{"id":1004474206,"date":"2020-09-02T14:42:11","date_gmt":"2020-09-02T22:42:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004474206"},"modified":"2025-02-26T06:24:44","modified_gmt":"2025-02-26T14:24:44","slug":"self-storage-responds-well-to-pandemic","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/","title":{"rendered":"Self Storage Responds Well to Pandemic"},"content":{"rendered":"<p>Disruption and downsizing tend to drive self storage demand, so it\u2019s perhaps unsurprising that the industry is holding up well through the coronavirus crisis. The uncertainty has weighed on rents, which were already falling in many markets before the pandemic due to significant overbuilding. But delinquencies have not risen as expected and development remains active.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-florida-markets-for-self-storage-development\/\">Top 5 Florida Markets for Self-Storage Development<\/a><\/p>\n<hr>\n<p><em>\u201cWhen we went into lockdown in March, we saw less move-ins in self storage, but we also saw less move-outs, so things stayed pretty level,\u201d<\/em> noted Vice Chairman Mike Mele, leader of Cushman &amp; Wakefield\u2019s national self storage advisory group. Markets that were affected the most, such as New York, saw strong performance in June and July as pent-up demand has returned.<\/p>\n<p><a style=\"display: inline-block; padding: 5px 24px; border: 0; border-radius: 6px; font-weight: bold; letter-spacing: 0.0625em; text-transform: uppercase; background: #960505; color: #ffffff; text-decoration: none;\" href=\"https:\/\/mydigitalpublication.com\/publication\/?i=672463\" target=\"_blank\" rel=\"noopener\">READ THE DIGEST<\/a><\/p>\n<div id=\"attachment_1004474209\" style=\"width: 810px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004474209\" data-attachment-id=\"1004474209\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/u-haul-tropical-storm-free-storage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;U-Haul&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Two U-Haul Companies in Louisiana are offering 30 days of free self-storage and U-Box\\u00ae container usage at 12 facilities to residents in the path of forecasted heavy rains and extreme winds from the approaching tropical storm.&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;U-Haul Tropical Storm Free Storage&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"U-Haul Tropical Storm Free Storage\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Investors are hungry for self storage assets and the lending environment has turned favorable. Despite the sluggish lease-up of newly opened facilities, the sector is widely viewed as a hedge against volatility.&lt;br \/&gt;\nImage courtesy of U-Haul&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg?w=800\" class=\"size-full wp-image-1004474209\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\" alt=\"Investors are hungry for self storage assets and the lending environment has turned favorable. Despite the sluggish lease-up of newly opened facilities, the sector is widely viewed as a hedge against volatility. Image courtesy of U-Haul\" width=\"800\" height=\"620\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><p id=\"caption-attachment-1004474209\" class=\"wp-caption-text\">Investors are hungry for self storage assets and the lending environment has turned favorable. Despite the sluggish lease-up of newly opened facilities, the sector is widely viewed as a hedge against volatility. <em>Image courtesy of U-Haul<\/em><\/p><\/div>\n<p>Newly opened facilities, however, are leasing up slower than anticipated, resulting in lower street rents and more concessions, Mele said. <em>\u201cWhether this would have happened without COVID-19, I don\u2019t know.\u201d <\/em>According to data from Yardi Matrix, the average street rate for a standard 10&#215;10 non-climate-controlled unit declined 4.3 percent year-over-year to $112 in May.<\/p>\n<p>Despite the softening rents, investment is pouring into self storage, pushing cap rates down slightly, as investors look to hedge against a downturn and challenges in other property types. Cushman &amp; Wakefield managed to salvage a portfolio deal in Memphis, Tenn., that was under contract and almost through due diligence when COVID-19 shut down the commercial mortgage-backed securities market, jeopardizing financing for the eight-property sale. Ultimately, new lenders were brought in and the deal closed in June. <em>\u201cThe desire to be in self storage kept this group pushing on,\u201d<\/em> Mele noted.<\/p>\n<hr>\n<p><em>Sector Insights rotates among office\/medical office, industrial, retail, multifamily, self storage&nbsp;and hotel\/hospitality.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=672463\"><em>Read the September 2020 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment is pouring into the sector despite downward pressure on rents and concerns about oversupply.<\/p>\n","protected":false},"author":744,"featured_media":1004474209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21742],"tags":[],"class_list":["post-1004474206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Self Storage Responds Well to Pandemic - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Responds Well to Pandemic\" \/>\n<meta property=\"og:description\" content=\"Investment is pouring into the sector despite downward pressure on rents and concerns about oversupply.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-02T22:42:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T14:24:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/\",\"name\":\"Self Storage Responds Well to Pandemic - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\",\"datePublished\":\"2020-09-02T22:42:11+00:00\",\"dateModified\":\"2025-02-26T14:24:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/self-storage-responds-well-to-pandemic\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Storage_U-Haul.jpg\",\"width\":800,\"height\":620,\"caption\":\"Investors are hungry for self storage assets and the lending environment has turned favorable. 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