ver the last eight years, I’ve lost count of how many times I have been asked, “Oh, you work in self-storage? What is that like?” My reply was always pretty consistent: It is fantastic to work in self-storage, and I truly enjoy the people who make up this industry. While my feelings haven’t changed, it has been interesting to observe how the follow-up conversations have evolved since I started out in the fall of 2015.
At first, friends would joke that they hadn’t noticed just how many storage facilities there were until we talked about what I did for a living. As time passed, storage continued to gain popularity and achieved a widely accepted status as an institutional real estate asset class. Suddenly, when someone found out I was “in self-storage,” they wanted to pick my brain about opportunities and challenges of acquiring, developing, owning, etc.
I’ll never forget when my friend Sam texted me in 2019 while watching “Avengers: End Game” at the theater. I hadn’t seen the movie yet, so when I read his text, “Storage facility in Endgame. That one of yours?” accompanied by a laughing emoji, I was ecstatic. Self-storage had shown up in pop culture before, so that was nothing new. But for a facility to be front and center at arguably the most critical plot point of a movie that still holds the record for highest grossing opening weekend of all time? Now that was special.
When COVID hit, there was speculation and several early indicators that storage—like its peers—might struggle. However, the industry didn’t just bounce back, it flourished. Operators saw record occupancy and revenue growth. Suddenly, one call per quarter from someone I knew personally trying to enter the space turned into one a month. The word was out: Storage was thriving.
More recently, things have snapped back to reality. It turns out double-digit growth in perpetuity is not the new norm. Interest rates have increased, stifling transaction volume. Yet, the not-so-little storage engine remains a gold standard for stability and resilience. The asset class continues to shine for the same old reasons, while also embracing new entrants, trends, and technologies.
As it stands today, volatility and uncertainty are bigger factors than in years past. However, I reflect on my time here and how my answer to that initial question remains the same. Obstacles notwithstanding, I say it with more conviction than ever: I am so proud to be a small part of this awesome storage family.
I am as excited about the next eight years as I was about the last eight. As we gear up for trade show season, I look forward to continuing to learn and grow, reconnecting with old friends, and meeting some new ones. Whether you have been here for three months or three decades, you are right where you belong; enjoy the ride!