Mortgage bankers and lenders attending the Mortgage Bankers Association CREF Convention and Expo in Las Vegas said they were cautiously optimistic about the self-storage industry.
More than 1,800 mortgage bankers and lenders attended the expo Feb. 1-4. Most of the conference focused on financing for multi-family dwellings, but lenders also discussed other commercial real estate, including self-storage.
Commercial real estate values are 31 percent lower than they were at their peak in 2007—and may continue to drop another four percent, economists predicted. They also predicted delinquencies would continue to rise, and there will be little new construction this year.
The CREF Convention and Expo is the largest commercial real estate finance industry convention in the United States, and is attended by mortgage bankers, real estate investment officers of life insurance companies, commercial banks, savings banks, credit corporations and other lenders.
Source: Extra Space Storage, Mortgage Bankers Express Optimism About Self-Storage Industry