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Self-Storage Firms Join Apartments in Success

CHICAGO-Marc Boorstein, a partner in MJ Partners Real Estate Services, talks publicly for the first time about the firm’s reports on the self-storage industry with GlobeSt.com’s Robert Carr.

By Robert Carr | Updated on August 12, 2011

CHICAGO-While the apartment market has been the darling of the disastrous dance of the downturn, self-storage facilities have also been going gangbusters. According to a second quarer report by locally-based MJ Partners Real Estate Services, the four major public owners of self-storage facilities have shown strong revenue growth and continue to acquire large portfolios of properties.

The data in MJ Partners’ “Self Storage Market Overview” show that the companies – Glendale, CA-based Public Storage, Salt Lake City, UT-based Extra Space, Wayne, PA-based U-Store-It and Buffalo, NY-based Sovran are showing same-store revenue up an average 4.3% from Q2 2010. The companies also posted net operating income raises of an average of about 7.5% from last year, have an average occupancy of 85.4% and have an average rent of about $11.77 per square foot.

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