The St. Louis rental vacancy rate is 5.5%, down 5.17% 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. A 2023 recession would likely be a more traditional one. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. 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. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Note you are now viewing the Colliers United States website. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Apartments with 6 or more rooms have a vacancy rate of 4.9%. You need a Statista Account for unlimited access. Retail in city centers has been slow to bounce back. 33.5% of Arkansas households do not own a home as of 2022Q3. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. + Follow. Below are the total asset values of commercial real estate properties in Miami per sector. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Maryland rental vacancy is down 32.3% YoY. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Learn more about how Statista can support your business. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. As of 2022 Q3, zero (0) major metropolitan rental markets are in hypervacancy. July 13, 2021. "Almost on a weekly basis, things . From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Homeowner vacancy in New Mexico is 0.9%, down 10.0% from the previous quarter. 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. 44.3% of California households do not own a home as of 2022Q3. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. North Dakota rental vacancy is up 12.4% 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. 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. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Its important to look at each of these macroeconomic factors: Together, these factors may lead to a mild to moderate recession in 2023. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. In addition to office, the 2023 Commercial Real Estate Forecast shows growth in certain niches of the manufacturing sector. Connecticut rental vacancy is down 51.2% YoY. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Homeowner vacancy in Virginia is 1.0%, the same rate as the previous quarter. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Rental vacancy in Missouri increased 8.11% in 2021. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. 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). All Rights Reserved. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Rental vacancy in Wyoming declined 24.5% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. 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. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. 40.6% of Nevada households do not own a home as of 2022Q3. Rental vacancy in Georgia decreased 23.1% in 2021. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. Are you interested in testing our business solutions? (July 13, 2021). Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Homeowner vacancy in South Dakota is. Member FDIC. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. That's why Colliers is committed to digging deep, uncovering commercial real estate trends and providing unique perspectives our clients can use to make the best decisions possible. 28.5% of Utah households do not own a home as of 2022Q3. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. "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 . E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. There may be overleveraged building owners during an economic downturn. Rental vacancy in Nebraska declined 25.8% in 2021. Our forecasts suggest that unless the Fed changes course, 2023 will be characterized by slower GDP growth as monetary policy continues to tighten and global economies adapt to inflation, Calanog said. 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. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. Net absorption represents the net change in occupied rental space between measurement periods. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. 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. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. 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