Multi-billionaire Buffett enters storage market
The company named Berkshire Hathaway Storage Group has already made its mark in residential real estate and now wants to move into commercial leasing. Several experienced self-storage consultants have now been hired for this purpose. Through strategic acquisitions, the company aims to offer coast-to-coast storage in North America.
Storage market is mature
When such a large party enters the playing field it undoubtedly brings threats. However, my view is that Berkshire Hathaway’s entry should be seen as a compliment to our industry. In fact, Berkshire is known for investing only in mature and profitable markets. They once made it big by investing in the railroad, insurance and energy sectors.
The fact that anno 2020 brings the self-storage industry to that is the ultimate confirmation to me that at least the U.S. self-storage industry is a very mature industry. In Europe we are still at least a decade or so behind the American market in terms of developments, so as far as I am concerned there is every reason to continue what we are doing. And that is building a nice solid future in the self-storage industry. As far as I am concerned, we will do this together with you.
Jan-Hein Streppel