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Typically when the economy emerges from a recession, construction accelerates. But this time, “it really is different,” says Marcus & Millichap’s John Chang in a recent investor outlook video.

As we entered the pandemic last year, three property types were enjoying a wave of record development: apartments, industrial, and self-storage. And all of those sustained strong demand throughout COVID. Apartment and industrial vacancy rates are up just 10 basis points compared to last year, while self-storage vacancy rates are down 310 basis pointsa record low of 7%.

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