thriving in 2021. Boston comes first for its share of remote workers in 2021 (49.4 per - cent), per U.S. Census House Pulse Survey data – a sharp hike from the four percent that worked there under the same circumstances pre-pan- demic. As the need for space outside the home naturally arose, developers amped up self-storage development, with projected construction in 2021 representing six percent of 2020’s inventory. That’s over 1M square feet of self-storage space! Following closely on Boston’s heels, the Washington D.C. metro nabbed the second spot for tele- workers in 2021, with 49.1 percent of its workers operating remotely. As a vibrant economy that continuously attracts newcomers and new busi- nesses – Amazon’s second head- quarters is located just over the river – D.C. is fast to respond to needs for housing and self-storage space.

After a stellar last decade that saw some of the highest levels of apart- ment and self-storage completions in the country, the nation’s capital is bound to continue on this path. In 2021, new deliveries are projected to cover five percent of 2020’s existing inventory, or about 1.4M square feet of self-storage. Tech-heavy San Francisco is another metro area with high rates of work-from-home individuals, with about 46 percent. It’s not surprising that remote work remains strong here as more and more companies are either moving to a hybrid work model or they embrace WFH entire - ly. On the self-storage front, 2021’s development is expected to cover about three percent of 2020’s total square footage, or about 674,000 square feet of self-storage. As America’s financial center, the New York metro area also registers a high share of remote workers,

Mirela Mohan is a creative writer for STORAGECafé. With an academic background in English and translation, Mirela now covers a range of topics including real estate trends, lifestyle and economy. Her previous experience in proofreading academic articles has inspired Mirela to choose a writing career path. In her free time, Mirela enjoys reading, but also hiking and creating art. You can contact Mirela via email. 37.4 percent in 2021, an impres - sive increase compared to 2019’s teleworking rate (4.6 percent). The self-storage sector has been responding to the metro’s cur- rent demand for additional space, as 2021’s estimated deliveries are equivalent to eight percent of 2020’s inventory, or about 5M square feet of self-storage. The strong construction trend is in line with 2020’s evolution. In fact, NYC registered the highest self-storage construction in 2020 among the largest markets, with over 3M square feet of self-storage added to the local pipeline. •


Made with FlippingBook Online newsletter