Self Storage Performance Quarterly Q3 2016
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
90
4,000
80
3,500
70
3,000
36
60
2,500
50
18
2,000
18
16
10
40
20
Number of Starts
1,500
17
30
Square Footage (000)
8
22
1,000
45
4
11
13
20
39
37
8
36
35
27
25
500
22
10
20
16
15
14
14
0
0
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Starts New
Alterations,Additions, or Renovations
Total Square Feet
Total Construction Starts
Top 50 MSAs
Secondary Markets
Total Nationwide (Combined)
New Construction
16
29
45
Alterations/Renovations, Interior Completions
17
19
36
Total Number of Starts
33
48
81
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
85,244 $90.29
44,634 $39.72
59,079 $65.66
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$123,144,000
$51,421,000
$174,565,000
Total Gross Square Feet
1,363,909
1,294,642
2,658,551
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 ® 2016
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