Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. The vacancy rate hit a record-low of 4.5% as of December 18 while the median asking rent growth hit a record high of 11% year-over-year. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. 39.1% of Massachusetts households do not own a home as of 2022Q3. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. In, Cushman & Wakefield. Rental vacancy in Rhode Island increased 25.0% in 2021. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. Statistics indicate a growing suburban rental market and a return to cities. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. 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. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. The retail vacancy rate in Greenpoint and. 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. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. **Such a large YoY increase may be the result of multi-unit construction. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. In order to be used. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Member FDIC. Illinois rental vacancy is down 12.5% YoY. 31.6% of Florida households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. 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. With a 26.8% vacancy rate, Charleston, South Carolina experienced exceptionally high hypervacancy in the second quarter of 2020. 26.1% of Minnesota households do not own a home as of 2022Q3. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Rental vacancy in Maryland decreased 12.2% in 2021. 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. 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. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. 28.5% of Utah households do not own a home as of 2022Q3. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Homeowner vacancy in Colorado is 0.3%, the same as 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. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. 40.6% of Nevada households do not own a home as of 2022Q3. But by 2030, vacancy rates will soar 55% to around 18%,. 29.6% of Maryland households do not own a home as of 2022Q3. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Connecticut has the lowest vacancy rate at 2.0%. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Maryland rental vacancy is down 32.3% YoY. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. Homeowner vacancy in Wyoming is 0.9%, up 50.0% 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. 31.8% of Oklahoma households do not own a home as of 2022Q2. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. But theres nothing new about commercial real estates cyclical nature. 62.5% of rental vacancies are in multifamily units. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Rental vacancy in North Dakota decreased 5.88% in 2021. The Charlotte-Concord-Gastonia metropolitan area has a rental vacancy rate of 9.1%, up 56.9% YoY. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Tennessee rental vacancy is down 7.14% YoY. Owner-occupied homes see lower vacancy rates on average than rentals do. Amanda possesses comprehensive experience in both database management and trend analysis. You only have access to basic statistics. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. Then you can access your favorite statistics via the star in the header. Business Solutions including all features. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. 22.2% of West Virginia households do not own a home as of 2022Q3. U.S. Office Fundamentals Soften as 2022 Closes. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. 36.3% of Illinois households do not own a home as of 2022Q3. Highlights. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Statista. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Rental vacancy in Maine increased 28.9% in 2021. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. 22.0% of Wyoming households do not own a home as of 2022Q3. Net absorption decr Learn More. 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 . From 2015 to 2020, rental vacancy declined 50.8%. Between 2022Q2 and 2022Q3, Ohios rental vacancies declined 9.26%. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . Nebraska rental vacancy is down 23.4% YoY. Vacancy rates across the office real estate sector in the U.S. increased during the coronavirus pandemic. 44.3% of California households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Show publisher information From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. 0.8%, up 60.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. From 2005 to 2010, housing vacancies overall increased 26.3%. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. 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. For most of the past decade, the national rental vacancy rate has steadily declined. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." Quad Cities Commercial Real Estate Market Report. The worst four office markets in terms of availability rates are Chicago Suburban (31.7%), Houston (30.5%), Dallas-Fort Worth (30.9%), and San Francisco (26.8%), according to data from Savills. Vacancy rate: 13.4%. In Sarasota, Florida, vacancies nearly tripled in 2021. 4.89% of habitable rental units in the United States are vacant. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. 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. A paid subscription is required for full access. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. 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