CHICAGO—The self-storage industry has been consistently robust for years, with rising levels of occupancy and gains in net revenue, especially by the largest REITs, and in the first quarter this vigorous growth continued, according to a new quarterly report by MJ Partners Real Estate Services, a Chicago-based firm.
MJ Partners' report focuses on the four largest REITs in the self-storage world. Just a few years ago these operators usually had occupancy rates of about 85%, but Public Storage, which has 2,258 sites in the US and nearly 200 in Europe, just saw its occupancy rate hit 93.4%, up from 92.6% last year. Extra Space Storage, with 1,106 sites the second largest, had a rate of 92.5%, compared to 89.8% last year. And revenue among the big four grew from 5.7% to 8.3% when compared to the first quarter of 2014.
But recently, the industry saw perhaps an even more important development. “We've got two new public storage companies,” Marc A. Boorstein, a principal of MJ Partners, tells GlobeSt.com, “and that shows the sector's true strength.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
