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Will a Surge in Summer Travel Bolster Commercial Real Estate Performance?

July 5, 2021 by Marcus & Millichap Research Services

Summer Travel Might Provide Additional Economic Boost

  • Vaccination rates and lifted restrictions could bring a wave of pent-up summer travel and spending
  • Daily air travel in June is already 3 times higher than it was in the same period last year; only 24% below 2019 peak
  • Increased travel would benefit hard-hit cities and property types that rely on tourism

Travel and Tourism are Major Economic Drivers

  • Nearly 16 million jobs were supported by travel industry in 2019; pandemic layoffs severely impacted travel industry
  • Employers are aggressively hiring to meet summer demand, will boost household formation and spending

Hotels and Retail Biggest Winners, But All Sectors Benefit

  • Hotel occupancy levels in June were only 10% below same period in 2019, summer could further narrow gap
  • Increased summer spending not only supports travel and entertainment, but also Retail and Industrial properties
  • The job recovery will support the creation of new households, benefiting Apartment demand

*Through June 29, Trailing 7-day Average
Sources: Marcus & Millichap Research Services, Transportation Security Administration

Watch the Video Below

Filed Under: Research Brief Tagged With: #summer, #travel, CRE, research

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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