commercial real estate vacancy rates by city
2022 JPMorgan Chase & Co. All rights reserved. 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. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. Rental vacancy in Rhode Island increased 25.0% in 2021. Based in Chicago, Amanda partners with national and local teams to deliver market intelligence initiatives and provide direction to drive national competitive advantage through research strategy, development and analytics. "Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market." The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Mississippi rental vacancy is down 14.0% YoY. Highlights. Read More. From 2015 to 2020, rental vacancy increased 13.0%. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). 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 Tennessee rental vacancy is down 7.14% YoY. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. According to Zillows methodology, typical monthly rent prices were $2,090 in August 2022, up 12.3% YoY. . Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. 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, Virginias rental vacancies decreased 26.7%. However, while they are both important, they measure different things and can give you additional insights into the market. Rental vacancy in Wyoming declined 24.5% in 2021. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in Idaho increased 14.3% in 2021. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Columbia has 2.8% rental vacancy, down 67.1% YoY. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Vacant retail space in New York City increased by 5.2 million square feet over the last decade. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. Last Updated: Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. The national vacancy rate has increased 3.45% over 12 months. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. Between 2022Q2 and 2022Q3, Michigans rental vacancies increased 26.9%. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. New Jersey rental vacancy is up 6.45% YoY. Commercial real estate vacancy rates and availability rates are two important metrics to consider when trying to assess the health of the commercial real estate market. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. (Deloitte) Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. I aminvolved with national pitches and pursuits, leading the quarterly National Retail Report, and educating brokers on an array of retail research tools like Restaurant Bytes and Creditintell. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. 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. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Rental vacancy in Louisiana increased 15.9% in 2021. 8.1% of vacant rental units are in structures built after March 2010. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. Charleston-North Charleston-Summerville has a rental vacancy rate of 6.9%, down 30.3% YoY. Please review its terms, privacy and security policies to see how they apply to you. The statewide rental vacancy rate in Texas is 8.1% as of the end of 2022Q3; thats 35.0% above the national average. Cushman & Wakefield. Wyoming rental vacancy is down 2.67% YoY. 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 New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Homeowner vacancy in Alaska is 1.2%, up 20.0% from the previous quarter. JPMorgan Chase Bank, N.A. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. 25.3% of New Hampshire households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Georgia declined 41.9%. 24.4% of Michigan households do not own a home as of 2022Q3. The statewide rental vacancy rate in Alabama is 9.3% as of the end of 2022Q3; thats 55.0% above the national average. Rental vacancy rates increased 48.4% in 2021. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. Profit from the additional features of your individual account. 33.7% of North Dakota households do not own a home as of 2022Q3. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates 27.4% of Missouri households do not own a home as of 2022Q3. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. The city of Wichita has a 5.9% multifamily rental vacancy rate in 2022Q3, down 4.84% YoY. Quad Cities Commercial Real Estate Market Report. In, Cushman & Wakefield. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. 29.7% of Arizona households do not own a home as of 2022Q2. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Highrise structures with many small units built after March 2010 are the most likely to have high rental vacancy rates. From 2015 to 2020, Iowas rental vacancy rate increased 13.2%. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. 62.5% of rental vacancies are in multifamily units. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Rental vacancy in Hawaii increased 16.9% in 2021. Between 2022Q2 and 2022Q3, Oregons rental vacancies declined 9.09%. Rental vacancy in Missouri increased 8.11% in 2021. Homeowner vacancy in Iowa is 0.8%, up 60.0% from the previous quarter. Rental vacancy in Washington declined 5.26% in 2021. [Online]. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Homeowner vacancy in Washington is 0.9%, up 120% from the previous quarter. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. Amanda possesses comprehensive experience in both database management and trend analysis. Average asking rent: $7.19 per SF per year, net. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. North Dakota rental vacancy is up 12.4% YoY. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. Rental vacancy in Wisconsin increased 68.8% in 2021. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Demand for affordable and workforce housing far outweighs supply. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Rental vacancy in Connecticut increased 4.44% in 2021. The national rate of homeownership is 66.0% as of 2022 Q3. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. But theres nothing new about commercial real estates cyclical nature. 15.3% of vacant rental units are in structures built prior to 1940. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. Total office inventory: 48,770,948 SF. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. Rental vacancy in New York declined 30.8% in 2021. West Virginia rental vacancy is down 3.03% YoY. Get full access to all features within our Business Solutions. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. That could weigh on rental rates in 2023. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. Rental vacancy in New Hampshire increased 126.3% in 2021. