Self Storage Performance Quarterly 1Q17
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
140
5000
4500
120
4000
48
100
3500
3000
80
2500
36
60
2000
Number of Starts
31
Square Footage (000)
18
18
16
10
1500
40
79
20
17
1000
22
45
4
11
13
20
39
38
37
36
35
500
27
25
20
16
15
14
0
0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Starts New
Alterations,Additions, or Renovations
Total Square Feet
Total Construction Starts
Top 50 MSAs
Secondary Markets
Total Nationwide (Combined)
New Construction
26
12
38
Alterations/Renovations, Interior Completions
11
20
31
Total Number of Starts
37
32
69
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
85,915 $81.02
58,586 $70.14
77,285 $78.42
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$180,983,000
$49,313,000
$230,296,000
Total Gross Square Feet
2,233,784
703,029
2,936,813
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 ® 2017
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