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Self-storage investors are currently enjoying a rapidly rising stock market and surprisingly very stable debt market, albeit at elevated interest rates to the Covid era, but by historical standards in line with the 30-year averages. However, it is clear that there is a bifurcation in the investment market with Class A, major market properties commanding a premium valuation and still historically low cap rates, while secondary and tertiary market properties struggle to find buyers. Willing and able buyers, in turn, are expecting widely expanded valuations and meaningfully higher cap rates.