Chris Marr, president and CEO of CubeSmart (NYSE: CUBE), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Marr said that across its major markets, CubeSmart believes 2019 will be a peak year for deliveries, but that supply will likely decline in 2020.
He also said that New York rent trends were positive in the first half of 2019, particularly in Manhattan. In the Bronx and Brooklyn, he said CubeSmart has seen good growth and run rates for new customers; and in Queens, rents have been relatively flat.
Marr also called third-party management a “spectacular growth engine” for CubeSmart, and a real morale builder for employees.
“Regardless of whether we own it or manage it, it’s an opportunity for our team to grow,” he said.