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. But it has continued to be weighed down because fewer people are working in downtown offices.. 24.8% of Indiana households do not own a home as of 2022Q3. Download Full Report. 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 **Such a large YoY increase may be the result of multi-unit construction. From 2005 to 2010, housing vacancies overall increased 26.3%. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. Homeowner vacancy in Tennessee is 0.8%, up 14.3% from the previous quarter. Homeowner vacancy in South Dakota is. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. Rochester has 6.5% rental vacancy, up 183% YoY. From 2015 to 2020, Colorados rental vacancy rate increased 2.27%. Between 2005 and 2015, rental vacancy in Minnesota declined 47.3%. Vacancy rate: 13.4%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Between 2005 and 2015, rental vacancy in D.C. declined 44.6%. Between 2022Q2 and 2022Q3, Illinoiss rental vacancies declined 2.53%. Rental vacancy in Virginia declined 21.9% in 2021. From 2015 to 2020, rental vacancy declined 50.8%. 40.3% of Hawaii households do not own their homes 2022Q3. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Homeowner vacancy in Florida is 1.4%, a 6.67% decline from the previous quarter. Rental vacancy in Vermont declined 20.6% in 2021. Between 2005 and 2015, rental vacancy in Florida declined 23.6%. 46.0% of New York households do not own a home as of 2022Q3. Rental vacancy in Alaska declined 39.7% in 2021. Please do not hesitate to contact me. Between 2005 and 2015, rental vacancy in Michigan declined 30.8%. Hawaii has the second-highest YoY increase at 83.0%. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Rental vacancy in Iowa declined 11.8% in 2021. The rental vacancy rate in the District of Columbia is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. The . The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. The 2023 commercial real estate outlook indicates there may be challenges ahead. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Learn more about how Statista can support your business. Rental vacancy in Kentucky increased 9.09% in 2021. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. We tend to believe that an increase in vacancy rates is bad news for property owners. Our Market Report provides insight into the commercial real estate activity in the Quad Cities' market. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. As a general rule, rent prices increase as vacancy rates decrease. Please create an employee account to be able to mark statistics as favorites. 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. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Access to this and all other statistics on 80,000 topics from, Show sources information Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. From 2015 to 2020, North Carolinas rental vacancy rate declined 34.3%. Pennsylvania rental vacancy is down 1.85% YoY. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph]. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. California rental vacancy is up 2.50% YoY. Rental vacancy in North Carolina declined 8.70% in 2021. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. From 2010 to 2020, housing vacancies declined 57.7%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Western states have a rental vacancy rate of 4.7%, up 6.82% YoY. Retail is at a crossroads, and the future of office space is unclear. 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. 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. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. A paid subscription is required for full access. 28.5% of Pennsylvania households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. + Follow. 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. Connecticut has the lowest vacancy rate at 2.0%. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. 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. 39.1% of Massachusetts households do not own a home as of 2022Q3. There is no shortage of commercial real estate in the city. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. 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. 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 . Statista. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. Total industrial inventory: 335,539,734 SF. In 2019 and 2020, homeownership increased by 4.0% and 10.8%, respectively. Rental vacancy in Delaware increased 7.84% in 2021. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. 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 Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. From 2015 to 2020, Illinoiss rental vacancy rate declined 6.25%. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Currently, you are using a shared account. In major cities where the vacancy rate increased, the average 12-month increase is 146%. 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 . From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. Memphis has 9.6% rental vacancy, up 24.7% YoY. 21.5% of rental vacancies are units with 6 or more rooms. Among states, Rhode Island has the highest rate of new vacancies in 2022 Q3, up 120% YoY. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. 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). 27.0% of New Mexico households do not own a home as of 2022Q3. 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%. 36.3% of Illinois households do not own a home as of 2022Q3. The Midwest has the highest rate of homeownership at 70.1%. 10.6% of vacant housing units are second homes. In the Midwest, the vacancy rate is 7.1%, up 12.7% YoY. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. 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. Rental vacancy in Maine increased 28.9% in 2021. The statewide rental vacancy rate in Virginia is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The Detroit-Warren-Dearborn metropolitan area has 5.2% rental vacancy, down 23.5% YoY. As we head into the new year, keep an eye on these 2023 commercial real estate trends and opportunities. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Member FDIC. Rental vacancy in Texas increased 2.56% in 2021. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Rental vacancy in Montana increased 20.6% in 2021. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. 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. 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. Between 2005 and 2015, rental vacancy in Kansas declined 19.9%. Published: 2:21 PM Feb 27, 2023. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. 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