Cushman & Wakefield Self Storage Advisory Group Q3 Report

Rental income increased Nationwide due to the increases in asking rental rates even though the physical occupancy decreased. The graph below shows the rental rate averages for the other non-climate controlled, down stairs, standard unit sizes that are offered at storage facilities Nationwide. Notably, rent per available square foot increased in the 3rd Quarter 2022 for both Nationwide and REITs. The REITs had very strong performance this year, and the pandemic caused the market sector to recover stronger than the normal self storage yearly cycle. This demonstrates the sector’s resiliency during the…

Recent Transactions: 11.22.2022 to 11.28.2022

Property: Storage General Location: Layton, UT Brokers and Brokerage: Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap NRSF: 86,105 Property Layout: Eleven stand-alone single-story buildings   Property: Savannah HWY6 Self Storage Location: Rosharon, TX Buyer: Montfort Capital Partners Seller: Quintet Capital Group Brokers and Brokerage: Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL Capital Markets Units: 678 (75% climate-controlled units plus drive-up units in six single-story storage buildings and 900 square feet of office space)   Property: 10 Federal Self Storage Location:…