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Posted: October 18, 2016
State of the State 2016: Nick Malagisi of SVN Commercial Real Estate Advisors
Nicholas Malagisi, SVN Commercial Real Estate AdvisorsWhat is driving the growth of your business in 2016?
Simply put, our niche self storage industry sector has enjoyed double digit growth every year since before the end of the recession, and it has not gone unnoticed by the investment bankers on Wall Street. For example, within the last 18 months I have been called in to consult with three publicly traded companies to help evaluate their own real estate assets to determine suitability for “adaptive reuse” to self storage.
In fact, I recently wrote an article for the SIOR magazine, Professional Report, addressing the opportunity for re-positioning such assets. With virtually no new product developed during the recession years, there was a huge pent up demand not being met, especially in the larger MSA’s where re-urbanization by millennials and retirees has been an economic driver for the industry. Otherwise, death, divorce, partnership dissolutions (instead of refinancing) & low cap rates have been reasons for the steady flow of product coming to market.
Nick Malagisi, SIOR, is the national director self storage for SVN Commercial Real Estate Advisors.
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