Self Storage Performance Quarterly Q1 2019
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
6,000
48
100
38
5,000
36
56
37
33
80
36
4,000
Number of Starts
36
Square Footage (000)
60
3,000
31
105
95
16
10
40
79
76
2,000
72
69
67
60
59
45
20
39
38
1,000
36
0
0
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Secondary Markets
Total Nationwide (Combined)
Top 50 MSAs
New Construction
40
19
59
Alterations/Renovations, Interior Completions
23
13
36
Total Number of Starts
63
32
95
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
87,788
60,783
79,092
Direct Construction Cost (per sq ft)
$85.40
$63.81
$80.06
Value of Direct Construction Cost
$299,895,000
$73,961,000
$373,586,000
Total Gross Square Feet
3,511,532
1,154,868
4,666,400
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® 2019.
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