Shelter-in-Place Orders Boost Demand for Storage Space
The self storage sector, which has been faring quite well over the last decade, is getting a boost from a source no one could have foreseen: the coronavirus.
Many Americans now forced to shelter in place have found that they don’t have the room for a proper home office. To make way for an impromptu workspace, those new to telecommuting are moving nonessentials off-site. Newcomers are also realizing that their space needs have ballooned far beyond desk space.
The multi-level, San Diego-area SmartStop facility at 852 Metcalf St. in Escondido, Calif., was delivered in early 2020 with 1,150 units on a 1-acre site.
“Our college kids need to come home earlier, but we don’t have as much room (with the new home office). Where are we going to put the extra furniture? We’re going to put it in a self storage facility,” said Steven Weinstock, head of Marcus & Millichap’s self storage division.