The Storage Industry

According to the self-storage industry trade website, nearly 10 percent of all American households rent storage space. Storage units in the U.S. number upwards of 50,000, and total self-storage space comes to more than two billion square feet. If your business has valuable equipment that your present office is too small to accommodate comfortably, commercial storage in Las Vegas may be the solution you’ve been looking for.

A Brief History of the Storage Industry

Self-storage is a fairly recent business. As long ago as the mid-19th century, it was routine for European clients to leave their household treasures to the custody of a banking institution, but it wasn’t until the 1960s that the first storage units appeared in the U.S. Odessa, Texas, was the site of the first American self-storage business, and once the business was established, it took off like wildfire. Residents of the Lone Star State remains among the leading users of storage space, joined by residents of Florida and California.

Where Do Storage Facilities Come From?

In the earliest days of the industry, storage units were repurposed warehouses, factories and even chicken farms. Today, more and more storage units are planned facilities. In 2017 alone, more than 40 million square feet of storage space was added at a building cost of $4 billion. While there are a few national storage companies, for the most part, most storage facilities are still mom-and-pop enterprises.

The Future of Storage

The self-storage business thrived throughout the 2008 recession as many people who were forced to downsize their homes had to find safe, temperature-controlled spaces to stash their belongings. Today, the storage industry is a $38-billion-a-year industry, and storage units in major metropolitan centers like New York City, Chicago and Los Angeles have a 90 percent occupancy rate. Analysts say the storage industry is nowhere near its saturation point. Aging Baby Boomers may be eager to move into smaller spaces, but they are reluctant to part with the souvenirs of a lifetime. Overseas markets like China and the more affluent parts of Southeast Asia are also emerging as markets where store has a massive potential for growth.