15.3% of vacant rental units are in structures built prior to 1940. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Total office inventory: 48,770,948 SF. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. In 2005 and 2015, Vermont had a 4.9% rental vacancy rate.. 26.6% of Vermont households do not own a home as of 2022Q3. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Rental vacancy in Michigan decreased 18.5% in 2021. Louisiana rental vacancy is up 6.85% YoY. The statewide rental vacancy rate in Rhode Island is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Tennessee rental vacancy is down 7.14% YoY. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. 10.6% of vacant housing units are second homes. 27.0% of Delaware households do not own a home as of 2022Q3. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Rental vacancy in Vermont declined 20.6% in 2021. Please create an employee account to be able to mark statistics as favorites. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. The Milwaukee-Waukesha-West Allis metropolitan area has a 4.1% rental vacancy rate, up 86.4% YoY. 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. 31.8% of Montana households do not own a home as of 2022Q3. 24.4% of Michigan households do not own a home as of 2022Q3. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. Rental vacancy in Indiana declined 37.4% in 2021. The drop of 3,000 claims was a surprise to economists, who had predicted an increase to 200,000. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. JPMorgan Chase Bank, N.A. 24.8% of Indiana households do not own a home as of 2022Q3. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. In, Cushman & Wakefield. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Rental vacancy in New Hampshire increased 126.3% in 2021. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. 33.9% of Virginia households do not own a home as of 2022Q3. Wisconsin rental vacancy is down 11.8% YoY. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. 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. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week Illinois rental vacancy is down 12.5% YoY. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Rental vacancy in Arkansas increased 5.63% in 2021. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. Rental vacancy in Georgia decreased 23.1% in 2021. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. Rental vacancy in Florida declined 21.7% in 2021. Published: 2:21 PM Feb 27, 2023. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Nashville-Davidson-Murfreesboro-Franklin has 6.6% rental vacancy, down 27.5% YoY. Rental vacancy in Alaska declined 39.7% in 2021. For most of the past decade, the national rental vacancy rate has steadily declined. The rental vacancy rate in principal cities is 6.5% as of 2022 Q3, down 1.52% year-over-year (YoY). Homeowner vacancy in New Hampshire is 0.4%, the same as from the previous quarter. Between 2022Q2 and 2022Q3, Rhode Islands rental vacancied increased 41.0%. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Top-ranked, fully integrated services for selling, leasing or developing commercial real estate in Montreal and throughout Quebec. The vacancy rate and occupancy rate should add up to 100%. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. 35.0% of Rhode Island households do not own a home as of 2022Q3. The ideal entry-level account for individual users. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. In the second quarter of this year, the commercial. Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. 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 Canada Cap Rate Report Q4 2022. Net absorption represents the net change in occupied rental space between measurement periods. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. Between 2005 and 2015, rental vacancy in Utah declined 46.6%. 30.2% of Nebraska households do not own a home as of 2022Q3. (Deloitte) At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. . Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. 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. But much like the housing market, the newer, renovated spaces, are in high demand. Washington rental vacancy is up 7.84% YoY. 8.1% of vacant rental units are in structures built after March 2010. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Rental vacancy in Iowa declined 11.8% in 2021. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Between 2022Q2 and 2022Q3, Kansass rental vacancies declined 36.1%. Rental vacancy in Oregon declined 32.7% in 2021. This has led to a drop in direct asking rates, which now average $34.49 / sq ft for Class A space, $29.31 for Class B space, and $25 for Class C properties. 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 Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Rental vacancy in West Virginia increased 14.1% in 2021. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Rental vacancy in Kentucky increased 9.09% in 2021. 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. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. 27.5% of Mississippi households do not own a home as of 2022Q3. (July 13, 2021). Homeowner vacancy in Maine is 0.8%, up 300% from the previous quarter. For example, assume that the same 100,000 SF property has average rents of $10 PSF. The national vacancy rate is 3.33% lower than it was in 1956Q1. Rental vacancy in South Dakota declined 28.7% in 2021. But they can adjust rents annuallysometimes even monthlyto account for market changes. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. Last Updated: Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Its about time the internet had a single place with all of the most up-to-date information from leading experts in property management, investing and real estate law. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Rental vacancy in Idaho increased 14.3% in 2021. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Rental vacancy in Missouri increased 8.11% in 2021. 35.0% of North Carolina households do not own a home as of 2022Q3. Montana rental vacancy is down 34.2% YoY. The statewide rental vacancy rate in Mississippi is 8.0% as of the end of 2022Q3; thats 33.3% above the national average. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Customer & Employee Curriculum Development and Training. Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Bankings Head of Research. 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. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. 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 Minnesota is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. The New Orleans-Metairie metropolitan area has a 6.5% rental vacancy rate, with no change YoY. E-commerce will likely serve as a tailwind for the logistics industryand industrial warehouse and distribution propertiesfor at least 10 years, Calanog said. Homeowner vacancy in Idaho is 1.1%, up 120% from the previous quarter. Read all about Mark Kolsrud and Peter Loehrers 2022 review and 2023 predictions. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. The Portland-South Portland metropolitan area has a 4.5% multifamily rental vacancy rate in 2022Q3, down 8.16% YoY. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. New Mexico rental vacancy is down 1.82% YoY. Download Full Report. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Minneapolis Industrial Market. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. We uncover recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. 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 . Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. 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