What I’m Reading
Coming in Hot: RV and boat storage remains in incredibly high demand. In 2021, consumers visiting Self Storage facilities websites managed by StoragePug were seeking out boat and RV parking at a whopping 250% higher rate than they did in 2020. (h/t Scott Ramser) Radius+ Combine this with the strong growth in industrial outdoor storage – which will take up at least some space that would have been previously used for RVs and boats – and you have a recipe for strong performance.
Bottleneck: When it comes to shipping long distances over land, trains are the most efficient but least flexible mode of transpiration. With supply chain bottlenecks persisting, shippers are increasingly opting for trucks over railroads, pushing more freight onto the country’s highways. Wall Street Journal
Calling the Top: Billionaire Marvy Finger recently sold half his portfolio of Sunbelt apartments for $2 billion, saying the Covid-crazed rental market has peaked. The buyer, multifamily giant Greystar, pointing to a 20-year low vacancy rate, disagrees. (h/t Steve Sims) Forbes Regardless of whether you fall on the side of Greystar or Finger, this is a great read.
Spillover Effect: With industrial warehouse space in major markets nearly filled to capacity, emerging markets are experiencing explosive industrial growth. Globe Street
Moment of Truth: Now that COVID is essentially over, we are about to find out just how much the pandemic changed office usage. Commercial Observer
Chart of the Day
If you’re trying to figure out when apartment rents will top out or decline, focus on vacancy.
Source: Forbes
WTF
Here’s a Headline: Woolly Mammoth Revival Raises $75 Million From VC Firms, Paris Hilton Bloomberg
Gottem: A woman was arrested for DUI after crashing head-on into a state trooper vehicle because Florida. Tampa Free Press
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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