TALLASSEE’S DEMAND FOR
SELF-STORAGE
INCREASES ITS LOCAL HOLD
Tallahassee, Florida – October 9, 2020 – The self-storage sector has immense promise for commercial real
estate. In 2019, the Florida vacancy rate for self-storage was only 9.9% and was projected to only climb to 10.0% in 2020. Florida
currently has approximately 2,602 self-storage units totaling approximately 124
million square-feet. Tallahassee, Leon County, consumes 37 of those properties
totaling approximately 2.5 million square feet.
With such low average vacancies,
the need for additional units will only continue to rise. These self-storage spaces
are resilient, in high demand, and fit seamlessly into the needs of
contemporary society. As people become more transient and hold off on purchasing a home, storage space becomes a necessity - and the proof is in the
numbers. In addition, self-storage provides square-foot strapped dwellers the
chance to hold onto their belongings without having an over-crowded home.
NAI TALCOR predicts that storage
space will increase in the metro market with a boom in millennials starting to
become first time buyers. With their older relatives eager to pass down family
heirlooms, these items will likely end up in a storage unit as these are
typically not the type of items this generation will decorate their dwellings
with.
“I think Tallahassee is going to
see a large increase in these types of self-contained, temperature-controlled
storage units,” Ed Murray Jr., Principal said. “There are already popping up in
other larger markets and will be here in 2021.”
Evidently, self-storage units are
attending to today’s pain points while pushing forward in the commercial scene.
The expansion and success of domestic self-storage spaces have been attracting
the attention of commercial real estate professionals and investors all over
the globe.
Our eyes are on self-storage, and
yours should be, too. Here’s what to look out for in the self-storage space
right now:
HELPING HOMES NAVIGATE COVID
As the coronavirus pandemic
ushered in unanticipated changes to life as we know it, self-storage played a
surprising role in supporting households and families during these turbulent
times.
The economy shook, unemployment
rates crept higher and higher, and people were fleeing from high-risk areas to
stay with family members in less-affected regions. Not everyone lives in a
mansion, and many households around the country needed to suddenly adjust to
new rates of occupancy.
In order to make room for these
last-minute move-ins, self-storage units were a savior for households struggling
to make accommodations work. Unnecessary furniture, clutter, and non-essential
items taking up too much space could be temporarily moved into self-storage
units for the time being.
IMPACTS FROM WFH TREND
Market closures moved everything
into the household. School, work, and everything in between are now operating
from home-base… but how does that all fit in?
Flexibility and creativity were
needed to turn those extra rooms in the house into personal offices or
one-person classrooms. These disruptions won’t last forever, and self-storage
provided the option of making a smooth transition between market closure and
reopening. That extra furniture could be moved out of the house and moved back
in - all without missing a beat.
TECH INTEGRATIONS AND REMOTE ORGANIZATION
Although self-storage has been in
a comfortable place, this industry hasn’t been idle. These spaces have been
adopting a robust tech-powered infrastructure to facilitate a streamlined,
modern, and digitally-driven operational flow.
This web of tech enabled the
self-storage industry to quickly pivot according to the pandemic’s
social-distancing protocols with remote integration. Self-storage provides a
safe and contactless option for tenants looking to rent a space during the
COVID-era and beyond.
READY TO RIDE OUT THE STORM
The coronavirus proved that
self-storage offers an indispensable value for communities.
In both good times and bad,
self-storage spaces provide key value for local commercial real estate markets.
These investments are resilient. Economic downturns make self-storage even more
vital as people are forced to relocate. On the other hand, bustling economies
take advantage of the extra space.
In every situation, self-storage
supports people in times of change - whether it’s a planned move or a sudden
disaster, self-storage spaces are a must. CRE professionals, keep an eye on
self-storage. It’s an industry ripe for expansion and success.
ABOUT NAI TALCOR
With 70 team members including 30 licensed commercial sales advisors, NAI TALCOR is the leader in the North Florida, South Georgia and South Alabama markets. NAI TALCOR is a full service commercial real estate brokerage, property management, development and construction management firm. Providing commercial real estate services since 1990, NAI TALCOR has steadily grown by meeting client needs and partnering with others to promote mutual growth and prosperity in all aspects of commercial property ownership.
NAI TALCOR clients receive global reach with local expertise, a truly distinct advantage in commercial real estate services. Whether real estate requirements are in one market or many, we help our clients understand the market, acquire, dispose of, develop or manage their property with ease.
NAI TALCOR provides comprehensive brokerage, leasing, property management, receivership services, and facility/construction management to the North Florida, South Georgia and South Alabama commercial real estate marketplace. Our collaborative services platform is an expansive, yet nimble, responsive structure which enables efficient, full services delivery of all elements of Commercial Real Estate Services to the region. NAI TALCOR is involved with the leasing, selling, and property management throughout North Florida, South Georgia and South Alabama. Our skilled professional specialize in office, retail, multi-family, special-purpose, medical, and other properties.
ABOUT NAI GLOBAL
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world. Whether you need to buy, sell, lease, finance, or manage commercial property in your town, across the U.S. or in Asia, Europe, Latin America, and beyond, your nearby NAI Global local office is your local point of entry into a world of creative solutions in commercial real estate.
Exceptional global commercial real estate solutions begin with local market leadership and expertise. NAI Global offices are respected local-market roles models that are passionate about the commercial real estate business. With long histories of success across market cycles, NAI Global offices have a hard-earned, unusually deep level of local market knowledge and insight beyond the commoditized data you find elsewhere. This depth of knowledge is borne from their local relationships nurtured for generations-relationships that give our local-market leading offices the edge with the know-how, who, what, where, and when to achieve exceptional results for clients.
As an organization, NAI Global actively manages this industry-leading platform of local market knowledge and leadership, providing support and services that yield seamless integration and the consistent delivery of exceptional services to clients worldwide.
To learn more, visit www.TALCOR.com or www.naiglobal.com
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