Self-storage unwanted? Unbelievable!
Ahhh, Thursday. Thursdays feel good, even better than Fridays. Why? Because there's nothing like sitting on the cusp of something really promising. Anticipation is occasionally better than enjoyment itself, because delight can be tinged with the regret of inevitable conclusion. You carpe diemists out there will dispute me. Well, have at it.
This is what happens when I drink too much coffee and start reading the news. I call it brain revolt, which leads to haphazard philosophizing.
So I came across an article in the Whittier (Calif.) Daily News this week about a town, Pico Rivera, that's opting to keep its moratorium on all new business permits for self-storage. The suspension was about to expire after two years when the City Council voted unanimously to keep it in place. The reason? The town already has seven storage facilities, and its land is "simply too precious to tie up," according to Councilman Ron Beilke. The council feels storage offers no real economic benefit to the city.
I'd like to hear from some people who are experiencing similar bans in their areas. Where is storage still being relegated to industrial zones? You'd think with modern advances in style and amenities, including chic offerings like wine storage, business centers and post services, storage wouldn't still be treated as an undesirable.
Speaking of undesirable, Reuters says self-storage may fall slightly out of investor favor this year, as stock and real estate prices increase and are potentially overvalued. This same article made note of a proprietary Harris Nesbitt survey that revealed 43 percent of storage providers were offering one month of free rent in the last quarter of last year. Does that sound high to anyone?
I'm also curious to know whether people agree with the above article's conclusion, in which U-Store-It's Steve Osgood says it's commercial users that will drive storage demand in the coming years.
Well, look at me—Little Miss Inquisitive today.
- Self-Storage REIT CubeSmart Buys Storage Deluxe Facility in Coney Island, NY, for $49M
- Extra Space Self-Storage Development Opposed in Lisle Township, IL
- Recipe for Success: Packaging Your Self-Storage Loan Request
- Sovran Self Storage Announces $398M in Property Acquisitions
- Dahn America360 Buys My Attic Self Storage in Tomball, TX, for $11.2M