Originally published on January 9, 2025, by Maria Gatea for NAIOP.
Self-storage construction has been on an upward trend since 2020 as the sector has become increasingly popular with American consumers, offering flexible solutions for life’s many transitions. While new construction has dominated the industry for decades, a significant shift is occurring: Existing industrial and retail buildings are being converted into self-storage facilities. This trend is optimizing urban real estate and meeting the growing demand for storage in densely populated areas.
Conversions account for 9% of the country’s self-storage inventory
Approximately 9% of the U.S.’s total self-storage inventory – nearly 191 million square feet – now consists of converted spaces, according to recent StorageCafe research. These conversions are spread across more than 2,300 facilities nationwide...