As the world strives to regain some normalcy, for many people, a gradual lifting of lockdowns means a return to offices. For more than a century, workers have endured the daily commute to offices and toiled away their hours in a designated workplace.
As per Census Bureau's Construction Spending Survey, over the 12 months ended Jun-20, the value of private construction put in place for Parking increased +131%, with Drug store being the 2nd best sector @ +46.7%. Given this staggering growth over recent months, in this article we will present probable reasons for this dramatic growth, along with an overview of the Parking industry.
Despite millennials aging out of an urban lifestyle and people considering suburban living, demographic trends continue to favor multifamily demand at the moment. As the future of the economy remains uncertain, people are likely to prefer renting versus owning. This is especially true for graduating students with high debt, as they will prefer to rent due to the challenging nature of securing a mortgage.
Based on web data, we have observed a notable deterioration in multifamily and single-family rentals trends during April-20.
COVID-19’s impact was so profound that even the Lease Over Lease Δ change did not exhibit the seasonal improvement in Apr-20 from Mar-20 levels for all publicly traded residential REITs (except one company that might be more focused on rate versus occupancy).