Featured Indicator: Moody’s Analytics REIS Vacancy Rates

March 24, 2021 Jessica Tagliafierro

Last month Tom Dworetsky authored an article titled The Lasting Impacts of COVID-19 on Real Estate-Part 1 which outlined the lasting impacts of COVID-19 on residential and office real estate markets. Here at Camoin 310, the Moody’s Analytics REIS dataset is one of many sources that we use to stay on top of changes in the real estate market.

While Moody’s Analytics REIS offers a variety of paid data and solutions, their free quarterly market analyses offer a lot of great insight into real estate market trends. In addition to traditional markets such as multifamily, commercial, and industrial, other niche markets such as affordable housing, senior housing, and student housing are also available.

What is the data telling us?

Below is a brief snapshot of the latest vacancy trends and data for the major markets from Moody’s Analytics REIS’ Q4 2020 Apartment, Office, Retail, and Industrial First Glance reports.

  • Multifamily Market: Vacancies are rising slightly and rents are declining, indicating that the impacts from the pandemic continue to be felt.

  • Office Market: The national vacancy rate was 17.7% in 4Q20, a significant quarter over quarter and year over year increase.

  • Retail Market: Vacancy rates remain higher than in 2019, but are not as high as could be expected given the number of store closures in 2020. The retail vacancy rate increased to 10.5% in 4Q20 from 10.4% the previous quarter.

  • Industrial Market: The industrial market is growing, thanks largely to the growth in e-commerce in 2020. Vacancy rates for both warehouse/distribution facilities and flex/R&D space fell by 0.1% in 4Q20. Occupancy growth in the warehouse/distribution space was the highest since 4Q19.


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