What person, project, transaction or market trend had the greatest impact on your industry this year?

The continuation of the “Work from Home” or “Remote Work” lifestyle change for all workers was a game changer for the self storage industry as it helped to introduce the usefulness of self storage beyond “death-divorce-displacement” users. Occupancies in most self storage facilities have increased to record highs.

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022?

Our most notable sales transaction of the year occurred in Florida where we achieved offers at the asking price on a new-build, class A self storage facility delivered at Certificate of Occupancy.

What emerging trends will drive investment and development in 2023?

The most significant short-term trend in investment sales we are seeing is a flight to quality real estate where cap rates will remain below the short term interest rate for borrowing and closer to the 10-year treasury note.