Every generation goes through what is called a “Development Fad.” It starts small with a few developments and with their success, grows until often it out grows the market.
Remember the 235 housing developments, the condominium developments in popular tourist areas and the power retail center with clusters of large box retailers and dozens of small retailers or decades ago when every population center had to have one or more million square foot retail malls. All of these have had their place in time but have faded in popularity over the years. The most recent fad is the mini warehouse. With the downsizing of homes, we had to have a place we could store and keep all those items we don’t need now but may need in the future —a 10’x10’ closet where you could stuff all those precious items we could not bear to let go.
I know the feeling, for the past 10 years I have paid for a storage unit I said I only needed for three months. I have now spent $5,000 to store items with less than $500 in real value or a million dollars in sentimental value. Items such as out-of-style shoes, outgrown clothes and excess items we will never use again. Add to that sentimental items such as picture albums, home videos, a few personal records and anything else I no longer need, and you have my $5,000 collection. Most of these items will find their way into the dumpster or garage sale some day.
Today millions of these units have been built with several thousand in our local market. A few years ago, I wanted to rent a unit and was told they had no vacancy. I recently asked the same owner if he had a unit vacant and he said, “how many do you want and what size.” When a development succeeds, it more often than not, will soon see an over-supply. The latest may be the Mini Warehouse.
On the Local Scene
THE NEW CONSTRUCTION at the corner of Whites Ferry Road and Wall Williams Road, West Monroe is a temporary Ouachita Parish Fire Station. A permanent Fire Station will be built on the site in the future.
THE OFFICE BUILDING AT 1908 Stubbs Avenue, Monroe (behind Ryan Chevrolet) has been sold for $231,000. The 2,550 sf building sold for $90 psf.
Bill Roark is a Commercial Associate Broker at Tri State Properties and may be contacted by email to email@example.com.