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Alabama
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VACANCY
Apartment
The average Vacancy Rate was 3.5% in the Birmingham metro
- Vacancy in the Birmingham metro fell by 100 basis points.
- The Birmingham metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 4.5% in the Birmingham metro.
Distribution / Warehousing
The average Vacancy Rate was 7.6% in the Birmingham metro
- Vacancy in the Birmingham metro rose by 130 basis points.
- The Birmingham metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 7.2% in the Birmingham metro.
Office
The average Vacancy Rate was 16.2% in the Birmingham metro
- Vacancy in the Birmingham metro drifted downward by 40 basis points.
- The Birmingham metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 16.3% in the Birmingham metro.
Retail
The average Vacancy Rate was 14.7% in the Birmingham metro
- Vacancy in the Birmingham metro declined by 120 basis points.
- The Birmingham metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 14.5% in the Birmingham metro.
RENT
Apartment
The average Asking Rent was $1,230 in the Birmingham metro
- Rent in the Birmingham metro was up 0.4% from Q1 2023.
- Rent is expected to finish 2023 at $1,245 in the Birmingham metro.
Distribution / Warehousing
The average Asking Rent was $5.17 in the Birmingham metro
- Rent in the Birmingham metro was up 2.0% from Q1 2023.
- Birmingham metro had its fastest rent rate of increase in six quarters.
- Rent has risen in every quarter since Q1 2020 in the Birmingham metro.
Office
The average Asking Rent was $20.96 in the Birmingham metro
- Rent in the Birmingham metro was up 0.3% from Q1 2023.
- Rent is expected to finish 2023 at $21.06 in the Birmingham metro.
Retail
The average Asking Rent was $16.13 in the Birmingham metro
- Rent in the Birmingham metro was up 0.1% from Q1 2023.
- Rent Has risen for six consecutive quarters in the Birmingham metro.
- Rent is expected to finish 2023 at $16.21 in the Birmingham metro.