Shopping center property vacancy rate in the U.S. 2020-2023, by market
The vacancy rates of shopping center real estate in the United States varied between different cities. Nashville, TN topped the list with the lowest vacancy rate of 2.1 percent in the final quarter of 2023. At the same time, cities such as Montgomery, AL, Rochester, NY, New Haven, CT, and Buffalo, NY saw vacancy rates above 8.5 percent. Although results vary per city and type of retail real estate in the United States, the average retail real estate vacancy rate was approximately 4.4 percent in the second quarter of 2022.
