Q1 2020 VA - Self Storage Performance Quarterly

Self Storage Performance Quarterly

Table of Contents Preface .............................................................................................................................................1 Section I – Executive Summary........................................................................................................2  Performance At-a-Glance............................................................................................................2 Section II – Supply and Demand ......................................................................................................3

 Supply..........................................................................................................................................3

 Construction Pipeline ..................................................................................................................3

 New Construction Starts..............................................................................................................6

 Location of New Construction .....................................................................................................7

 Demand .......................................................................................................................................8 Section III – Market Performance Data 1 st Quarter 2020 ...............................................................11

 Self Storage Performance Index ...............................................................................................11

 Self Storage Performance Benchmarks ...................................................................................12

 Concession Trends....................................................................................................................12

 Trends in Ten Most Popular Concessions ................................................................................13

 Elasticity in Demand ..................................................................................................................15

 Operating Performance – By Region ........................................................................................17

 East Region ...............................................................................................................................21

 Midwest Region .........................................................................................................................24

 South Region.............................................................................................................................27

 West Region ..............................................................................................................................30

 Operating Performance – By MSA ............................................................................................33

 Median Asking Rental Rates per Square Foot..........................................................................34

 Median Physical Occupancy .....................................................................................................35

 Median Rent per Available Square Foot ...................................................................................36

 Implied Economic Occupancy by Metropolitan Area.................................................................37 Section IV – Real Estate Investment Trusts (REITs) Performance Data 4 th Quarter 2019............38 Section V – Transactional Database 1 st Quarter 2020 ...................................................................40

 Methodology & Glossary of Terms ............................................................................................52

 Self Storage Chart of Accounts .................................................................................................55

 Company Profile ........................................................................................................................56

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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