Why Asia’s Self Storage Market is Worth Watching

What happens when American self-storage meets Japanese innovation? 

In this eye-opening solo episode of the Self Storage Podcast, host Scott Meyers shares his whirlwind experience speaking at the Self Storage Association of Asia's annual expo in Tokyo. 

Scott dives deep into the emerging self-storage market in Japan, revealing the cultural, logistical, and economic challenges and opportunities. From ultra-compact facilities to AI-powered innovations, this episode explores how Asian developers are reimagining self-storage in densely packed cities—and what American investors can learn from it. 

WHAT TO LISTEN FOR

3:56 Japan’s Space Crunch and Storage Demand

5:43 The Struggle to Build Class A Facilities

7:19 The Economics of Storage in Tokyo

10:01 What Asia Learns from U.S. Storage Models

11:36 Bootstrapping Self Storage in Emerging Markets

17:10 Launching an Asian Mastermind Group?

24:10 American Privilege Abroad: A Candid Take

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Chapters

• 3:56 Japan’s Space Crunch and Storage Demand
• 5:43 The Struggle to Build Class A Facilities
• 7:19 The Economics of Storage in Tokyo
• 10:01 What Asia Learns from U.S. Storage Models
• 11:36 Bootstrapping Self Storage in Emerging Markets
• 17:10 Launching an Asian Mastermind Group?
• 25:13 American Privilege Abroad: A Candid Take

Transcript

 This is the Self Storage Podcast with the original Self storage expert, Scott Meyers.

Scott Meyers (00:10):

Hello everyone, and welcome back to the Self Storage Podcast. I'm your host at Scott Meyers, and today we are going to do a solo podcast where I'm going to break it down the trip that I just took to Tokyo, Japan as I was a speaker, not once, but twice on the main stage at the Self Storage Association of Asia for their annual expo. And so my cohort, Doug Downs, is going to be joining us.

Doug Downs (00:33):

Konnichiwa

Scott Meyers (00:35):

Hello. Well, that caught me by surprise.

Doug Downs (00:38):

Yes.

Scott Meyers (00:39):

Hello. How are you this morning?

Doug Downs (00:40):

Did you learn some Japanese while you were over there?

Scott Meyers (00:43):

Yeah. Yeah, that was really about it. It was such a short trip in and out that I used Google, my trusty Google Translate got me around. And of course, any major city around the world that you travel to, English is still prevalent and you can make your way around and if not, you can point a picture. So no, we did all right without me having to learn it.

Doug Downs (01:01):

So this was the self storage Expo, Asia in Tokyo, so right in the biggest city of the mall. Tell me about your trip before we get to the expo. Where'd you go? What'd you see?

Scott Meyers (01:14):

Yeah, so I'm thankful for the opportunity to be able to speak here, and this show travels around. So unlike the Self Storage Association in the US and the ISS World Expo, they're in Vegas every single year. And so in that part of the world, it's still fragmented and self storage is kind of new, so it travels around. Next year is going to be in Bangkok, Thailand. And so yeah, I was looking forward, and here's the impetus behind this, Doug, is that we've got so many people that are looking to learn about cell storage around the world that they're finding us. And we kept seeing all these hits on our website and where people are coming from and Asia is really picking up. And then also we're extracting capital from that part of the world as well, the Middle East and Asia. And so I thought, all right, well, what a great opportunity potentially for me to get some exposure by going to the show, see who the players are, meet the folks that are there, some of the vendors, but then ultimately if I can get on stage to get even more exposure for the brand and for myself.

(02:13):

So I reached out to the executive of the association, said, Hey, I'm a longtime investor. I've been speaking on stages over here at the ISS and SSA show, so just about every year for the past 16, 17 years, and I could speak on any topic if you would like. And he said, that would be fantastic. He said, what would you like to speak on? And so I gave him a couple of topics. He said, perfect. We set it up. And so yeah, we set out then to maximize this opportunity as best as we can, and then also an opportunity for my wife and I to be able to go and visit Tokyo. Now, unfortunately, my wife got backed up with some of the things that she's got going on with her, not only in her charity work and her second now calling, if you will, in her career that she's getting ready to launch, but then I was a day late as well, so I didn't get to spend a ton of time, as a matter of fact, very little time on the front end of the trip looking around. But I was able to spend a day and a half on the back end. And then during the event, I didn't have to be around and as available as much. And so in the evenings I got a chance to sample Tokyo as well as take a day trip.

