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Self storage investment in secondary markets on the West Coast will continue to thrive in 2019, with plenty of capital chasing deals—but some markets may be hitting their peak. Las Vegas and the Inland Empire will be the most active secondary markets, but Phoenix—which has been a hot market for self storage investment—could be starting to cool off.
“I believe all three of these markets will be very, very active in 2019. There is a plethora of capital chasing deals and these are geographies that are still of interest from an investors’ perspective,” Charles Byerly, president and chief executive officer of US Storage Centers, tells GlobeSt.com. “With that said, as over-supply plays out in Phoenix and rates decreasing in many Phoenix markets, it will be important for developers and acquirers to do their homework on the markets and understand where supply is imminent. That will put pressure on existing assets across the greater Phoenix market.
Read more from the Globe Street article.