Self Storage Enjoys Pricing Power As Americans Continue to Relocate
A slower development pipeline and touchless transactions are driving leasing success.
November 6, 2020 | Diana Mosher | Commercial Property Executive
Americans are on the move and the self storage industry is there to help while they figure it all out. It’s no surprise this recession-resistant sector is doing well during the pandemic.
“Even since the COVID-19 outbreak, we have seen self storage operations hold steady,” said Brian Somoza, managing director at JLL Capital Markets. The challenges have been on-site staffing and pivoting to touchless interaction when customers walk in to utilize the storage facility.
COVID-19 has accelerated the self storage industry’s use of technology, which was happening naturally but became a necessity during the pandemic, according to H. Michael Schwartz, founder & executive chairman of SmartStop Self Storage. “Web-led volume still appears strong, but we have seen a slight, subtle shift back to more traditional channels, including walk-ins,” added Schwartz.