Doug Downs (03:22):

I guess the big question is what can the Japanese or Asia teach us about self-storage? You mentioned that it's newer and more developing, but my goodness, we know that it's very heavily populated. We know they like to buy as much as we do, so self storage is definitely a need. And the economic shift of the world, quite frankly is placing more emphasis on the Selfeast parts of the world. So the need for self storage is even greater. All those things combined. What can they teach us about self storage?

Scott Meyers (03:56):

Yeah, a hundred percent. We're seeing a surge in high net worth individuals as well as a rising middle class that has always been very strong in Japan. It's been a very healthy country in general. Also, as you mentioned, very, very populous, very populated in a space has always been a challenge in Tokyo when you put that many people in that small of a space, and it is an island, I think a lot of people forget that as well. And then the major cities like Tokyo, even the hotel, I stayed in a four and a half star hotel, and I think most folks, if they weren't aware of the challenge for space in Tokyo, would've marched right back down to the reception desk and said, what are you doing? This is a college dorm room. I thought this was a four and a half star hotel because I barely had enough room to put my suitcase on the floor to open it up and get things out.

(04:49):

And even then I couldn't open it all the way up. So they are pressed for space all the way around. And so there's always been a demand for it. But in any major, I should say not, but, and in any major city like this in which you're pressed for space storage doesn't generate as a business, it doesn't generate as much revenue as residential. They need a place to put people. So it's a struggle for these self-storage owners, operators and developers to find a building to find space that they can pay for the land, build the building, and able to profit from. And so that is the challenge you don't see anywhere except for way outside of Tokyo in the major cities. Anything that resembles, say a class, a REIT owned self storage facility, multi-story, 60,000 to a hundred thousand square foot building. There's nothing like that in Tokyo.

(05:43):

So these owners and operators in the city, they're buying these older buildings. They may be two stories. They're very small. They're industrial buildings that they have to get on the Jeep and they've got small, they've got 10,000 thousand square foot of self-storage, and then they're buying up multiple small buildings. Anything they can get their hands on, that pencils out that the municipality will allow for self-storage is what they're putting in. So they're truly having to beg, borrow, and steal and scrape the bottom of the commercial real estate to barrel to find these warehouses to be able to convert and put self storage in.

Doug Downs (06:18):

Are they expensive to buy? Are they expensive then for people to rent the space? What do the economics look like?

Scott Meyers (06:25):

Yeah, a hundred percent. They're profitable. They're doing very well. These folks, as long as they buy and the development costs are roughly the same. And so the savvy operators are doing well, but that is the key. That is the ticket. It's all about the land and about the building and how much they pay for that. Tax isn't really even as much of an issue here as it truly is just the cost of space in the real estate itself. But if they can find these buildings, they're actually doing very, very well because the demand is incredible. I mean, they're sitting at 1.3 square foot per capita, 1.3 square feet of self storage per capita. Whereas here in the US what is considered equilibrium is somewhere around eight square feet per capita. And so there is even greater demand because of the compressed space in the living quarters that they have. But being that they're such a short supply or a low supply of self storage that allows 'em to charge 'em some pretty healthy rates.

Doug Downs (07:19):

So then the solution, what the innovations then that their mother necessity, if they're pressed for space and things are expensive, mother necessity will come up with ideas, we'll come up with innovations. One solution would be to build taller

(07:35):

Any sense of municipal developments that they're trying to make differences in permitting. What are the innovations that they're talking about given their constraints?

Scott Meyers (07:45):

It all boils down to doing everything possible that they can to value engineer a building once they're building it, but starting with the smallest plot of land because it's going to be least expensive that will then allow them to go as high as possible. So obviously putting the lift in, but a much smaller footprint than we would normally see, but able to go up to four or five, six stories. And here in the US the rates, the rental rate gets lower the higher we go up in sell storage here. But what we've seen, and as I talk to some of these operators, it doesn't matter. They're so pressed for storage and there's such a demand and a waiting list for it doesn't matter where it's located. These folks will, they'll put a cart on the elevator and they'll go up six floors. It may take 'em 10 more seconds, but where are they going to go?

