Vacancy Rates in Housing & Commercial Real Estate: 6‑Month Analysis & Outlook
Indicator Overview: Vacancy rates measure the proportion of vacant rental units or office space. Elevated vacancies suppress rental growth and signal oversupply. National rental vacancy rates hovered around 5 % in 2025, while office vacancies exceeded 20 % in many downtown markets as hybrid work persisted.
Six‑Month Trend: Residential vacancies edged slightly higher as multifamily completions outpaced absorption. Office vacancies rose further due to corporate downsizing and remote‑work policies.
Six‑Month Forecast: Analysts expect rental vacancies to stabilise as construction slows, whereas office vacancies could remain elevated or increase modestly. Adaptive reuse of office space into housing could help rebalance supply in some cities.
Note: The 6‑month trends chart is included on the Real Estate Market Indicators page. Please view there for the latest chart.
