My suitcase lies open on the floor of the room, half filled with the bits and pieces that will see me through next week's expedition. Packing for Las Vegas is an intricate art requiring balance, diversity and vision. We're approaching the apex of an exciting journey, and I need to be prepared for anything.
Every winter, thousands of self-storage professionals make this pilgrimage to one of the free world's most notorious business and entertainment Meccas. They gather for education, insight, interaction, exhibits and, of course, diversion. In the current economy, they come also for reassurance as well as strategies that will help them survive and thrive in the year ahead. Their destination? The Inside Self-Storage World Expo.
Starting Monday, self-storage owners, managers, investors, developers, suppliers ... prospects ... gurus ... guests and others will come together at the Venetian Hotel and Sands Exposition Center for the industry's largest conference and tradeshow. And they're coming from all over the globe—literally. This year's attendance includes participants from Australia, Canada, Chile, Colombia, France, Iceland, Ireland, New Zealand, Nigeria, Poland, Singapore and Slovenia. They're making the voyage that could ensure the success of their business ventures in 2009.
Self-storage is among the asset classes that is still performing well in the real estate world, and as such, it's getting attention in these tight times. Just this week, REJournals.com, Commercial Real Estate News, published a story stating that while investment sales plunged in the second half of 2008, some specialty classes are still performing well, self-storage among them. Financing to initiate deals and build new construction is scarce but still available.
I think we'll see proof positive of this at next week's show, during seminars and as we talk in the aisles. The outlook for our industry is expectant in 2009, with an emphasis on keeping existing facilities healthy and strong. The development side of the business will rally as costs for construction materials and labor decrease. It's not all doom-and-gloom for self-storage, as our attendees will soon discover.
I hope to see you at the expo. It's not too late to register, if you haven't already. It's an excursion worth undertaking, and one your business deserves.
Got special plans for your Vegas adventure or a story to tell once it's said and done? Share it with our blog readers. I love a good quest tale!