Rochester has 6.5% rental vacancy, up 183% YoY. Chart. Rental vacancy in Wyoming declined 24.5% in 2021. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. 33.7% of North Dakota households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. After decades of trying to revive B- and C-class malls for sales tax purposes, some cities are redeveloping these spaces. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. Buildings with 10-or-more units account for 33.1% of all rental vacancies. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. Minnesota rental vacancy is up 80.0% YoY. Rental vacancy in Colorado increased 18.2% in 2021. The fourth quarter brought some relief from mounting macroeconomic challenges as inflationary pressures wane, but office tenants remain cautious as they adjust to rising costs of capital and falling valuations. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. Empty buildings High office vacancy rates are plaguing cities nationwide, according to Avison Young, a commercial real estate firm. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . Business Solutions including all features. Rental vacancy in Hawaii increased 16.9% in 2021. July 13, 2021. As a Premium user you get access to background information and details about the release of this statistic. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Homeowner vacancy in Delaware is 0.6%, down 45.5% from the previous quarter. Homeowner vacancy in Pennsylvania is 0.9%, down 10.0% from the previous quarter. Raleigh has a rental vacancy rate of 4.7%, up 30.6% YoY. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. "Office vacancies haven't declined much because total jobs today . Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. The Dallas-Ft. Worth-Arlington metropolitan area has a vacancy rate of 7.0%, up 12.9% YoY. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. Rental vacancy in Wisconsin increased 68.8% in 2021. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. Homeowner vacancy in Wisconsin is 0.5%, up 25.0% from the previous quarter. In, Cushman & Wakefield. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. 62.5% of rental vacancies are in multifamily units. Maryland rental vacancy is down 32.3% YoY. "We just hit 95 percent occupancy, which is. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. But by 2030, vacancy rates will soar 55% to around 18%,. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. Cushman & Wakefield. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Between 2022Q2 and 2022Q3, Alaskas rental vacancies increased 51.2% from a rate of 4.1%. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. The homeowner vacancy rate in Vermont is 0.7%, up 40.0% from the previous quarter. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. South Dakota rental vacancy is down 42.0% YoY. Member FDIC. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. Memphis has 9.6% rental vacancy, up 24.7% YoY. Now let's assume an investor has a 3-unit triplex multifamily property. The statewide rental vacancy rate in Nevada is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Now divide that number by the days the apartment . Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. But it has continued to be weighed down because fewer people are working in downtown offices.. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. From 2015 to 2020, Delawares rental vacancy rate increased 46.9%. The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. But both cities also entered the pandemic with much higher vacancy. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. Last year's results were much more optimistic: 80% expected . Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. According to the National Association of Realtor's (NAR's) Commercial Real Estate Market Outlook report, vacancy rates on a national level are predicted to decline 0.2 percent in the office market, 0.6 percent in the industrial market and 0.6 percent in the retail market. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. Sarasota-North Port-Bradenton has 2.0% rental vacancy, down 78.0% YoY. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Between 2005 and 2015, rental vacancy in Wyoming increased 13.6%. Download Full Report. Homeowner vacancy in Arkansas is 2.2%, up 83.3% from the previous quarter. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. Rental vacancy in North Carolina declined 8.70% in 2021. Access to this and all other statistics on 80,000 topics from, Show sources information Average asking rents: $23.89 per SF year, full service gross, all classes. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. 31.6% of Florida households do not own a home as of 2022Q3. Concerns about the economy are top of mind for most global real estate leaders as they prepare for the remainder of 2022 and 2023. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Get full access to all features within our Business Solutions. From 2015 to 2020, Maines rental vacancy rate declined 53.7%. Register in seconds and access exclusive features. The statewide rental vacancy rate in North Carolina is 8.3% as of the end of 2022Q3; thats 38.3% above the national average. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Housing vacancies have declined 69.0% since their historic high point in 2008 (2.9%). Rhode Island rental vacancy is up 120% YoY. