Self Storage Performance Quarterly Q3 2019
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
30
48
100
27
38
5,000
36
56
37
33
80
36
4,000
Number of Starts
36
Square Footage (000)
60
3,000
31
105
95
91
83
40
79
76
2,000
72
69
67
60
59
45
20
38
1,000
0
0
3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Starts New
Alterations, Additions, or Renovations
Total Square Feet
Total Construction Starts
Secondary Markets
Total Nationwide (Combined)
Top 50 MSAs
New Construction
62
29
91
Alterations/Renovations, Interior Completions
13
17
30
Total Number of Starts
75
46
121
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
103,003
69,238
92,243
Direct Construction Cost (per sq ft)
$91.553
$73.45
$87.22
Value of Direct Construction Cost
$584,654,000
$147,488,000
$732,142,000
Total Gross Square Feet
6,386,168
2,007,900
8,394,068
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® 2019.
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