(08:30):

They can't go anywhere else. And so it really boils down to every aspect along the way. I would say, let me make a blanket statement, Doug, and that is when a developer is looking to build a building, they have to look at every single facet and do their best to reduce the expenses, minimize the expenses from an operation standpoint to construction standpoint as much as possible in order to make these things pencil well. And they can't leave any stone unturned. So they're using a lot of technology. I mean, obviously the Japanese are known for advances in technology, and so they're way ahead of the game with regards to unmanned facilities and with low to no overhead or staffing at these, they're, they're all done by utilizing them. I'd say even if I walked around the trade show floor, the advancements that we've seen in the platforms that allow us to bolt on either utilize the technology that's involved in this one particular vendor's platform or be able to bolt on the security and move-ins, move outs, lean process as much as possible we're seeing is being automated and handled on a digital platform. And then also leaning heavily on ai, which is what one of my presentations was on the main stage, is how to implement a AI in self storage and what kind of an impact that can make without lessening the customer experience.

Doug Downs (09:49):

So those are the things that we can learn from Asia's experience or Japan's experience. What are the things that we can share, teach, educate with them? You mentioned AI.

Scott Meyers (10:01):

Yeah, so interesting. And it takes me back to the early days when I was investing in storage where there wasn't, well, there wasn't, not pointing to myself, but pointing to our organization. There wasn't a Scott Meyers and a Self Storage Academy to teach people how to do the business. And I had to learn on my own and I had to go to these shows to network and find out what other folks were doing or their owner operators. And that was the basis, the foundation for me, learning about the business and then a lot of trial and error mistakes along the way. So these folks, and I was also surprised and thankful, kind of cool. I didn't expect this when I went over there, but there's a whole lot of people that recognize me and pulled me aside. And of course they hadn't been to our academies, but they found obviously our podcast, so thank you for that.

(10:42):

They found our videos on YouTube and they've learned from us. And if not five, I think at least seven or eight folks said, you were my inspiration in, started in the business involved. And it was just, it's kind of cool to see impact that we made over there that I never would've anticipated again. We've seen some searches coming from over there, but so that's always good to see that we're making an impact around the world and helping these people to get in, especially after I had an opportunity to then speak with some of these folks and used to being at the SSA and ISS shows with three, four, 5,000 members attending and here there was 250 and they travel around to different parts of the world. It's not always in Tokyo. They move it to Thailand, Singapore, different places each year, but this entire group that's operating out of Asia there, they all come to that show and this is how they learn about the business.

(11:36):

They learn from each other, they're sharing best business practices, and they're all bootstrapping and they're all pioneers in their own countries because self storage isn't a thing and they're having to teach the municipalities and they're also having to educate the public about self storage on the way. And so it's truly, I mean, it's taken me back 20, 22 years of what it was like when I began in self storage. And I just absolutely love to be able to have those conversations and then to be a part of it and to be able to help all these folks to raise all the ships.

Doug Downs (12:06):

There's so much to pull on from what you just said, the bootstrapping and the fact that this small group of people are having to work with the municipalities. My question was how are they changing permits and zoning? Well, that's probably a prime issue and in different parts of Asia, of Selfeast Asia, it's going to be different. And the way governments, local governments behave, quite frankly is not the same as in the us. It's different. Any stories that anybody shared about troubles they've had or successes they've had working with Munis? Yeah,

Scott Meyers (12:44):

I think probably the biggest example of that is that any association, the more they grow in size, the self storage association, they do a lot of things. They lobby on our behalf behind the scenes. But then also if a state is having an issue with say, a lien policy and the public is pushing back and the local courts are trying to make it more difficult for owners and operators to be able to just run a business or to handle the lean process or they're looking at rent control, then the SSA will step in and send dollars and people and resources to be able to combat that for good reason. And here are the reasons. And to be able to lobby on their behalf, it's super important for these folks that is the case because it could be one single owner operator that is trying to get zoning changed to self storage from residential or whatever it is right now.

(13:38):

And I mean this in a kind way, just the ignorance of the municipality of recognizing that self-storage is a very quiet neighbor. They don't draw on a lot of resources. It doesn't create a lot of traffic, it doesn't create noise, it doesn't create light pollution. There aren't people living there, so you don't have issues with all these things. And it's one thing for the owner operator to come in and for them to easily say no and not approve it, but it's another thing for the association or remember to come in and just say, Hey, we understand that you're kind of new and self storage is new, but here's what we found and here are the studies, here's the stats, here's what self-storage looks like and operates. And the municipalities all around Asia, including your neighbors, they have a master plan that includes self storage because of the benefit that it brings to the market.

