Due to coronavirus pandemic shutdowns and safety measures, many commercial investment areas of real estate got hammered. For example, the hotel business changed with occupancy rates at all-time lows. Other commercial real estates also took a hit as buildings were shuttered and employees did remote work from home. There is one commercial real estate sector that continued to thrive through the pandemic, and that is self-storage.
Even before the pandemic, the commercial real estate sector of self-storage was booming and it is continuing to grow despite the hits other commercial real estate took during the pandemic. Here are some reasons why self-storage is doing so well.
It is estimated that somewhere around 16 million people across America have moved over the course of the pandemic. It is expected that as the real estate market continues to bloom and some businesses are looking into relocation options, that these numbers will continue to stay steady or increase. The need for self-storage is high among those moving especially anyone who is relocating from one area to another significantly far away.
Right now several companies are finalizing plans as to what it will look like to bring employees back to the office, many companies will opt for part-time or even moving all of their employees to full-time remote work. This is expected to increase the number of workers moving to new areas as well and needing self-storage for a period of time. Some remote workers that are opting to move into smaller living spaces are expected to put belongings into self-storage or even create an office out of what was formally a storage area moving these items out to self-storage facilities instead of keeping them at home.
An increase in online shopping
While many people were locked in their homes with nothing to do outside for several hours they turned to the Internet to keep them entertained. This led to a large wave of online shopping that is still causing supply shortages in some industries. This means there are an increase of people with large accumulations of belongings looking for someplace to store them this is where self-storage comes into play.
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As the economy continues to recover and return to as normal as possible it is expected that many commercial real estate areas will see a rebound. For right now, self-storage has been in demand for several years and has continued to see demand and even an increased demand through the pandemic. It just might be a commercial real estate investment to look into.
For more information on commercial real estate in Snohomish County, including Everett and surrounding areas please contact us anytime.