New Decade, New Strategy?
This time of year, we find ourselves reflecting on the things that we are grateful for and the people who mean the most to us. Here at Argus, we are most thankful for the men and women who work hard every day to serve the needs of our self-storage clients. Our organization is made up of over 50+ self-storage professionals around the country who are helping their clients navigate the buying and selling process. Over the last 26 years Argus affiliates have closed over three billion dollars in self-storage transactions for the benefit of their clients. One thing I have learned is that there is no substitution for experience and lessons learned.
In 2019, the biggest lesson we learned is that self-storage is not bulletproof. We have seen new deliveries continue to push down rental rates, occupancies and revenue growth. New development continues to be highest in markets with strong employment growth, which leads to outsized population growth and overbuilding. We are starting to see this spill over to the secondary markets but at a very moderate pace.