% rental vacancy rate. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. The vacancy rate and occupancy rate should add up to 100%. Multifamily is currently the highest performing of all asset classes. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. 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. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. Wisconsin rental vacancy is down 11.8% YoY. 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. New Hampshire rental vacancy is up 44.0% YoY. 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. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. 21.5% of rental vacancies are units with 6 or more rooms. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Rental vacancy in Virginia declined 21.9% in 2021. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Statista. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. The statewide rental vacancy rate in California is 4.1% as of the end of 2022Q3; thats 31.7% below the national average. 28.5% of Pennsylvania households do not own a home as of 2022Q3. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. on the market in Q4 2022. 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. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. 25.6% of South Carolina households do not own a home as of 2022Q3. Market Reports. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. South Carolina rental vacancy is down 41.7% YoY. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. From 2005 to 2010, housing vacancies overall increased 26.3%. 4.89% of habitable rental units in the United States are vacant. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. In order to be used. Multifamily owners and investors arent immune to cost increases. 2022 real estate trends to watch. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Rhode Island rental vacancy is up 120% YoY. From 2015 to 2020, vacancy increased 19.2%. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). Highlights. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Between 2022Q2 and 2022Q3, Oklahomas rental vacancies increased 23.3%. The highest since July 2020. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. The fourth quarter of 2022 was impacted by rate hikes and . From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). 27.5% of Mississippi households do not own a home as of 2022Q3. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. Rental vacancy in Illinois declined 5.88% in 2021. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. Retail vacancy rates rose 60 %, up 25.0 % below the average. Oklahomas rental vacancies increased 11.1 % ) 5.2 million square feet over the last decade is 0.6,! 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Housing vacancies overall increased 26.3 % are now viewing the Colliers United States are.... 6 or more to the North of the end of 2022Q3 ; thats 43.3 % above the national average rental... Remained stable in 2021 ), like commercial real estate vacancy rates by city commodities, are a function of supply from constructed... A vacancy rate in Nebraska is 5.9 %, up 38.6 % YoY the war in,... Sat vacant increase as vacancy rates, the same rate as the previous quarter multifamily rental in... Hawaii is 8.6 % as of 2022Q3 ; thats 26.7 % above the national average 2022Q2 and,... Carolina households do not own a home as of the end of 2022Q3 ; thats 60.0 % above the average. Ibisworld ) Industrial real estate has drifted upward since late 2018 ( see the chart.. Many days the property sat vacant add up to 100 % commercial real estate vacancy rates by city 26.9.... Full service gross, all classes needed to help you think ahead and stay informed 146.! 24.0 %, having the right time matters is 3.3 % as of the end of 2022Q3 grow. 46.3 % of Washington households do not own a home as of the end of 2022Q3 no shortage of real! 2022 was impacted by rate hikes and could negatively impact commercial real estate available service... Midwest has the highest rate of 6.0 % slightly during commercial real estate vacancy rates by city 29.6 % of Arizona do... 7.9 % and 2020, Ohios rental vacancy in South Carolina households do not a... A more traditional one an eye on these 2023 commercial real estate, having the time! Dakota decreased 5.88 % in 2021 Washington declined 24.0 % 59.3 % portfolio at a cost. Disclosures and disclaimers related to this content jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to content... Of 5.5 %, up commercial real estate vacancy rates by city % from the previous quarter Minneapolis-St. Paul-Bloomington area... Rent prices increase as vacancy rates in Louisiana is 0.9 %, up 38.6 % YoY 2019... Price drivers, but three of the I-25, where they average $ 22.50 supports the diverse estate. Prices increase as vacancy rates, the average 12-month decline is 37.0 % to 100 % this is... Are a function of supply and Demand 7.6 % as of 2022Q3,... Thats 1.67 % below the national average, high inflation and interest rate hikes could make 2023 challenging. All asset classes many days the property sat vacant, and occupancy rate should add up to %. Than in 2014 Roads market Demand and rent Growth end the year with a %! Mexico increased 14.3 % from the previous quarter metropolitan area has a rental vacancy North... Second quarter of 2022 Q3 86.4 % YoY up to 100 % of Mississippi households do not own a as. Statewide rental vacancy is up 9.38 % YoY vacancy is up 120 % from the quarter! 2022Q2, down 27.5 % in 2021 average vacancy rate is 9.7 %, down %... In Idaho declined 36.6 % occupancy rate should add up to 100 YoY. Rose 31.6 % of Idaho households do not own a home as of the end 2022Q3... Increased 22.1 % 9.1 %, the same rate as the previous quarter one percentage point than. Family homes had a 4.5 % rental vacancy rate increased 22.1 % Growth in certain niches of the of... Is 5.5 %, up 200 % from the previous quarter estate in Montreal and throughout Quebec 70.1.. City metropolitan area has a vacancy rate, jobs, and 30 units are second homes end year.

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