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Western US secondary market are seeing significant growth in the self-storage market, following strong multifamily activity and investment capital investment in 2018. Las Vegas has been a particularly hot stomping ground for the self-storage market, as well as Phoenix and the Inland Empire market in California. US Storage Centers has acquired a 1,269 self-storage facility in Las Vegas because of rising demand, but as other investors show up and the self-storage construction pipeline is growing, the firm is also proceeding with caution.

“Storage demand in those markets continues to be steady and continued multifamily construction will only help to maintain that demand,” Charles Byerly, president and CEO of US Storage Centers, tells GlobeSt.com. “However, these markets are generally the last few markets to recover from a downturn, which has certainly been the case this go around as well. We are seeing significant storage development in the greater Phoenix market already, so that market will have issues over the next few years.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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