(14:22):

And so having the, well, it's not even the 800 pound gorilla over there, but having the 250 pound gorilla come in and at least help to lobby on your behalf in some of these instances has been extremely helpful and beneficial for them. And so there's a couple of stories like that. But yeah, it's been more the successes of just getting help from other folks to be able to lean on each other, to be able to take some notes from somebody else's presentation, literal presentation that they gave to their municipality and share a PowerPoint to show the bullet points as to why they should be approved has been. That's what these guys do, these guys and gals, they're just sharing anything and everything to help these folks because they're all, at the end of the day, we're all friendly competitors in storage, but somebody from Jordan in the Middle East helping somebody in Singapore, there's no competition. They're all just friends that get together once a year helping each other to further the industry.

Doug Downs (15:09):

So that's the other part I wanted to pull on there. A conference with 250 people, that sounds to me like networking.

Scott Meyers (15:17):

Heavens, oh my gosh, that's

Doug Downs (15:18):

Beautiful.

Scott Meyers (15:19):

And they gave ample time between presentations 30 to 45 minutes, not just a potty break, but ample time after a presentation for people to be then go find your bestie from the other country and chat about this or go talk with the speaker afterwards as well as an incredible networking evening. The first night it was only a two day conference, three days really. There was a site tour the first day and then two days a conference, but just an incredible dinner and networking event that we were able to go to the first day of the conference as well as ample time. And then it start till eight 30 to nine the second day, so time in the morning for coffee and other meetings. And it was key. And it's a challenge because the speakers are all these people, not just vendors, but they're all the members that are talking about a case study or a win or things that they're doing. So nobody wanted to miss that. But at the same time, they didn't want to miss out on these conversations because only so much time and so many people to be able to talk to. So you could see that people came here with a purpose and at the end of two days or three days, they were all socially exhausted from taking the time to learn and network and make their way around.

Doug Downs (16:32):

I hope maybe you found some new mastermind members. Wouldn't it be brilliant if they were able to come and spend some time? Because I've seen your group that you gather for your mastermind, and I've seen firsthand those sessions. And it is networking of course, but it's the amount of information and personal stories, business stories, solutions that people are able to share infinitely valuable for someone from that group in Selfeast Asia to see some of the solutions that work in the US and maybe they can extract some of those for their own

Scott Meyers (17:10):

Situation. That's one of the things that I took away for the team that we're going to discuss today as a matter of fact in our meeting, is that it took everything I had not to just, I had to guard myself and then I'm getting better at saying no. And I had to guard myself against just wanting to launch a mastermind over there because oh my gosh, you're right to be able to see the benefit of a mastermind and what it has done for our operators that continue to grow their business each and every year by the value of their portfolio by 30 or 40%, to be able to take that and extrapolate and move that over to Asia, these folks would just gobble that up, but it's almost impossible because they're not all in Tokyo. They're from all around Asia, so travel would be difficult for all of them, but we are going to talk about, because there is so much connectivity and we have the ability to do virtual, we do virtual masterminds anyways for folks that are, if they can't make it to one of the events that we livestream it.

(18:09):

And so we are going to discuss what this looks like and maybe do a pilot to see if we can reach out to some of these folks because after my speech, I had given a sheet kind of an AI cheat sheet to these folks, and if I didn't collect their cards or talk to them to begin with, if they wanted that, they had to click on a QR code that I put on the screen and enter their email address to get all that information. So now I've got many of the members' information to be able to reach out and do that. So challenging and that English is the first language in some of these areas, but not all of 'em. They did have translators with the headphones and everything on while we were at this. It's kind of funny, it looked like the UN I'm speaking, and all these people have headphones on and there's translators over here talking, but they pulled it off flawlessly and we're going to look into seeing what we can do to make that available.

Doug Downs (19:01):

And that's a whole bunch to unpack there about AI and self storage. But we're going to save that for the next episode. Of course.

Scott Meyers (19:09):

I think we should.

Doug Downs (19:10):

Yeah, because too much, too much for one episode outside the conference, I hope you had a chance to see some of Japan, or at least of Tokyo. What did you see?

