is also relatively stable. Often, the process to build a new storage building is onerous and can take years. Additionally, this specific asset class often gets push back from communities, due to its nature. The self-storage sector is highly fragmented, which is in contrast to other asset classes in the industry. 80% of self-storage facilities are owned by individuals or small investors. There is a belief amongst investors that the self-storage industry is recession-proof. This belief is supported by the 5.1% total return the sector delivered to investors in 2008 during The Great Recession. The self-storage industry reported strong results during the COVID-19 pandemic. This is due to the fact that self-storage is considered to be an "essential business" in many jurisdictions so during a lockdown many facilities never closed and many people were reportedly panic buying storage units to keep valuables safe from contamination. Self storage worldwide Self-storage or variations on the business model are now found in many parts of the world. In 2014, FEDESSA, the Federation of European Self Storage Associations, published a report about the state of the self-storage industry in Europe. In this report, it was estimated that 975 facilities exist in the United Kingdom, 430 in France, 264 in The Netherlands, 210 in Spain, 131 in Germany, and 112 in Sweden. No other country in Europe has more than 100 facilities. Overall, the report estimates 2,391 total facilities in Europe, or about 75 million square feet of rentable storage space. This compares with over 52,000 facilities in the US (236 million square feet), and 1,100 facilities in Australia (39 million square feet). In the UK, charges are related to capacity in ft², transportation, hour/loading, with low-cost alternatives to traditional self-storage. Storage auctions In the United States, self-storage facilities may hold storage auctions or lien sales to vacate non-paying tenants according to their enforcement rights that are outlined within the lien law of each jurisdiction. In Canada, the process and legal requirements are outlined in the Repair and Storage Liens Act. Facilities owners are generally required to first notify the tenant of the outstanding debt, commonly by certified or registered mail to the address on file with the facility. If the debt remains unpaid, the facility must then give public notice of the sale or auction, generally in a newspaper of general circulation in most states, though some states may allow public notice of sales