Eventually price crashes far enough below retail that commercial users start filling out a lot of the space because the cost per square foot is lower than their own space.

Like you shove your winter PPE, your emergency stash of spare parts for process equipment, etc, etc, in some self storage lockers and get the same job done using less square footage with extensive compliance burden (or get more job done using same square footage).

I live near some storage facilities, and a significant number of them are rented by businesses.

Go to one of theses facilities at 7 am, and you will almost always see a few contractors packing the truck with whatever they need for the day.