I've read a lot about outdoor storage over the past several years and wondering if this is still a market that is expanding, and if so, in which geographies?
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I would shy away from large swaths of land in rural markets and focus on core, well-located infill sites near large population centres.
The absolute best would be low-coverage sites with a cross-dock building and then excess land for storage - these are gold. For there to be demand for outdoor storage, you generally need broader freight demand in the region you're in. Focus on being located near artieal rodes, intermodal stations, ports or other freight drivers.
Speaking as a Canadian - we have seen freight pricing completley fall off and the demand for outdoor has gone away completley.
There are structual tailwinds that will continue to favour well-located infill sites: lack of new supply (municipalities hate zoning for outdoor storage / low coverage sites continute to be devleoped) and continued demand through increased e-commerece / delivery and the need for flexiable storage options.
IMO storage in general is high risk because of the sheer number of "entrepreneurs" piling into it because its one of the few asset classes that are approachable for someone with no corporate experience.
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