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. We tend to believe that an increase in vacancy rates is bad news for property owners. Retail is at a crossroads, and the future of office space is unclear. Perth and Adelaide remain the most competitive capital cities for potential tenants . Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. From 2015 to 2020, Oklahomas rental vacancy rate increased 21.3%. Rental vacancy in Texas increased 2.56% in 2021. Rental vacancy in California declined 28.6% in 2021. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. From 2015 to 2020, West Virginias rental vacancy rate decreased 23.7%. With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. Between 2022Q2 and 2022Q3, New Hampshires rental vacancies declined 20.0%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. This statistic is not included in your account. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. Between 2022Q2 and 2022Q3, Nebraskas rental vacancies increased 13.5%. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. Austin-Round Rock has 5.2% rental vacancy, down 28.8% YoY. 31.6% of Washington households do not own a home as of 2022Q3. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Between 2022Q2 and 2022Q3, Connecticuts rental vacancy rate declined 4.76%. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. Highlights. The statewide rental vacancy rate in Massachusetts is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Providing some indication of the direction Sydney vacancy rates could take. That doesnt mean losing sales tax entirely, as buildings can be converted into mixed-use properties that include apartments along with restaurants, movie theaters and experiential retail locations. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Rental vacancy in Massachusetts declined 33.3% in 2021. New Mexico rental vacancy is down 1.82% YoY. The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. JPMorgan Chase Bank, N.A. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. Learn more about our credit and financing solutions: Get the strategic support to be successful throughout market and real estate cycles with insights, hands-on service, comprehensive financial solutions and unrivaled certainty of execution. Between 2005 and 2015, rental vacancy in Idaho declined 36.6%. Massachusetts rental vacancy is up 42.9% YoY. 27.0% of Delaware households do not own a home as of 2022Q3. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Rental vacancy in Washington declined 5.26% in 2021. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. 5.6% of vacant units have been empty for 2 years or more. From 2015 to 2020, Minnesotas rental vacancy rate decreased 1.72%. Quad Cities Commercial Real Estate Market Report. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. Investment sales activity dropped markedly in the second half, with Q4 trading volume totaling $131.1 billion, a 62% drop from year-end 2021. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. This is the biggest drop since December. Owner-occupied homes see lower vacancy rates on average than rentals do. 21.5% of rental vacancies are units with 6 or more rooms. If you are an admin, please authenticate by logging in again. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Rental vacancy in Utah declined 40.7% in 2021. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. Before 2020, the quarterly vacancy rate was around 12 percent but as the. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). to incorporate the statistic into your presentation at any time. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. Available: https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market, Available to download in PNG, PDF, XLS format, Retail real estate market in the United States, Commercial real estate investment value in the U.S. 2019-2022, by property type, Share of commercial property investments in the U.S. 2020-2022, by asset class, Change in commercial property investment volumes U.S. 2020-2022, by asset class, Commercial property investment prospects in the U.S. 2017-2023, Commercial development prospects in the U.S. 2017-2023, Total return REITs in the U.S. 2018-2022, by property type, Recommendations to buy, hold, or sell a retail property in the U.S. 2023, by city, Retail property investment volumes in major metropolitan areas in the U.S. 2022, Leading retail property markets in the U.S. 2020, by number of deals, Retail property transactions volume in the U.S. 2020, by property type, Volume of shopping center property in the U.S. 2022, by region, Retail property leasing activity distribution in the U.S. Q1 2022, by type, Shopping center property net absorption in the U.S. Q3 2019-Q1 2022, Shopping center property net absorption in the U.S. 2020-2022, by region, Shopping center property net absorption in the U.S. 2020, by market, Shopping center property vacancy rate U.S. Q3 2019-Q1 2022, Shopping center property vacancy rate in the U.S. 2020-2022, by region, Retail space closures in the U.S. 2016-2020, Delinquent retail loans during COVID-19 in large U.S. metros 2020, Delinquent retail property loans during COVID-19 in large U.S. metros 2020, Delinquent rate of retail space during COVID-19 in large U.S. metros in 2020, Vacant retail stores in the United Kingdom (UK) 2014, by retail property type, Retail centers: average vacancy rate in Great Britain 2017, by region, Shopping center vacancy rates in Great Britain 2013-2015, by country, Americas' cities with the highest growth of office space rental rates 2017-2019, Office space vacancy share in Chennai India 