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So Much Space!

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In terms of commercial real estate news, the growth of the self-storage industry has been relatively quiet. Even so, it’s a booming business! As stated by Curbed, “To put it in perspective, the industry has 48,500 locations across the county, more than triple the number of McDonald’s (14,350) restaurants, and generates $24 billion in revenue every year.” Quoting Maurice Pagoda, an expert investor in the self-storage industry, Curbed goes on to say, “There is about 7 square feet of self-storage space nationally for each person in the United States.”

For homeowners seeking change, such as with the arrival or a newborn, moving to a smaller unit from an empty nest or looking to spread, self-storage is a popular option, reports Realtor Mag. But is this the right move? Realtor Mag suggests, “Savvy practitioners can help their clients take a pragmatic look at the issue.” Is the customer gaining or losing space? Help your client take a close look at cost per square foot if they’re thinking of renting pods or other self-storage solutions. “Remind them that money they put into self-storage has little return beyond hiding a problem and that being able to return that money to a household budget may give them more flexibility as they shop for their new home.” Realtor Mag.

Whether a client contemplating a move decides it is in their best interest to rent storage space or not, one thing is for certain: there is space to be had.