The self storage business has been booming. Although most areas of CRE are doing well, this specific asset class has carved out a niche for itself. They are easier to manage, cheaper to build, and occupancy still remains high even with constant supply coming into the market.
A report by LeClair Group stated that supply outpaced demand in 2018. In 2019, it is likely to stabilize and construction of new self storage facilities will decline. However, even with that being said, the industry continues to foresee occupancies above 90%. With Public Storage (PSA) being a