Self Storage Performance Quarterly Q1 2016
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
60
3000
50
2500
18
18
16
40
2000
20
17
30
1500
11
8
22
9
4
11
Number of Starts
13
20
1000
Square Footage (000)
37
8
36
35
27
25
22
22
10
500
20
18
16
15
14
14
0
0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts Top 50 MSAs
Secondary Markets
Total Nationwide (Combined)
New Construction
21 12 33
15
36 16 52
Alterations/Renovations, Interior Completions
4
Total Number of Starts
19
“New” Construction Starts Characteristics
Facility Size (average gross sq ft) Direct Construction Cost (per sq ft) Value of Direct Construction Cost
70,077 $80.71
66,856 $71.66
68,735 $77.04
$118,777,000 $71,866,000
$190,643,000
Total Gross Square Feet
1,471,617
1,002,840
2,474,457
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® 2016 2020 Main Street, Suite 1000, Irvine, California 92614 Phone: 626-304-2920 Fax: 626-304-2921 www.ssdata.net
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