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Suburbs storing while downtown exploring other use?

  • ​U.S. self storage facilities from 1997 to 2017 grew 130.0 percent with steady annual growth for the past five years of 7.0 percent. Building new storage facilities is both difficult and expensive, making conversion an attractive option. From 2013 to 2016, Life Storage converted nine suburban Chicago office buildings into storage, with U-Haul now following suit in Schaumburg. 
  • While office vacancy in the Chicago suburbs steadily climbs in a sea of obsolete seven-story towers, downtown’s Clybourn Corridor is a part of Chicago’s re-zoned North Branch, and investment activity has soared. 
  • With LSC Development purchasing Life Storage at 1840 N Clybourn for a premium $35.8 million, one wonders what the highest-and-best use will be moving forward. Potential mixed-use, given a proposed multifamily development across the street, could be considered. 
Source: JLL Research​

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