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From lowly caterpillar to elegant butterfly : The story of the recent emergence of US selfstorage as an institutional-grade asset class

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  • Williams, Steve

Abstract

No property sector has undergone a transformation quite as remarkable as US self-storage — truly a story of lowly caterpillar to elegant butterfly. This paper looks at 60 years of changing US lifestyles to find out what has driven America’s self-storage sector out of the industrial park and onto ‘Main Street USA’. Current statistics show rising values and falling cap rates, with self-storage portfolios becoming a prime target for US real estate investment trusts (REITs). Finally, the paper considers whether this is a trend likely to be repeated elsewhere in the developed world.

Suggested Citation

  • Williams, Steve, 2017. "From lowly caterpillar to elegant butterfly : The story of the recent emergence of US selfstorage as an institutional-grade asset class," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 6(3), pages 268-275, December.
    • Handle: RePEc:aza:jbsav0:y:2017:v:6:i:3:p:268-275
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    More about this item

    Keywords

    self-storage; US REITs; industrial parks; Main Street USA; investment-grade assets; rising values; falling cap rates; global trends;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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