Self-storage owners and investors are about to find out whether the industry is as recession-resistant as many have assumed over the years. Jeffrey Adler, vice president at Yardi Matrix, made clear during a company spring-outlook webinar last week that the self-storage industry—along with the entire U.S. economy— is now in “unchartered” territory as a result…
Continued overbuilding across the country is putting price pressures on self-storage facilities across most of the country – and nowhere are the price pressures greater than in Pittsburgh, Minnesota’s Twin Cities and South Carolina’s Charleston, according to a new Yardi Matrix report. For the entire country, rent prices fell by about 1 percent in January,…
Fresh off its recent sale of three facilities to Extra Space, New Mexico’s Guardian Storage is planning to build two more self-storage buildings, one in Albuquerque and the other just outside Phoenix, Arizona. Paul Hedges, a partner at Guardian Storage, said he hopes to start construction next spring on a new 120,000-square-foot, three-story facility on…
Sylios Corp. has sought riches in oil and natural gas exploration and in the burgeoning cannabis industry. Now it sees riches in self-storage. A St. Petersburgh-based holding company run by a former hedge-fund operator, Sylios has announced that it’s currently developing the first of a handful of self-storage facilities in the southeastern region of the…
Doorage, the Chicago valet storage company started only two years ago, has announced it has launched a nationwide pickup-and-delivery service via a “national warehouse system” that it recently established in key markets around the country. Recently operating in only three Midwest cities, Doorage has been beta testing its nationwide pick-up-and-delivery system over the past four…
New self-storage development has slowed in some key markets across the country after years of rapid expansion. Spurred by high demand and an influx of institutional investment dollars, record levels of construction have led to a surge of new storage space across the country over the last five years. But most experts are not quite…
Storage Vault has further solidified its position as Canada’s largest self-storage owner and operator with its recent acquisition of the 38-property Real Storage portfolio controlled by a Toronto investment management company. The $204 million purchase ($275 million in Canadian dollars) of Real Storage is just the latest acquisition by Storage Vault, which has now completed…
Now that Chicago-based Doorage has expanded its valet storage business to the cities of Madison and Milwaukee in Wisconsin, the company’s founder says he’s aiming to launch in three additional markets by the end of this year. In addition, Sean Sandona, who founded Doorage in 2016 and officially launched the pick-up-and-delivery storage business in 2018,…
The valet-storage market in Chicago has gotten a little more crowded. A technology consultant and property developer in the Windy City have teamed up to start BinSwap, the latest pick-up-and-delivery storage firm to open in Chicago, joining companies such as Blue Crates, MakeSpace and Clutter in mining the emerging niche within the city’s storage industry….
Two real estate investment firms with extensive experience in the self-storage sector are banding together to develop new storage facilities in high barrier to entry areas along the I-95 corridor from Boston to Washington, D.C. The Hampshire Companies of Morristown, N.J. and Harrison Street of Chicago have already started construction on a new 110,000-square-foot facility…
