Q1 2020 VA - Self Storage Performance Quarterly

Self Storage Performance Quarterly

New Construction Starts The graph below illustrates the historical trend in the total number of new construction starts including alterations, renovations and interior construction, both within and outside major metropolitan areas.

Total New Construction - Nationwide

180

10,000

9,000

160

8,000

140

74

7,000

120

29

50

6,000

30

34

100

27

38

5,000

36

56

37

33

80

36

4,000

Number of Starts

Square Footage (000)

60

3,000

31

105

95

91

89

85

83

40

76

2,000

72

69

67

60

59

20

38

1,000

0

0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Starts New

Alterations, Additions, or Renovations

Total Square Feet

Total Construction Starts

Secondary Markets

Total Nationwide (Combined)

Top 50 MSAs

New Construction

45

40

85

Alterations/Renovations, Interior Completions

21

13

34

Total Number of Starts

66

53

119

“New” Construction Starts Characteristics Facility Size (average gross sq ft)

108,961

42,107

77,500

Direct Construction Cost (per sq ft)

$81.50

$70.60

$78.71

Value of Direct Construction Cost

$399,625,000

$118,902,000

$518,527,000

Total Gross Square Feet

4,903,263

1,684,260

6,587,523

Source: Cushman & Wakefield, Inc. The Self Storage Performance Quarterly , a publication of Cushman & Wakefield, Inc., is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.

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