commercial real estate vacancy rates by citycommercial real estate vacancy rates by city

Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. 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%). Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . 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. Rental vacancy in Florida declined 21.7% in 2021. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Rental vacancy rates increased 48.4% in 2021. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. Now let's assume an investor has a 3-unit triplex multifamily property. Homeowner vacancy in Alabama is 0.8%, with no change from the previous quarter. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. But they can adjust rents annuallysometimes even monthlyto account for market changes. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Rental vacancy in Pennsylvania declined 10.4% in 2021. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Columbia has 2.8% rental vacancy, down 67.1% YoY. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. There is no shortage of commercial real estate in the city. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. 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, Kansass rental vacancies declined 36.1%. 26.0% of Kentucky households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. Rental vacancy in South Carolina declined 35.3% in 2021. The highest since July 2020. Providing some indication of the direction Sydney vacancy rates could take. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. A 2023 recession would likely be a more traditional one. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Knoxville has a rental vacancy rate of 7.8%, up 23.8% YoY. Demand for affordable and workforce housing far outweighs supply. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. 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 . Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Between 2005 and 2015, the average rental vacancy declined 23.3%. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Rental vacancy in Indiana declined 37.4% in 2021. Wyoming rental vacancy is down 2.67% YoY. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. 24.4% of Michigan households do not own a home as of 2022Q3. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Memphis has 9.6% rental vacancy, up 24.7% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. The national vacancy rate has increased 3.45% over 12 months. 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. You only have access to basic statistics. 28.5% of Pennsylvania households do not own a home as of 2022Q3. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Rental vacancy in Georgia decreased 23.1% in 2021. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. In, Cushman & Wakefield. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Rental vacancy in Iowa declined 11.8% in 2021. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. 34.5% of Ohio 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 Louisiana increased 15.9% in 2021. Rental vacancy in Michigan decreased 18.5% in 2021. New Jersey rental vacancy is up 6.45% YoY. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. In Los Angeles, 24.1 percent of its offices are without tenants, and in Chicago, the office vacancy rate is 21.9 percent. Cushman & Wakefield. Tennessee rental vacancy is down 7.14% YoY. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Then you can access your favorite statistics via the star in the header. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. "Office vacancies haven't declined much because total jobs today . The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. (July 13, 2021). 35.7% of Oregon households do not own a home as of 2022Q3. 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%. Between 2022Q2 and 2022Q3, Louisianas rental vacancies increased 18.2%. Please create an employee account to be able to mark statistics as favorites. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. Rental vacancy in Arkansas increased 5.63% in 2021. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. 46.0% of New York households do not own a home as of 2022Q3. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. From 2015 to 2020, rental vacancy increased 13.0%. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Alabama rental vacancy is down 25.6% YoY. Average asking rents: $23.89 per SF year, full service gross, all classes. 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. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. In 2015 and 2020, Kansas had a rental vacancy rate of 12.1%. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Consequences of the COVID-19 pandemic include changes in desirable housing characteristics. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. July 13, 2021. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Maryland rental vacancy is down 32.3% YoY. It is of tremendous value to entrepreneurs, investors, business professionals and . Rental vacancy in New York declined 30.8% in 2021. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. VIEW MORE. The second chart shows direct average asking rents for office real estate. Rental vacancy in Missouri increased 8.11% in 2021. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Here are the most impactful commercial real estate trends we can expect to see in 2021. . 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Commercial Real Estate . The overall office vacancy rate on the Oklahoma City market was 14.54% in 2021. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. The statewide rental vacancy rate in Utah is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. For most of the past decade, the national rental vacancy rate has steadily declined. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. In commercial real estate, having the right insights at the right time matters. The number of continuing claims, which includes those who have already received unemployment benefits for a week or more, also decreased by 37,000 to 1.65 million in the week ended Feb. 11. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. 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. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. Louisiana rental vacancy is up 6.85% YoY. 2022 JPMorgan Chase & Co. All rights reserved. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. 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. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. North Carolina rental vacancy is up 69.4% YoY. 10.6% of vacant housing units are second homes. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Commercial real estate investment totalled $58.5 billion in 2022, which . Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. That translates to less credit and lending activity, and continued volatility for asset pricing.. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. However, while they are both important, they measure different things and can give you additional insights into the market. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. 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. 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 Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates The Baltimore-Columbia-Towson metropolitan area has a 4.9% rental vacancy rate, down 38.0% YoY. 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 metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY.

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