Self Storage Performance Quarterly Q3 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
10,000
9,000
160
8,000
140
74
7,000
120
29
6,000
48
100
38
5,000
36
56
33
80
4,000
Number of Starts
36
60
Square Footage (000)
3,000
31
105
95
18
18
16
10
40
79
76
2,000
72
67
60
45
20
39
38
37
1,000
36
35
0
0
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Secondary Markets
Total Nationwide (Combined)
Top 50 MSAs
New Construction
67
38
105
Alterations/Renovations, Interior Completions
16
13
29
Total Number of Starts
83
51
134
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
95,854 $86.41
67,094 $54.29
85,446 $77.28
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$554,936,000
$138,409,000
$693,345,000
Total Gross Square Feet
6,422,248
2,549,553
8,971,801
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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