Total industrial inventory: 335,539,734 SF. . There are over 2.25m commercial real estate businesses in the US (IBISWorld) Industrial real estate statistics. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. 27.2% of Iowa households do not own a home as of 2022Q3. Connecticut has the lowest vacancy rate at 2.0%. To help REALTORS and other housing market analysts get the most out of the plethora of data that is available, NAR Research produces a series Commercial Real Estate Metro Market Reports which provide insights into the fundamentals and direction of the nation's largest metropolitan commercial real . In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. 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 statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Rental vacancy in New Mexico increased 57.1% in 2021. Net absorption totaled negative 536,561 square feet during the fourth quarter of 2022, equating to negative 965,693 square feet during the past four quarters. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. 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 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Please create an employee account to be able to mark statistics as favorites. Please do not hesitate to contact me. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. 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. Statista. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. The future of office buildings remains up in the air. Rental vacancy in Indiana declined 37.4% in 2021. But both cities also entered the pandemic with much higher vacancy. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. It is of tremendous value to entrepreneurs, investors, business professionals and . Improved fundamentals continued in the U.S. industrial market during the fourth quarter. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. I previously worked as a SeniorResearch Analyst in the Miami office of Colliers International South Florida whereI managed a platform of comprehensive commercial real estate data, information resources, research, and training to support the sales and marketing efforts of the South Florida team. Columbus has a rental vacancy rate is 2.8%, down 59.4% YoY. There is no shortage of commercial real estate in the city. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. 32.2% of Kansas households do not own a home as of 2022Q3. As a general rule, rent prices increase as vacancy rates decrease. 10.6% of vacant housing units are second homes. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Salt Lake City has a 9.3% rental vacancy rate, up 36.8% YoY. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. In the second quarter of this year, the commercial. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. 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 Mexico is 0.9%, down 10.0% from the previous quarter. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. 27.5% of Mississippi households do not own a home as of 2022Q3. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . Homeowner vacancy in Indiana is 0.5%, up 66.7% from the previous quarter. Rental vacancy in Hawaii increased 16.9% in 2021. "Multifamily vacancies hit 4.7% in the third quarter of 2021, reverting back to levels seen at the end of 2019," said Victor Calanog, Head of CRE Economics for Moody's Analytics. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. Between 2022Q2 and 2022Q3, Wyomings rental vacancies increased 21.7%. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The vacancy rate and occupancy rate should add up to 100%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. 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. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Homeowner vacancy in North Carolina is 0.7%, down 12.5% from the previous quarter. Rhode Island rental vacancy is up 120% YoY. 25.5% of Maine households do not own a home as of 2022Q3. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% 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%. Between 2022Q2 and 2022Q3, Montanas rental vacancies declined 30.6%. Now divide that number by the days the apartment . As soon as this statistic is updated, you will immediately be notified via e-mail. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Net absorption represents the net change in occupied rental space between measurement periods. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. The pandemics economic impact largely mimicked that of a natural disaster on a national scale, but the economy bounced back over several quarters. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. 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. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. But there are a few bright spots in the commercial real estate forecast. 27.0% of Delaware households do not own a home as of 2022Q3. Commercial Real Estate . 35.0% of Rhode Island households do not own a home as of 2022Q3. 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. North Carolina rental vacancy is up 69.4% YoY. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. 33.9% of Virginia households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. When the vacancy rate is applied, the vacancy loss is $100,000 ($1,000,000 x 10%). Hobart was the only capital city to see an increase in its vacancy rate, to 0.6%. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. South Carolina rental vacancy is down 41.7% YoY. 30.2% of Nebraska households do not own a home as of 2022Q3. The statewide rental vacancy rate in Wisconsin is 4.5% as of the end of 2022Q3; thats 25.0% below the national average. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. 33.7% of North Dakota households do not own a home as of 2022Q3. As of 2022 Q3, the homeowner vacancy rate is 0.9%. Rental vacancy in Florida declined 21.7% in 2021. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. 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 Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. As a Premium user you get access to the detailed source references and background information about this statistic. Rental vacancy in Connecticut increased 4.44% in 2021. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. Rental vacancy in New York declined 30.8% in 2021. The Fed anticipates more increases into 2023, which could negatively impact commercial real estate owners. 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%. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. November 13, 2022. Rental vacancy in Maryland decreased 12.2% in 2021. Vacancy rate: 13.4%. In Sarasota, Florida, vacancies nearly tripled in 2021. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. Statistics indicate a growing suburban rental market and a return to cities. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Please review its terms, privacy and security policies to see how they apply to you. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Full recovery would take place over years, not months, and impact all asset classes. Last year's results were much more optimistic: 80% expected . 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 Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. From 2005 to 2010, housing vacancies overall increased 26.3%. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. 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. Rental vacancy in D.C. declined 23.2% in 2021. Rental vacancy in Pennsylvania declined 10.4% in 2021. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. 27.0% of New Mexico households do not own a home as of 2022Q3. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Alabama rental vacancy is down 25.6% YoY. Rental vacancy in Wisconsin increased 68.8% in 2021. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The Wilmington-Camden-Philadelphia metropolitan area has an average rental vacancy rate of 4.6%, up 76.9% YoY. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. "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 . Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. 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