At the Inside Self-Storage World Expo in Las Vegas last March, a group of Canadian self-storage developers, owners, managers and investors gathered to discuss the budding industry. Several key indications emerged from the two-hour discussion. First, the self-storage market in Canada is on a rapid growth cycle. While new construction has slowed considerably due to the worldwide recession, there are still many developers and investors looking to build across the country.
Second, when it comes to legal issues such as lien laws, dealing with abandoned records and even building codes, Canadian operators are hindered by unclear statutes adopted from other industries. In addition, the laws differ greatly from province to province, leaving operators to wing it and hope theyre doing the right thing by their business.
In recent weeks, ISS has taken a closer look at the Canadian, offering several articles about the topics above. John Carlisle, Self-Storage Talk community manager, spoke with several operators in Canada about the legal issues they face, including dealing with lien sales for his article, Interpreting Canada Self-Storage Law.
In another article, U.S.-based Trachte Building Systems shared how the interpretation of codes, which are often borrowed from other industries, has created confusion when it comes to constructing new self-storage facilities. The author, Steve Hajewski, highlights how two operators overcame the challenges to open successful facilities.
Plus, you can now download a new slide show, Self-Storage in Western Canada: An Overview of Development, Real Estate Activity and Operating Performance. The presentation provides a detailed overview of self-storage in the area, including development activity, real estate transactions, rental rates, occupancies and more. It also includes predictions for the year ahead. Its written by an expert in the Canadian self-storage market, Candace Watson. As principal of Canadian Self-Storage Valuation Services Inc., which also offers appraisals and feasibility analyses to owners and developers, Watson has more than 30 years of experience as a professional appraiser.
If youre a Canadian self-storage operator, investor or developer, be sure to attend the Inside Self-Storage World Expo, Oct. 4-6, in Tacoma, Wash. Weve created a special track specifically for your industry. The sessions cover a range of topics including development, tenant insurance, importing goods from the United States, and boosting revenue. Learn more here.
While the Canadian industry has many challenges aheadas did the U.S. self-storage industry in its first decade or twobut one thing is certain: Self-storage will be a robust industry in the country. Regardless of your role you have the opportunity to shape that future. Join us at the ISS Expo, learn from self-storage experts from both countries and share your story.