Scott Meyers (19:19):

I did. Here's the thing. My wife gets to travel with me almost all the time now, and I was always so bummed that she didn't, but there's times when I know if there's a city that we're going to go back to or I'm going to come back to, I try not to do the cool stuff to save it until she's with me. But I did ride the bullet train because the hotel was right across the street, and I hadn't prepared for this trip to be a tourist ahead of time. And I just thought the bullet train was the bullet train. There's one train. Well, oh my gosh, there's multiple every seven minutes, another bullet train comes back on the platform and they go in both directions. I had no idea. And so yeah, clocked about a hundred and a little over 150, took a side trip to Nagoya Japan,

(19:58):

And I figured I'll do some things that my wife isn't too interested in going to the Toyota Museum, so it's nothing that she's going to be excited about doing when we go back to Tokyo. So they're considered really the kings of industrialization and modern manufacturing. And so I get to see their museum and how they started as a textile company. And in 1924 built, I forget his name, Nuco Toyota invented in 1924, this automatic loom in which you didn't have to physically shut it down and change all the spindles. It was automatic. And that revolutionized the textile industry. And then they took that and parlayed that into building cars in 1937. They took a Chevy, they bought a Chevy, took it over there, took it all apart, and to see what made it, and then put together the entire assembly line and then modeled and made a car based a 19 34 35 Chevy, I think is what it was.

(20:50):

And in 37, they were manufacturing and they had one, two models, AA and a truck, and I forgot what it was called. And those were what they first started out with. And now here they are king of the world. They're the largest automobile producer in the world. And so that was kind of cool to do that. And then I went to a famous market down there and famous for fashion in all things Japan, and walked around there for hours. And I'm not a shopper by any stretch, but some of the most incredible people watching. And just to be able to peruse and see all the things. I mean, you could buy anything and everything there. And it was huge. There's over 1200 stores in this open air mall that was just incredible. And then I ended the day before I grabbed the bullet train back by going to a 400 year old restaurant, the oldest in Japan, and had some very nice, also old whiskey.

(21:45):

And I was able to buy a Cuban cigar, which we can't here in the us. And so I had an incredible little treat out on the open air parrot patio by the Koi Pond in this incredible restaurant. Just, yeah, it was a fantastic day to explore Nagoya and then head back to Tokyo. And then the next day, I spent a little bit of time in Tokyo before my flight that headed outside, I went to the Shibuya scramble. Shibuya Square is the world famous. Many people recognize this. The intersection where they shut down, it's the busiest intersection in the world, and they shut down the traffic lights shut down all the motor vehicle traffic, so all the people can walk from six different directions. So I'll come into this circle called kind of octagon, and they move more people through there in 30 seconds in any other intersection in the world.

(22:31):

And so I got to take part in the Shibuya scramble. I did not get hit and videotaped it, and then I got to watch it from above. And then I had the most amazing, I mean, the food was just incredible. And I had the most amazing, I'm a big fan of Unagi eel sushi anywhere I go. So I found the best Unagi restaurant, and I almost missed it, of course. Tiny little hole in the wall that I went into and had, well, I'm spoiled or wrecked one of the two. There's no way I can eat eel or unagi back here in the US again, that rubbery, crappy stuff that we eat over here after having that was just absolutely incredible. So that and many more experiences. But that was my whirlwind tour and just, I would love to go back and spend a month or two there and learn more about the culture and get out into the countryside.

Doug Downs (23:19):

I love how you speak about it. What's the American narrative over there when you're there and they know you're American? Is it open arms welcome? Is it a curiosity? I mean, the world is spinning rapidly with a lot of opinions. Is there a negative of any kind? What was your sense?

Scott Meyers (23:39):

Here's what I've noticed, and it's kind of uncomfortable almost. We spent time raising capital in the Middle East and spending time there as well. And there is this, and I can't say it any other way, but with a hundred percent humility, and only because it's fact. This is what I've observed, is that there is this white man, American businessman, privilege and given way more credit, credence attention praise than is worth. And it

Doug Downs (24:10):

Feels awkward to you.

Scott Meyers (24:11):

It does feel awkward.

