There is substantial pressure on the nation's commercial parking shortage driven by the booming retail sector, according to a recent report from Marcus & Millichap.
Given that online retail sales have surged 85 percent, the number of delivery vehicles in need of these spaces has multiplied well beyond 2019's truck-to-parking spot ratio when there were 900 light-duty trucks registered per commercial parking spot.
This congestion led to a record $95 billion in financial losses in 2021 — and an uptick in demand for industrial outdoor storage facilities.
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