Many of us had hoped to return to the tumultuous events of 2020, yet the dark clouds overlooking this year had not yet revealed much silver. Many of the catastrophic events associated with local and social factors have had a negative impact on property owners, including those who can maintain them. They have certainly disrupted insurance rates.
Here are a few situations that affect the market right now:
Storms usually start at the beginning of the year. In fact, 2021 was the seventh consecutive year that the season began before June 1. Many storms hit the Gulf Coast this year and caused damage as far as New England.
Drought spread from California to Oregon, Idaho and Montana, creating catastrophic conditions and devastating wildfires. Pools and lakes are at very low levels.
Crime and violence continue to plague our cities, leading to the exodus of individuals and businesses.
Despite the successful, rapid development of highly effective vaccines, the coronavirus continues to instill fear and change daily lives. Restaurants, nightclubs, gyms, hotels, airports, schools and public places continue to comply with ever-changing rules and regulations set by local, regional, and provincial authorities.
Supplychain disruption affects almost every aspect of daily life, leading to unprecedented food, fuel and supplies shortages since the 1970s.
The good news for warehouse owners is that our industry is built for times like these. We are in a position to help families and businesses by providing quick and affordable shelter, security and peace of mind to those who are looking for a safe haven for their essentials — sometimes, everything they have. Institutional staff will also benefit from other related aspects, including population dynamics, where other provinces have seen an increase in mobility, as well as a more remote approach, where more people have needed to create a home office space.
Although the maintenance industry is strong and there are many factors that contribute to the increase in demand for our services, the increase in natural disasters has been particularly difficult in facilities in many parts of the country. Predictions for the coming year seem equally difficult.