Self Storage Performance Quarterly - Q2 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
180
9,000
160
8,000
140
7,000
74
120
6,000
48
100
5,000
38
36
56
33
80
4,000
Number of Starts
36
60
3,000
Square Footage (000)
31
95
18
18
16
10
40
2,000
79
76
20
72
67
60
45
20
1,000
39
38
37
36
35
27
0
0
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Secondary Markets
Total Nationwide (Combined)
Top 50 MSAs
New Construction
47
25
72
Alterations/Renovations, Interior Completions
22
14
36
Total Number of Starts
69
39
108
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
93,213 $100.59
52,635 $48.63
79,124 $88.59
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$440,697,000
$63,994,000
$504,691,000
Total Gross Square Feet
4,381,025
1,315,869
5,696,894
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.
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