Space, the Final Frontier Providing Storage is a Most Valuable Amenity

This is about the easiest decision—the closest thing to a no-brainer—a board of directors will ever need to consider: what to do with vacant space.

Install storage lockers. If you already have storage lockers, install more storage lockers.

What other building amenity pays back its initial investment in a year or two, turning a bleak, dark hovel in the basement into a perpetual money machine while making closet-space challenged residents very happy?

“The benefit is being able to have on-site storage,” says Michael Tolva, president of City Storage in Chicago. “Most people, especially who live in condos, the space inside their units is small. The need for storage is very great. The fact that it is in their own unit is a huge amenity, especially when they are storing seasonal items. They don't have to get in their car and drive down the street, they can retrieve things a lot quicker.”

For co-op and condo conversions of older buildings, which were not typically designed with built-in storage space, turning vacant basement or other space in the building into a storage room is a great way to bring in new revenue.

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