By Bendix Anderson
Though the majority of properties were still close to fully occupied, over-eager developers had squeezed too many new projects into growing cities like Phoenix and Orlando, Fla., which put some downward pressure on rents. Then the initial chaos caused by the pandemic rents down further.
Since then, the pandemic has frightened at least a few developers into delaying self-storage developments—or scrapping planned projects entirely. That has reduced the competition. In addition, after the lockdowns were lifted, pent-up demand helped fill empty units.
“This has probably been our best-case scenario for storage, considering the possibilities we considered in the spring of this year,” says Nick Walker, executive vice president of capital markets, self storage, for CBRE, working in the firm's Los Angeles office.
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On October 28, Terry Campbell of the Live Oak Bank Self-Storage Lending Division and John C. Lindsey of the Lindsey Self Storage Group joined the Chapter to give members an exclusive update on the Self-Storage sector. Click here to view the recording.