A lengthy runway

As commercial real estate goes, no sector has been as white hot this economic cycle as rental apartments.

Tens of thousands of new residences have been developed throughout the Gulf Coast during the past four years, even as investors have clamored for well-maintained and well-located existing complexes -- buying at multiples not seen before in Florida.

Less noticed, however, despite its close ties to the multifamily industry, has been the equally explosive growth of self-storage properties in the shadow of the multifamily boom. As with apartments, hundreds of new units have been developed and existing facilities are being gobbled up.