As we say goodbye to 2022 and move into the New Year, it’s important to look at the trends facing commercial real estate. In bigger cities, if you look around it appears that companies are always building something new. While that currently does hold true, the economic struggles of 2022 have slowed things down. Challenges to Account For: Difficulty Borrowing Money, Labor Shortage, Supply Chain Beginning with challenges that […]
It’s almost a new year. Soon the calendar will flip over to 2023. What plans do you have to attract new self-storage renters? How often do you survey current renters to determine how they found your business? There are over 50,000 self-storage facilities in the US alone. According to Neighbor.com, that’s more than all US location of Starbucks, McDonald’s, Dunkin Donuts, Pizza Hut, and Wendy’s combined. That’s a lot of […]
In the last few years, businesses have quickly learned about the importance of indoor environmental quality in commercial spaces. Most businesses have had to quickly pivot to accommodate customers in a way that promotes health and safety. According to EPA.gov, “indoor air quality refers to the air quality within and around buildings and structures, especially as it relates to the health and comfort of building occupants.” There are many […]
There are many ways to generate revenue within your existing self-storage business. A recent article on InsideSelfStorage.com discussed one business owner’s experience of opening a postal and shipping center within their self-storage operation. The idea caught our attention and we decided to do some digging on the financial benefits or risks involved. We have discussed previously adding rental trucks, selling boxes, offering other supplies, and as a result, adding a […]
The construction process on a commercial property is a one of the bigger expenses; however, it’s not always the biggest expense long-term. It’s important to consider the maintenance and operational cost of a property in order to be financially responsible. When designing a space, it’s important to consider the long-term maintenance required including building upkeep, utilities, cleaning, grounds and parking. Constellation Energy estimates that building owners spend an average of […]
As a self-storage business owner, it’s important to consider additions to your business that can generate income and add value to the customer. Many self-storage businesses offer an on site rental truck to customers. How does it work? What’s the return on investment? What’s the risk involved? How does it add value? Today we will cover these questions. How does a self-storage rental truck work for your business? Many […]
With the current economic climate and lingering inflation, commercial building projects face greater challenges. A project may already be too far along to put on the brakes. It’s important to find ways to control project costs because it may be nearly impossible to stick with an original budget created prior to 2021. Today we will look at simple ways you can control your costs as the project moves forward. […]
The self-storage industry still sees growth and strength in the market. As a result, it’s important to stay ahead of the competition with your marketing efforts. Focus your marketing on areas where you will see the greatest return on your investment in order to work smarter, not harder. Optimize your website. Do a thorough audit of your web presence to be sure that all relevant information is easy to find […]
During the current economic climate some commercial construction may have slowed down; however, it’s a good time to prepare if you are considering a commercial build in the near future. Planning ahead is important, so taking the time to prepare now is a proactive step for your future build plans. Let’s look at five important steps to consider when building commercial properties. Budget for the unexpected Obtain financing & […]
Imagine that you’re a boutique hotel owner in a fun, touristy, competitive environment. Your hotel is known for a fun atmosphere, fabulous rooms, and the hospitality at the front desk. Your competition is known for the same thing. The price of your rooms is relatively the same. What sets you apart? Your staff is known for making great food recommendations, great entertainment suggestions and even going one or five steps […]
