We were reading about Silver Star Properties in Houston converting SEVEN MILLION square feet of dead office space to self storage in a desperate attempt to salvage their REIT portfolio. Irony is we are seeing pullback in discretionary purchases so people not as prone to needing storage space for things, this just as capacity in industry poised to explode. Real estate always seems to the the revealing bellweather for our economy. If you have a storage unit be ready to find serious alternatives with same if not better services and protections at half the price within a very short time frame.Banks loathe to invest in speculative applications to these dead in the water properties and total demolition with rebuild as opposed to one time build out will usually be the go to method for repurposing these properties, ESPECIALLY in this current stressed banking climate.

by | Jun 4, 2023 | Banking and Finance, Breaking News, General interest, Latest News