The official end of coronavirus-linked shutdowns has unleashed a surge in demand — including a Bay Area mega-deal — for a mundane-sounding commercial real estate product: self-storage f…
But once the shutdowns ended, the self-storage industry’s fortunes swiftly brightened.
Here’s what InSite Property Group paid for the seven self-storage sites in the Bay Area, according to deeds filed with county agencies:— 6880 Santa Teresa Blvd. in San Jose, $26 million— 324 S. Main St. in Milpitas, $16.5 millionThe transactions were all completed in late July or early August. The final deal of the seven, the West Taylor site in San Jose, was concluded on Aug. 9, property documents show.
It’s possible that inflation woes and ongoing supply-chain difficulties could crimp new development. That could limit the construction of facilities whose new units would compete with existing self-storage sites.
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