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From lowly caterpillar to elegant butterfly : The story of the recent emergence of US selfstorage as an institutional-grade asset class
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.
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Steve Williams is Executive Managing Director of NY-based global data providers, Real Capital Analytics. In this role, he divides his time between the USA, Europe and Asia advocating market transparency as catalyst for attracting capital into real estate. Steve is a visiting lecturer at a number of universities and edits for several peer-reviewed publications. A past president of RICS, he currently sits on its management board. He recently chaired the UN Global Compact Steering Group and is a member of the boards of the International RE Society (IRES) and the University of Wisconsin’s RE Masters program (GREM).