The New York Self Storage Association (NYSSA) held its annual “Investment Forum” on Jan. 4 in New York City. About 250 industry professionals gathered to discuss factors driving the capital markets, financing and real estate activity for 2023, according to the source.
The event featured a presentation by Nicole Funari, vice president of research for the National Association of Real Estate Investment Trusts, that examined the forces affecting the economy. There were also several panel sessions that addressed rising interest rates, facility-valuation challenges and the lending climate. The day closed with representatives from the five largest publicly traded self-storge real estate investment trusts recapping acquisition highlights from last year and forecasting expectations for 2023.
The general consensus among presenters was that self-storage capitalization rates will continue to rise moderately into next year before leveling off. Participants also predicted a decline in real estate transactions during the first half of this year due to a gap between seller asking prices and buyer offers, the source reported.
The NYSSA is a not-for-profit corporation formed in 1982. Its purpose is to provide a network of information and experience to self-storage developers, investors and operators in the state of New York.
Sources:
NYREJ, 2023 NY Self Storage Association Investment Forum Recap
NYSSA, 2023 Investment Forum