PACKED TO THE GILLS – Ever noticed during a recent run to your self-storage unit that the place always seems to be crowded? It seems like everyone’s got a storage unit.
Your observation is spot-on. Thanks to the resurgent U.S. economy, consumers have more buying power than they did just a few years ago during the recession. That means people are accumulating more things and they need somewhere to put their stuff.
Answer? Self-storage units.
“Self-storage is crazy growing,” said Brian Swan, manager of Coastal Mini Storage in Hampstead, N.C., recently told the Greater Wilmington Business Journal. “I pass three new facilities going up, just on my way to work every day.”
Swan’s facility, Coastal Mini Storage, gets an extra benefit from its location near the Atlantic Ocean. Swan has seen a huge rise in storage for boats.
ORANGE IS THE NEW PUBLIC – Public Storage, one of the biggest U.S. self-storage facility operates, has a spiffy new look.
Public Storage has spruced up the look and design of its new properties, while at the same time it’s given its signature orange logo a bit of a modern update. When new facilities open, they’ve got the sleek new look that Public Storage has designed for today.
“We decided what’s important, and eliminated what’s not, to maximize what matters to our customer,” said Karen Cormier-Southards, director of architecture and design at Public Storage.
The new design leans heavily on Public Storage’s trademark orange color scheme. Everything from rooflines to canopies are set in the Public Storage orange hue.
BIG BOYS MUSCLE IN ON MOM-AND-POP STORAGE FACILITIES –You’ve seen malls wither up and die, and you’ve seen big-box retail names like Toys “R” Us file for bankruptcy. It’s obviously a bad time to be in the retail business.
But there’s one segment of the commercial real estate industry that’s hot as fire—self-storage.
In fact, the sector is so attractive that the largest self-storage chains have been on a buying spree, buying up mom-and-pop self-storage facilities, according to Crain’s Detroit Business. CubeSmart, Life Storage, Extra Space Storage, National Storage Affiliates and Global Self Storage are some of the conglomerates that have gotten bigger through this strategy.