(24:13):

It's just like, Hey, I'm a regular dude, just like the rest of you just still scrapping here in this. But when you first walk into a room or on a stage or when I walk into a meeting, meetings over there in the Middle East as well as Eastern Asia, there is that, and my cohorts that are over there, the Arabs and the Asians, they just said, yeah, it's a real thing. It really is. The people I'm traveling with, I call it my entourage, they get carded by the security coming into a building. And I don't am set at a different place at the table than others or served first. And it is a little bit uncomfortable. Outside of that, I truly want to know whenever we go, when we travel around the world, when we went to London, I want to sit in a pub and I'll strike up a conversation with folks and I'll just say, Hey, you can shoot me any question you want. Tell me what you think about Americans or give me a serotype and I'll tell you whether it's true or not.

Doug Downs (25:08):

Hands

Scott Meyers (25:08):

Down, ask

Doug Downs (25:09):

Me,

Scott Meyers (25:09):

You got me here, not what you see on the news of world news or from any politician, but ask me. And then I want to ask the same back and engage in those conversations. So I didn't have a whole lot of time to do that here, but it was also, oh, I went to a museum of a castle that was built in the 16 hundreds bombed out in World War II because it turned into a munitions storage place and then and burned, and then they rebuilt it again in the fifties just exactly like it was. But the original is gone. And so I'm walking through this museum and I, as far as I could tell, this was on Saturday as far as I could tell, I was the only American around several hundred people walking through here. And then I'm walking through the one building, and then they had the video of the American bombers going over bombing the place where we're standing. And so I guess there's a little piece in knowing that, hey, they started it. So I can't feel bad about what happened afterwards and what ultimately happens in war. We all learn from it, but those are the places when you get onto the countryside where again, English speaking folks, I would love to engage in those conversations just to really see what the sentiment is. So to answer your question, Doug, in a very long manner, I don't know. I don't truly know.

Doug Downs (26:27):

Yeah, if there is any healing, it's surely through dialogue and experience together.

Scott Meyers (26:32):

Hundred percent. And just that and just getting down to, hey, what is the sentiment over there of the Japanese? What is the sentiment of Americans over here? I would love to have those conversations and maybe set the record straight on behalf of America if I can, but also fess up and also raise my hand and say, yeah, guilty is charged. You pegged us. Right? Whatever that looks like,

Doug Downs (26:54):

I'll give it to you for final thoughts. Yeah. And any thoughts on is it worth going for a self storage investor? Do I need to be one of the bigger self storage investors to gain benefit from going to Selfeast Asia? But your closing thoughts?

Scott Meyers (27:11):

Yeah, I would say it is different as a big operator to go make a splash and to be able to buy or build if you're going back and forth, or even if you're going to spend say a month over there to identify a site, I think it's going to be very, very difficult if you're going to do anything. I think at scale, I think you need to partner with somebody who's already in the market that needs your expertise and capital probably, and connections to be able to grow alongside of them. But if you're going to go over and try to make a splash and do it and pop in a whole bunch of class A facilities to sell off to a REIT anytime soon, I think you're going to have a tough road to hoe, from what I've seen in Tokyo, let alone Japan in general, each and every city is different over there, just like it is in every municipality over here as well.

(27:56):

And you get into those second tier, third tier cities, I imagine it's a little less challenging, but you also, in many of these countries in Asia, you don't have rights. We have freehold rights to be able to own the properties. They'll own the land, and you may be able to own the building, or in some cases you can't own the building, you'll just be able to lease it. And so the model may look different. You'll get long-term leases, you'll do the build out, the fit out, the conversion, but it has to be a long-term obviously lease in order to make the business model work. And then what happens when, who are you going to sell to? You are just going to keep it. What does that look like? So there's lots of questions, first of all, in determining what the path is forward and what the business plan looks like.

(28:38):

But yeah, to answer your question directly, I think it would be very difficult for an American to just go over there and make a big splash and then ultimately have the exit that they would expect to have or what we can enjoy over here. So let's do this. I think I spent a lot of time riffing on Tokyo and my experience and then the people. But yeah, it was an incredible experience. So let's do this. We'll circle back and we'll do a part two and we'll focus on my two presentations. One was on AI and the main stage, and the other one was on raising private equity in today's environment and how that pertains to what they're doing over there in Asia. So I did do some homework and research on that. So we'll do more on the AI side and discuss that more on round two of this podcast. Sound fair? I reto. All right. Thanks everyone. This is Scott Meyers signing off with the Self Storage Podcast. We'll see you on the next one. Take care.

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