Since industry experts began recording statistics in the early 80s, we have been able to look at the development of the self-storage industry and analyze trends, growth, stable periods, and downturns effectively. As per the 2019 Self-Storage Almanac, there were approximately 45,547 self-storage facilities in the nation, which translates to nearly 1.7 billion square feet of self-storage space, or 5.4 sq.ft. of rentable space for every American.
In comparison to historical standards, today’s self-storage facilities are larger and come equipped with a fewer number of storage units. This indicates that developers are building bigger storage units within their projects and existing projects are converting their units to meet consumer demands. Strategies for operating the self-storage business have evolved with significant growth in the industry.
Where most facilities in their earliest days were small and independent businesses run by sole proprietors, the industry has now shifted more towards career management professionals with MOM and POP operations in common.
The average self-storage facility has also changed over the course of time. While the earliest properties had row after row of single-story metal buildings with bright orange roll-up doors, the stores that are constructed today, mirror the styles used in neighboring structures with upscale architectural features and highly detailed exterior design plans.
There has been constant entry of new players to the industry, but this has been offset by acquisitions and consolidation by some of the larger companies.
Much of the cold-storage sector’s growth is likely to occur in gateway markets like Los Angeles and the New York area as well as leading food-production states, such as California, Washington state, Florida, Texas and Wisconsin.
Americold became the first major company to complete a public offering in 2018, which is anticipated to stimulate a greater level of capacity and technology investment over the next five years.