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Stability. That is the word that brokers at Cushman & Wakefield are using to describe the self-storage market performance in San Diego through the pandemic. In the last three months, a decline in move-outs has offset new leases, keeping both rental rates and asset values stable. However, the market is not immune to economic changes.

“Most self-storage owners are reporting solid operating results so far,” Greg Wells, managing director of the self-storage advisory group at Cushman & Wakefield, tells GlobeSt.com. “While leasing activity has slowed in some areas, so has move-out activity, keeping occupancies steady. California has enacted some fairly strict policies regarding evictions during this crisis and delinquencies have risen some in most areas. In San Diego, and Southern California in general, the new supply pipeline has been manageable so most stabilized projects are not seeing a major impact from the new supply and those new projects are leasing at or near the original projections.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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