CHICAGO—The self-storage industry has had a remarkable run overthe past five years. The major REITs, for example, have grownconsistently and recorded rising occupancy and rental rates.Furthermore, operators have begun to apply more advanced analyticsand learned how to time rental rate increases and retain tenants,among other strategies, giving a big boost to revenueper-square-foot.
But for much of that time, new development was scarce, at leastcompared to the level of acquisition activity. Things may bechanging. Public Storage, the biggest REIT, nowhas 28 facilities under development and about $240 million incapital deployment, which it may soon increase to between $300 and$350 million.
The changing landscape will be a big topic of discussion atInside Self Storage's Executives and Investor'sSummit/Developer's Conference, which will be held inChicago on September 23rd and the 24th. GlobeSt.com spoke toJim Chiswell, a speaker at the conference andpresident of Virginia-based Chiswell & AssociatesLLC, about where the industry now stands.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
