A project in Tigard, OR will be managed by and branded under the Extra Space Storage name.
TIGARD, OR—The self-storage industry is entering a period of transition as rising interest rates, elevated development and more historically normal property performance temper buyer aggression. This period of maturity is evident as supply-side pressure begins to impact fundamentals. Still, the underlying demand for storage space remains strong.
However, aggressive development activity in the past two years is starting to overtake absorption. Moving forward, nationwide vacancy and rent growth may soften amid greater competition, particularly in construction-heavy metros, according to a report by Marcus & Millichap.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
