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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