I'm joined by Tim Ryan, MAI, Senior Vice President at Newmark, to get a definitive, data-backed look at the self-storage market. Tim's career journey is fascinating, from his days at Syracuse University pursuing sports broadcasting to becoming a commercial appraiser and a leader on Newmark's National Self Storage Team . Tim gives an insider's perspective on the challenges of appraising during the COVID "steroid era," where everyone was chasing sub-five cap rates . He breaks down how Newmark uses its vast, proprietary database, cycling through thousands of assets a year, to provide the solid foundation needed for accurate valuations.

What You'll Learn:

• The ICAP Fallout: How the removal of the ICAP tax benefit effectively killed new self-storage development in the New York metro area by removing multi-million dollar tax savings.
• The Expense Crunch: Insurance costs have doubled in the last three years, and rising property taxes are adding significant pressure to operating income .
• Market Status: The market is stabilizing, with a narrowing bid-ask spread and an increase in transactions observed in the second half of 2025.
• Consolidation: The industry is highly specialized, and mom-and-pop operators are increasingly being targeted for acquisition by a select pool of sophisticated buyers and REITs .

Connect with Thaddeus Campbell: Email: [email protected] Website: https://s3.partners/ LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Tim Ryan: Email: [email protected] Website: https://www.nmrk.com This episode was brought to you by: https://www.kiwiconstruction.com