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21 Jun 2022

My Time in Self Storage

James McLean

Union Realtime

It's amazing to see how far the Self Storage industry has gone and how much it has weathered in the past two years. As a relative newcomer to the industry I am impressed with how demand has remained high, and how developers and investors are steadfast in their bullish approach to creating new facilities as well as continuing to add value to existing facilities.

I dove into the Self Storage industry when I joined Radius+ back in March 2020, at the time, the average square footage per capita in the top 100 Markets was 5.9. The average facility size in the top 100 markets was 47,801 square feet.

Now in June 2022, over 2 years later, the average square footage per capita in the top 100 Markets has grown to 6.3 a 6.7% increase. The average facility size in the top 100 markets is now 51,058, a 6.8% increase.

With economic hard times seemingly ahead I take solace in the fact that Self Storage has proven to be resilient against recessions, and has managed to continue to grow its supply levels over the past 2 years despite COVID-19. I am confident that Self Storage will remain a strong asset class.

Data sourced from the Radius+ Insider Page