02 May 2024
During the recent ISS Las Vegas World Expo, we had the opportunity to engage with industry experts, gaining insights into the current self-storage landscape. James speaks with Garrett Byrd of Storage Authority discussing how Storage Authority assists professionals in navigating self-storage investment, covering everything from finding land to operational guidance.
James: We're here with Garrett from Storage Authority. So Garrett, Self Storage caught a lot of positive attention after COVID-19 because it was such a resilient commercial real estate asset class. So it attracted a lot of new investors to start dipping their toes in the water. How do you sort of help guide and advise people new to this space in either building or owning their first facility and leasing it up and making it profitable?
Garrett: Yeah, absolutely. So really our model is for the busy professional where they have the money to deploy, they've done great in their own business or their own career, but they're like, how do I get started in Self Storage? So they trust franchising, they trust the system. So we literally help them find land, get through development, which is going to be a huge learning curve.
James: Absolutely. Have you noticed a big influx of solopreneurs in the past 12, 18, 24 months as compared to in the past? People getting involved in Self Storage or dipping their toes in the water?
Garrett: Well, honestly, with the interest rates, there's a little bit of a pullback. So they're moving forward because they know the asset is fantastic and they want to get into it.
James: Absolutely. Especially with so much new supply getting condensed, not as much supply is coming online. So they'll be in a great position.
Garrett: Yeah, honestly, like I said earlier, money can be made or lost in the development guidance.
James: Awesome, Garrett. Thank you so much for everything you do in the industry, and it was great speaking with you.
Garrett: Absolutely. Appreciate you. Thanks, Radius, for everything you do, too.
