Growth in the self-storage industry has slowed due to rising interest rates and inflation, but new centers continue to open.Case in point: new public storage at Electric Road and East Main Street in Salem.
The warehouse spot opened Jan. 30 with 75,000 square feet of rental space over three floors and is the fifth location in the Roanoke Valley branded as Public Storage. Users can arrange a unit online and use their mobile phone to open the gate, drive in, or use a cart to move the property from unit to unit.Joe Thompson Characteristic catalyst group The Roanoke native said his new facility was “all about clearing out a corner that had vacant warehouses and houses that needed work.” This was also the site of a used bookstore that was destroyed in a fire in December 2022.
A public warehouse has opened at Electric Road and East Main Street in Salem. This is his fifth location in the Roanoke Valley, branded as Public Storage.
David Hungate, Roanoke Times
According to the report, in the middle of last year, the US self-storage industry recorded an occupancy rate of 90%. This is due to the impact of large numbers of migrants, an increase in people working from home, and the overall health of the housing market. Cushman & Wakefield/Thalhimer. The company said in an industry report that the industry's occupancy peaked at 93% at the end of 2021.
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Analysts said the outlook was solid. According to them, 56% of Generation X, a group of 65 million people between the ages of 44 and 59, use self-storage. A subsequent generation called Millennials (a group of 72 million people between the ages of 28 and 43) is also 40% heavy users and will rent self-storage spaces wherever housing is in short supply for at least another decade. The company said.
jeff sturgeon (540) 981-3251
jeff.sturgeon@roanoke.com
