Self Storage Performance Quarterly Q1 2018
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
160
9,000
8,000
140
7,000
56
120
6,000
74
100
36
31
5,000
80
38
4,000
48
60 Number of Starts
3,000
Square Footage (000)
10
95
20
16
18
18
40
79
22
76
2,000
67
60
17
45
20
39
38
37
1,000
36
35
27
15
0
0
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Secondary Markets
Total Nationwide (Combined)
Top 50 MSAs
New Construction
43
24
67
Alterations/Renovations, Interior Completions
19
14
33
Total Number of Starts
62
38
100
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
77,789 $95.16
85,366 $73.79
80,503 $87.04
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$318,300,000
$151,179,000
$469,479,000
Total Gross Square Feet
3,344,944
2,048,780
5,393,724
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® 2018.
Cushman & Wakefield | Valuation & Advisory
6
Made with FlippingBook Learn more on our blog