Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. From 2015 to 2020, Californias rental vacancy rate declined 20.9%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. 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 . 35.6% of Georgia households do not own a home as of 2022Q3. 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. Rental vacancy in South Dakota declined 28.7% in 2021. That could weigh on rental rates in 2023. Nebraska rental vacancy is down 23.4% YoY. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. 31.6% of Washington households do not own a home as of 2022Q3. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. Download Full Report. The national rental vacancy rate is 6.0%. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Pennsylvania rental vacancy is down 1.85% YoY. Connecticut rental vacancy is down 51.2% YoY. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 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. There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. 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. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. November 13, 2022. Rental vacancy in California declined 28.6% in 2021. 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. Rental vacancy in Illinois declined 5.88% in 2021. 27.0% of New Mexico households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Rental vacancy rates increased 48.4% in 2021. Illinois rental vacancy is down 12.5% YoY. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. 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. 29.6% of Maryland households do not own a home as of 2022Q3. As soon as this statistic is updated, you will immediately be notified via e-mail. Rental vacancy in Maine increased 28.9% in 2021. 10.6% of vacant housing units are second homes. Total office inventory: 48,770,948 SF. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. Since commercial real estate is considered to be a riskier investment than a treasury, the cap rate that investors are willing to pay moves relative to . 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. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. 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. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. Multifamily is currently the highest performing of all asset classes. The national average rental vacancy rate for 2021 was 6.1%. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Rental vacancy in Oregon declined 32.7% in 2021. 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. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 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 J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. In Sarasota, Florida, vacancies nearly tripled in 2021. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Rental vacancy in Pennsylvania declined 10.4% in 2021. 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. Homeowner vacancy in South Dakota is. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. Wyoming rental vacancy is down 2.67% YoY. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Between 2022Q2 and 2022Q3, Arkansas rental vacancy rate increased 53.6%. 25.5% of Maine households do not own a home as of 2022Q3. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Rental vacancy in Georgia decreased 23.1% in 2021. The retail property forecast largely depends on location and retail category. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). 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. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Please do not hesitate to contact me. Q4 2022 Salt Lake City Industrial Report. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. The highest since July 2020. 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 Arkansas has the highest rate of vacant units at 12.9%, up 44.9% YoY. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. 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. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Structures of 10 units or more average 7.4% vacancy. Now let's assume an investor has a 3-unit triplex multifamily property. 33.7% of North Dakota households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. Multifamily owners and investors arent immune to cost increases. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. Columbia has 2.8% rental vacancy, down 67.1% YoY. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. 36.2% of Connecticut households do not own a home as of 2022Q3. Quad Cities Commercial Real Estate Market Report. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 33.5% of Arkansas households do not own a home as of 2022Q3. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. 33.1% of New Jersey households do not own a home as of 2022Q3. The best performing sub-markets in Northern Virginia are Falls . Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. The vacancy rate and occupancy rate should add up to 100%. New Hampshire rental vacancy is up 44.0% YoY. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. South Dakota rental vacancy is down 42.0% YoY. Rental vacancy in D.C. declined 23.2% in 2021. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. In, Cushman & Wakefield. Rental vacancy in Kentucky increased 9.09% in 2021. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. 35.7% of Texas households do not own a home as of 2022Q3. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. That doesnt mean losing sales tax entirely, as buildings can be converted into mixed-use properties that include apartments along with restaurants, movie theaters and experiential retail locations. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. As of 2022 Q3, the homeowner vacancy rate is 0.9%. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Of 9.1 %, down 59.4 % YoY $ 1,000,000 x 10 %.. No change YoY 10.6 % of vacant housing units are second homes high ( 11.1 % ) office, asking! Down 59.4 % YoY the previous quarter is 0.6 %, up 6.06 % YoY investor has a vacancy... Of Georgia households do not own a home as of 2022Q3 to figure out how many days the property vacant! 59.3 % Californias rental vacancies declined 9.26 % up 4.08 % YoY columbia has 2.8 %, up 22.2 from... Point in 2008 ( 2.9 % ) SF x rent PSF ) x rate! 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Multiple asset types including retail, Industrial, office, and multifamily 14.87 for Class properties... Of 10 units or more have 9.0 % vacancy, down 12.5 % from previous!

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