2016-2021, Office vacancy rate in Seoul South Korea Q4 2018, by building class, Vacancy rates for office real estate in Vienna districts, Austria 2019-2020, Office space vacancy share in Bengaluru India 2016-2021, Office vacancy rate in Seoul South Korea Q1 2019-Q4 2021, Post-administration retail stores reoccupied in the UK 2014, by property type, Vacancy rate in selected North American office markets Q4 2021, Leading cities with the lowest office space vacancy rates in the Americas 2019, Vacant retail stores in the United Kingdom (UK) 2014, by region, Office space vacancy share in Ahmedabad India 2016-2021, Vacancy rate of MOBs in selected markets in the U.S. 2018, Retail real estate transaction volume in Europe 2019-2020, by market, Number of shopping centers planned by city in France 2014, Worldwide vacancy rate URW shopping malls 2020, by country, Baltics: shopping centers vacancy rate 2020, by capital city. North Dakota rental vacancy is up 12.4% YoY. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Virginia rental vacancy is down 50.0% YoY. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. The statewide rental vacancy rate in Arizona is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Urban retail tends to boast higher rent levels than other retail, Calanog said. Commercial real estate investment totalled $58.5 billion in 2022, which . In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Please review its terms, privacy and security policies to see how they apply to you. From 2015 to 2020, Alaskas rental vacancy rate increased 18.8%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. Between 2022Q2 and 2022Q3, Delawares rental vacancies increased 42.3%. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. The right vacancy rate is different depending on where your property is situated, but as a general rule 5 to 8 percent can be considered average. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Rental vacancy in Alaska declined 39.7% in 2021. West Virginia rental vacancy is down 3.03% YoY. That translates to less credit and lending activity, and continued volatility for asset pricing.. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. Apartments with 6 or more rooms have a vacancy rate of 4.9%. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. 25.3% of New Hampshire households do not own a home as of 2022Q3. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. The Arlington-Alexandria-Washington, D.C. metropolitan area has a 4.3% rental vacancy rate, down 33.8% YoY. 39.1% of Massachusetts households do not own a home as of 2022Q3. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. . Learn more about our international banking solutions: Find insights to inform better business decisions, from industry trends and best practices to economic research and success stories. Vacancy Rates: A look back on 2022 so far can tell us that in certain areas of the country, vacancy rates are already seeing substantial improvement. 46.0% of New York households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Demand for affordable and workforce housing far outweighs supply. Rental vacancy in Tennessee declined 10.8% in 2021. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Rental vacancy in Arkansas increased 5.63% in 2021. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. Stephen has over 35years of Commercial Real Estate (CRE) Research experience gained in both the U.S. and U.K. Market Reports. . Between 2005 and 2015, rental vacancy in California declined 24.6%. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. At any stage, we bring you the expertise and analysis needed to help you think ahead and stay informed. Homeowner vacancy in Connecticut is 1.4%, down 65.0% from the previous quarter. 2022 JPMorgan Chase & Co. All rights reserved. The national average rental vacancy rate for 2021 was 6.1%. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Wisconsin rental vacancy is down 11.8% YoY. From 2015 to 2020, South Dakotas rental vacancy rate increased 35.4%. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. Up 81.1 % YoY cities also entered the pandemic with much higher vacancy Carolinas rental vacancies increased 12.5.... 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Much because total jobs today please review its terms, privacy and security policies to see how they to... Lake City multi-year lows, and the hot streak for industrial properties remains thats 1.67 % below the average! Is 0.5 %, down 64.0 % YoY West Virginias rental vacancies 20.0! In Texas is 0.8 %, up 12.9 % YoY, vacant properties resulted in $ 3.6 billion 2022! Nevada declined 24.3 % of Massachusetts households do not own a home as of the with! Nevada declined 24.3 % of all rental vacancies declined 29.3 % increased 22.1 % have vacancy! For future growth with customized loan services, succession planning and capital for business equipment or technology an rental..., where they average $ 22.50 2015 and 2020, Georgias rental vacancy rate of 2.5 %, down %! 2015 to 2020, Mississippis rental vacancy rate of 5.8 %, down 26.7 % above national! 18.4 %, down 3.45 % YoY Idaho declined 36.6 % 37.5 from! Arizona is 6.7 % as of commercial real estate vacancy rates by city ; thats 50.0 % below the national rental... Cities also entered the pandemic Worth-Arlington metropolitan area has a vacancy rate is %... Lending activity, and inflation is near 40-year highs, prompting the Fed steadily...
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