NY Self-Storage Investment Forum
This was a great event. Filled with the industry’s leading development and acquisitions teams from coast to coast, I was pleased to be a part of this amazing show. The take away was there remains to be a positive outlook on the self-storage industry with some cautious undertones. We expect to see another 500+ facilities come on line next year and the data companies have shown there is some negative impact on rent growth in the primary markets. Yes, the self storage industry has multiple data companies now tracking rents, development, and supply/demand metrics. We heard from a planel of such companies and the information was terrific. Having such information is a big advantage — and newer one — for an industry that was once known as a lowly piece of the commercial real estate world. However, with capitalization rates nationally at 5.75% (as we saw from Colliers and the CBRE appraisal Groups during the conference) and there being multiple BILLION dollar self-storage transactions, our industry is now on the main stage.