I admit that I have only used a self-storage facility for a few months back in the 1980’s while waiting for a military move overseas. When I recently accepted a part-time position at a self-storage facility, it opened my eyes to a whole new living experience – people are using self-storage facilities on a daily basis to expand their living space.
What is the cost of a closet these days? The price might surprise you. A 5 x 5 ft. living space can average just a few dollars per month and you can have access to it 24 hrs a day, 7 days per week. People are storing everything from seasonal clothing, outdoor furniture, tools and toys to business supplies. Americans have a whole lot of stuff to store and never enough space to store it. It would appear that this problem is expanding around the globe – self-storage facilities in Europe and Australia are growing at an alarming rate.
There are many reputable self-storage facilities and many more that are popping up on a daily basis. The largest company is Public Storage who recently acquired Shurgard Storage and expanded into the global markets. According to the Commercial Investment Real Estate Magazine (CIRE),
“The United States has approximately 44,000 self-storage facilities totaling 1.5 billion square feet with a market value of about $120 billion. Public ownership of self-storage currently hovers around 13 percent.”
It’s not your grandfather’s storage facility anymore either. You can store your stuff in climate-controlled buildings with the option to have electricity inside of your unit. One fellow even uses it as his “office” and has a desk to operate his business. I suppose in the long run, it is cheaper than renting an office space, although I admit, he probably won’t be entertaining any clients in his office anytime soon.
In Longview, Texas, recently a vacated Walmart Store is being reopened as a ‘Just Store It’ which is a climate-controlled self-storage facility.
Self-storage facilities offer varying sizes to meet your needs from a 5×5 to a 10×30, so whether you need a closet or the equivalent of a 3 car garage, there is space to rent in a climate controlled environment. And, it would appear that everyone needs a little extra space every now and again as this market is booming around the globe.