22 Mar 2021
Story originally published on Sparefoot.
An advertising campaign launched in 1977, complete with a logo and jingle, promoted the slogan “I Love New York.” That also could be the current slogan for self storage REIT CubeSmart.
Following CubeSmart’s $540 million purchase in December of eight Storage Deluxe self storage facilities in the New York City metro area, CEO Chris Marr and his team are upbeat about the Big Apple. That’s despite the economic bludgeoning suffered by New York City during the coronavirus pandemic.
In a Feb. 25 earnings call with Wall Street analysts, Marr said executives at Malvern, PA-based CubeSmart feel bullish about New York’s hoped-for return to normalcy.
They believe the work-from-home phenomenon will stay in place, benefiting New York City and other major metro areas. This trend, along with the gradual reopening of restaurants, shops and entertainment venues, should bode well for CubeSmart in New York, according to Marr.
Of course, CubeSmart must compete against an ongoing flood of new inventory in New York City. In a recent report, self-storage platform StorageCafé ranked New York as last year’s busiest U.S. market for self-storage development, with more than 3 million square feet of space added.
