Top Takeaways: ISS World Expo 2022
April 26, 2022
- Attendance was exceedingly better than last year’s event as the industry is moving past the COVID pandemic. In general, the feeling was upbeat and positive, as the fundamentals for storage are very strong.
- Attendees remained hopeful that with rising input costs (labor and materials), overbuilding which can be common in certain markets given the low barrier to entry, is still a distant risk.
- Capital sources continue to increase their appetite for self-storage as an asset class. Lenders that have historically focused on multifamily, retail, office, and industrial are allocating more capital to self-storage.
- Interest rates were front and center in all my discussions with clients. I reminded them that banks, credit unions, and insurance companies are locking their interest rates at application, and in this environment if you like the rate you are quoted—jump on it.
- Storage owners and managers are experiencing strong rental growth, as Americans continue to exhibit strong demand for consumption and relocation, two great drivers of storage demand.