SELF-STORAGE MARKET ANALYSIS

Key Developments

• In June 2023, SecureSpace announced the acquisition of Northlynn Mini Storage in Seattle's Lynnwood area. It plans to update the leasing office with SecureSpace's modern style and install its high-security platform managed by its national security team.
• In June 2023, StorageMart, a company that is known for operating over 280 self-storage facilities across Canada, the K., and the U.S., purchased I-29/I-35 Self Storage in Kansas City, Missouri, along with Summit Self Storage in Missouri. These two properties together offer a total of 112,296 rentable square feet across 796 apartment buildings.
• In June 2023, SmartStop Self Storage REIT, Inc., a fully integrated self-storage company, announced that its affiliates, Strategic Storage Trust VI, Inc., and Strategic Growth Trust III, Inc., acquired an eight-facility portfolio in the Greater Toronto Area (GTA). These facilities comprise approximately 7,400 units and 758,000 rentable square feet. With this acquisition, SmartStop now owns or manages 33 operating self-storage properties in Canada, totaling about 3.0 million square feet.
• In May 2023, according to Cushman & Wakefield and the Self Storage Association UK (SSA UK), the U.K. self-storage industry is projected to surpass USD 1 billion in annual turnover for 2023. Even with the rising cost of living, customers remain highly interested in conveniently available rental space.
• In October 2022, U-Haul Moving and Storage of North Nashua completed the construction of 600 indoor climate-controlled self-storage units with advanced security features, now available for rent