Vacant retail space in New York City increased by 5.2 million square feet over the last decade. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. Rental vacancy in Utah declined 40.7% in 2021. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. Columbia has 2.8% rental vacancy, down 67.1% YoY. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Download Full Report. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. 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%. Below are the total asset values of commercial real estate properties in Miami per sector. 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 statewide rental vacancy rate in Montana is 2.5% as of the end of 2022Q3; thats 58.3% below the national average. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. 8.1% of vacant rental units are in structures built after March 2010. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. The national retail (all retail) vacancy rate has drifted upward since late 2018 (see the chart). In order to be used. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Profit from the additional features of your individual account. A paid subscription is required for full access. Owner-occupied homes see lower vacancy rates on average than rentals do. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. 22.0% of Wyoming households do not own a home as of 2022Q3. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. 39.1% of Massachusetts households do not own a home as of 2022Q3. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Homeowner vacancy in South Carolina is 0.8%, up 33.3% from the previous quarter. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. 4.89% of habitable rental units in the United States are vacant. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Business Solutions including all features. You can only download this statistic as a Premium user. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Wisconsin rental vacancy is down 11.8% YoY. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Rental vacancy in Vermont declined 20.6% in 2021. Rochester has 6.5% rental vacancy, up 183% YoY. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Rental vacancy rates increased 48.4% in 2021. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. 44.3% of California households do not own a home as of 2022Q3. The Midwest has the highest rate of homeownership at 70.1%. Learn more about how Statista can support your business. 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. As a Premium user you get access to the detailed source references and background information about this statistic. CBRE is the local leader in commercial real estate. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. 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. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. 35.7% of Texas households do not own a home as of 2022Q3. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. But theres nothing new about commercial real estates cyclical nature. Homeowner vacancy in South Dakota is. Highlights. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Total industrial inventory: 335,539,734 SF. 46.3% of vacant units have been empty for 2 months or less. 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. 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 South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. Structures of 10 units or more average 7.4% vacancy. South Carolina rental vacancy is down 41.7% YoY. From 2015 to 2020, vacancy increased 19.2%. Market Reports. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. 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. Between 2005 and 2015, rental vacancy in Alabama increased 8.94%. Vacancy rate: 13.4%. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. Between 2022Q2 and 2022Q3, South Carolinas rental vacancies declined 33.3%. 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. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. From 2015 to 2020, rental vacancy declined 50.8%. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. 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. Multifamily is currently the highest performing of all asset classes. (Deloitte) Interest rates will remain low throughout 2021. . Montana rental vacancy is down 34.2% YoY. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Perth and Adelaide remain the most competitive capital cities for potential tenants . The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. Rental vacancy in Indiana declined 37.4% in 2021. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. The lowest rental vacancy rate of 2021 was 5.6% in the 4th financial quarter. The region's outstanding infrastructure supports the diverse real estate available to service providers and manufacturers of all sizes. 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 It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. 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). Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. But they can adjust rents annuallysometimes even monthlyto account for market changes. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. The statewide rental vacancy rate in North Dakota is 12.4% as of the end of 2022Q3; thats 107% above the national average. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Rental vacancy in Alaska declined 39.7% in 2021. Register in seconds and access exclusive features. Last Updated: 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. Washington rental vacancy is up 7.84% YoY. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. Massachusetts rental vacancy is up 42.9% YoY. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. New York rental vacancy is down 15.7% YoY. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. The ideal entry-level account for individual users. 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. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Cushman & Wakefield. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. 15.3% of vacant rental units are in structures built prior to 1940. Illinois rental vacancy is down 12.5% YoY. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. 26.0% of Kentucky households do not own a home as of 2022Q3. From 2015 to 2020, D.C.s rental vacancy rate increased 45.1%. Rate increased 18.8 % urban centers appear to be rebounding in structures built after March 2010, Nebraskas vacancy! 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