RIO GRANDE – Several readers have asked in Spout Off about the large area being cleared of trees along Route 47 in Rio Grande near the Social Security Administration. We asked. The answer? A new self-storage facility is planned for the space.
Nationally, and even internationally, the self-storage industry is booming. One industry organization, Inside Self-Storage, says that there are 50,000 such facilities in the United States. Another trade source, Mondor Intelligence, reports that in 2020, the self-storage industry was valued at $48 billion and is predicted to move to $62 billion by 2026.
Estimates are that currently, America has six square feet of self-storage for each person in the country. REJournals, a commercial real estate news organization, predicts that number will grow to 10 square feet per capita.
One problem many real estate professionals cite is that self-storage facilities are a highly specialized use. This means there is little the facilities can be repurposed for if they do not succeed.
A factor often cited as a driver of growth is the huge baby boomer generation downsizing later in life. Whatever the cause, the self-storage industry is hot. Whether the future will see a need for as much storage space is impossible to predict.
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