With more than 50,000 facilities and upwards of 2.3 billion square feet of self-storage in the United States, this segment of commercial real estate has steadily evolved over the last 60 years into big business. As the Covid pandemic enters its third year there has been an accelerated need for families to create space for both employees working from home, and/or a workplace for students while remote schooling.
Yes, you read it right. According to the 2021-2022 APPA National Pet Owners Survey, 70% of U.S. households own a pet, which equates to 90.5 million homes. This means that many residential …
It is evident that there is a direct correlation between inflation and the pricing of commercial real estate. Often, the “cure” to inflation is an increase in federal interest rates which have a direct impact on commercial real estate valuations. Economists have been expecting an increase in interest rates but were not expecting the federal government’s recent suggestion of three potential hikes in 2022. Additionally, there are rumored hikes in 2023, and more in 2024. The message is clear: due to the rapid inflationary pressures, driven largely by supply chain disruptions, the Federal Reserve has an aggressive plan to increase these rates.
The most important lesson I have learned (and taught), is that you build relationships through integrity. This obviously works in all aspects of life, not just sales, but it is key to longevity in a sales environment and has been the backbone of my many sales endeavors throughout my career. If we (my customers and I) are going to mutually benefit from our working relationship, I have to outwork the competition and fully appreciate and empathize with what my customer wants and needs. Relationships, in life and in the office, are a two-way street.
The pandemic may be waning, as health metrics nationwide indicate a positive trajectory with our control over Covid-19, but the secondary effect on our economy might long outlast the virus. Now we must ask: Is this a temporary bubble caused by Covid-19, or a sign of more to come?
The numbers tell the story – 111,000 restaurants alone have already closed in 2020, with 40 major retailers closing nearly 12,000 locations – small and large. No matter if you have a vacant 400 sq. ft. space or a 100,000 sq. ft. big box now vacant, property owners may want to consider some of the following depending on their vacancies.
The industrial market will remain strong, as COVID-19 has taught us that e-commerce remains vital, especially in a pandemic.
The Short Hills and Summit areas are continuing to flourish for the retail office sectors and as far as I can tell, these locations have been great for the investors that own them. A big part of this is because of the accessibility of these locations to Manhattan. Since Manhattan is just far enough away from the hustle and bustle, but close enough to access at any given time many companies have satellite offices and locations around the Short Hills and Summit areas.