Keepsake: A look inside self storage's fundamentals | CBRE

Mar 18, 2025

Intelligent Investment

March 18, 2025 36 Minute Listen

March 18, 2025 36 Minute Listen

Unique insights on what matters most today in commercial real estate.

Operators understand the customer: Self-storage customers prioritize proximity and convenience over amenities.

Data plays a huge role: Savvy investors use data to inform site selection and identify market trends such as the increasing demand for units in urban areas.

The housing market impacts demand: Investors should be aware of the potential risks and opportunities associated with housing market fluctuations.

Operational expertise required: Self-storage relies heavily on operational expertise to maximize returns.

Liz Schlesinger is the founder and CEO of Merit Hill Capital, which was founded in 2016 and is now the eighth-largest owner of self storage in the U.S. Liz has been investing in the self-storage sector exclusively since 2006, when she co-founded the self-storage investment platform at W.P. Carey. Over the course of her career, she has evaluated over 11,000 self-storage acquisitions consisting of more than 7,600 properties and totaling over $33 billion in asset value and has sourced and executed 378 self-storage investments, acquiring 620 separate self-storage properties; completed 20 full cycle portfolio and single-asset exits of 147 properties, realizing significant returns on the investments she made; and 267 separate financings comprising more than 888 properties, altogether totaling more than $10 billion in self-storage transaction volume. Liz graduated Phi Beta Kappa and summa cum laude from the University of Pennsylvania and received her M.B.A. from Harvard Business School.

Nick Walker specializes in the ever-growing self storage industry throughout the United States. Among the variety of client types that Nick represents are individuals, syndicators, as well as corporations, financial institutions, real estate investment trusts, pension funds, endowments and domestic and international investors. He has overseen and taken part in self-storage transactions totaling over $6 billion throughout his years in commercial real estate.

Spencer Levy is Global Client Strategist and Senior Economic Advisor for CBRE, the largest commercial real estate services firm in the world. In this role, he focuses on client engagement and public-facing activities, including thought leadership work performed in conjunction with CBRE Research. He also serves as Co-Chair of the Real Estate Roundtable’s Research Committee.

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