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Commercial Real Estate: US: Difference between revisions
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''Return to: [[Commercial Real Estate]]'' | ''Return to: [[Commercial Real Estate]]'' | ||
== Assestment == | |||
== Vancancy Rate == | == Vancancy Rate == | ||
=== Multifamily === | |||
* Vacancy ticked up 13 basis-point (bps) to end Q1 at 4.71%. This was the biggest jump over the past two years, which pushed the current vacancy over the pre-pandemic level of 4.68%. | |||
* Compared to year end 2022, rent declines became more widespread in the first quarter, with 60 primary metros recording negative market rent growth ranging from -0.1% to -6.4%. At the national level, asking/effective rent declined by 1%/0.9% respectively. | |||
{| class="wikitable" | |||
|'''In Square feet''' | |||
|'''Q1 2023''' | |||
|'''Q4 2022''' | |||
|'''Q1 2022''' | |||
|'''Q/Q''' | |||
|'''Y/Y''' | |||
|- | |||
|Vacancy Rate | |||
|4.70% | |||
|4.60% | |||
|4.70% | |||
|0.10% | |||
|0.00% | |||
|- | |||
|Asking Rent (per unit) | |||
| 1,781.0 | |||
| 1,798.0 | |||
| 1,682.0 | |||
| -0.90% | |||
|5.90% | |||
|- | |||
|Effective Rent (per unit) | |||
| 1,707.0 | |||
| 1,724.0 | |||
| 1,610.0 | |||
| -1% | |||
|6.00% | |||
|} | |||
=== Office === | |||
* Vacancy rose to 19.0%, up 20 bps from a quarter-ago due to oversupplied stock and exceeding the pandemic peak of 18.5%. Office vacancies rose for the 5th consecutive quarter, another step closer to its historic peak of 19.3% in 1991 | |||
* Asking rents increased by 0.4% in Q1 despite the rise in vacancies, likely an outcome of inflationary pressures. | |||
* . At the national level, more than 5 million square feet (sqft) was released back to the market this quarter. Meanwhile, construction slowed further with just over 3 million sqft of new space delivered in Q1. | |||
{| class="wikitable" | |||
|'''In Square feet''' | |||
|'''Q1 2023''' | |||
|'''Q4 2022''' | |||
|'''Q1 2022''' | |||
|'''Q/Q''' | |||
|'''Y/Y''' | |||
|- | |||
|Vacancy Rate | |||
|19.00% | |||
|18.80% | |||
|18.10% | |||
|0.20% | |||
|0.90% | |||
|- | |||
|Asking Rent (per SF) | |||
| 35.30 | |||
| 35.16 | |||
| 34.60 | |||
|0.40% | |||
|2.00% | |||
|- | |||
|Effective Rent (per SF) | |||
| 28.13 | |||
| 28.06 | |||
| 37.65 | |||
|0% | |||
|1.70% | |||
|} | |||
=== Retail === | |||
* Vacancy flatlined at 10.3% over the past four quarters. | |||
* Asking/effective rents were up slightly by 0.2%/0.3% in Q4 and remained in the $21/$18-per-sqft range, a level unchanged since 2018. | |||
{| class="wikitable" | |||
|In Square feet | |||
|Q1 2023 | |||
|Q4 2022 | |||
|Q1 2022 | |||
|Q/Q | |||
|Y/Y | |||
|- | |||
|Vacancy Rate | |||
|10.30% | |||
|10.30% | |||
|10.40% | |||
|0.00% | |||
| -0.10% | |||
|- | |||
|Asking Rent (per SF) | |||
|$ 21.52 | |||
|$ 21.47 | |||
|$ 21.40 | |||
|0.40% | |||
|2.00% | |||
|- | |||
|Effective Rent (per SF) | |||
|$ 18.81 | |||
|$ 18.76 | |||
|$ 18.70 | |||
|0% | |||
|1.70% | |||
|} | |||
https://www.cushmanwakefield.com/en/united-states/insights/obsolescence-equals-opportunity | https://www.cushmanwakefield.com/en/united-states/insights/obsolescence-equals-opportunity | ||