Jan
18

Self Storage Demand Projected to be High

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Demand for self-storage space will be sustained by an improving job market and the daunting effects from Hurricane Sandy. The catastrophic events unfolding from the hurricane created an estimated $20 billion to $30 billion in damage along the Eastern Seaboard.

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, 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, 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. This trend will persist through the holiday season as an additional 400,000 jobs will be created in the final quarter.

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