X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CALABASAS, CA-Demand for self-storage space will be sustained by an improving job market and the daunting effects of Hurricane Sandy, GlobeSt.com has exclusively learned from Marcus & Millichap Real Estate Investment Services. The catastrophic events unfolding from the hurricane created an estimated $20 billion to $30 billion in damage along the Eastern Seaboard and according to the firm, typically after a natural disaster of this magnitude, “demand for self-storage accelerates as homeowners store undamaged goods during the cleanup process, while contractors and local suppliers utilize commercial space.” As such, the firm says that operators with heavy exposure to the East Coast will see a sharp increase in business over the next six to 18 months.

On a more positive note, according to Michael Hoffman, first vice president and national director of the firm’s national self-storage group, “with the economy on the mend, the nation has gained 1.3 million jobs this year, which enhanced consumer confidence to a four-year high and boosted retail sales.” He adds that “This trend will persist through the holiday season as an additional 400,000 jobs will be created in the final quarter.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.