Issue 93 – Future of Mobility?
Introduction…U-Haul International is building in Tallahassee, FL its first “mobility center.” This will be a U-Haul facility that is unprecedented. Unlike anything, it has ever developed.
So, what is it? The mobility center will include:
- Self-storage space
- Truck-sharing and rental services
- Car-sharing and rental services
- Charging stations for electric vehicles
- A research and innovation incubator
- Bicycle sales and repair services
- Stations for alternative fuels
- A “smart mobility center”
- It will be an “innovative mix of transportation and business services
Where’s the profit? Looks like to this author that the services that will be profitable are the same services U-Haul provides now. Self-storage and truck rentals.
In summary…The self-storage industry is growing in two opposite directions. First, this amalgamation of services as U-Hual is developing. The second is a total unmanned kiosk run storage facility discussed in a previous issue here. Which will be successful will depend largely on the market location.
After an extensive commercial real estate career, I settled on self-storage investing for two reasons. It’s the best passive – residual income in the market today.
Kiosk Online Leasing Success
Introduction…10 Federal set automated leasing record of leasing 77 units in a month at its new fully automated self-storage facility at 3802 Angier Avenue, Durham, N.C. The firms 2542 South Alston Avenue facility held the previous record of 48 leases in May 2016.
The new property has 205 climate controlled and ambient units.
How did they do it?...3802 Angier Avenue facility features temperature-controlled units, secure technology, drive-up 24-hour access and an online bill pay. “The Angier facility has minimal drive-by traffic, so to achieve this level of success with those limitations is a testament to the quality of the online advertising program that our operations team has implemented as well as the ongoing improvements to the online and kiosk leasing workflow,” said 10 Federal Co-Founder Brad Minsley in prepared remarks.
10 Federal’s unmanned properties use a combination of various technologies including electronic locks from Janus International Group, automated kiosks from Advanced Kiosks, access control from PTI Security System, management software from StorEdge FMS and other proprietary systems.
In conclusion…Self-storage, like other industries, is being driven by technology that provides better customer service and experience. This property includes drive-up 24-hour access and an online bill pay for example not normally available.
Source: Laura Calugar, “Record Leasing Numbers at N.C. Self-Storage Facility,” Commercial Property Executive, 4 May 2017