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

Steve Williams

Journal of Building Survey, Appraisal & Valuation, 2017, vol. 6, issue 3, 268-275

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.

Keywords: self-storage; US REITs; industrial parks; Main Street USA; investment-grade assets; rising values; falling cap rates; global trends (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jbsav0:y:2017:v:6:i:3:p:268-275

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