The Era of Side Hustles & Freelancers

Can Self Storage Be the Next Creative Workspace?

"Find a stable job with health insurance and retirement benefits"—said no parent in the last decade. In the days of the Greatest Generation and Baby Boomers, dedicating your career to a single company often meant a secure retirement. That era, however, isn't even conceivable for Millennials and Gen Z—unless, perhaps, you're in a government job. 

Advances in technology and the rise of online platforms have transformed the workforce. People now juggle multiple jobs, generate income from various streams, and work on their own schedules. Whenever I ride with an Uber driver, I ask if this is their primary job. Four out of five times, the answer is no—they either use it to supplement their income or simply to stay busy.

More often than not, side hustles are fueled by passion. They allow people to engage in something they truly enjoy, setting them apart from their main jobs. While many pursue second jobs out of interest, the reality is that a full-time income often isn't enough. Enter the side hustle.

So, what does this have to do with real estate? Quite a lot, actually. This new wave of freelancers and entrepreneurs isn’t flocking to traditional downtown office spaces from the ‘90s. Instead, they work out of spare bedrooms, trendy co-working spaces, or local coffee shops. The real estate market has adapted well to the needs of these "tech nomads," who can set up shop anywhere with a laptop. However, one segment remains largely untapped: creative workshop space.

Think about the photographer who needs a permanent studio, the woodworker who has outgrown their garage, or the podcaster looking for a quiet, dedicated space. These professionals are centered around their craft more than their computer.

This group isn’t looking to commit to a five-year lease on a traditional office space. They need flexible, walk-in-ready spaces with utilities included, offered on a month-to-month basis. As side hustles and freelancing continue to grow as a significant part of the workforce, the opportunity to cater to these needs is both real and substantial.

This type of usage aligns with self storage facilities. The typical Class A, multistory self storage facility is not conducive to this use today. However, a new ground-up facility can be modified to include workspaces as an ancillary usage. These are not significant modifications—adding electrical outlets, more lights, maybe some sound insulation. While cities may not typically favor self storage projects, they love creative workspaces for entrepreneurs. Combining self storage with space for entrepreneurial startups could be the solution to unlocking challenging development projects.