Self Storage Performance Quarterly Q2 2017
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
7,000
120
6,000
48
100
5,000
38
80
4,000
36
60
3,000
Number of Starts
31
Square Footage (000)
18
18
16
10
40
2,000
79
76
20
17
22
45
4
11
20
1,000
39
38
37
36
35
27
25
20
16
15
0
0
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Top 50 MSAs
Secondary Markets
Total Nationwide (Combined)
New Construction
52
24
76
Alterations/Renovations, Interior Completions
17
21
38
Total Number of Starts
69
45
114
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
86,047
78,341
83,613
Direct Construction Cost (per sq ft)
$98.44
$73.30
$91.00
Value of Direct Construction Cost
$440,451,000
$137,808,000
$578,259,000
Total Gross Square Feet
4,474,420
1,880,184
6,354,604
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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