Will Storage Ever Slow
For over 15 years, in one fashion or another, I have been involved in the development of nearly two-million square feet of self-storage facilities, all over the US. In that time, folks smarter than me regarding self-storage, often suggested the self-storage development wave had crested. Yet year-over-year the self-storage title wave keeps growing larger.
The latest buzz I am hearing goes something like, “inflation and interest rates will necessarily cause a rise in vacancies and that future self-storage development will slow down… the wave has finally crested.
Is this really the case?
Anecdotally, I am not seeing this play-out to the level some are suggesting as I have several developers eager to get projects entitled in 2023. Perhaps they are overlooking some obvious warning signs as there have been many false alarms regarding the retraction of self-storage development that never panned out.
Time will tell as it always’ does, but if a horse keeps winning, why bet against it?