Self Storage Performance Quarterly Q4 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
140
5,000
4,500
120
4,000
48
100
3,500
3,000
80
2,500
36
60
2,000
Number of Starts
Square Footage (000)
18
18
16
10
1,500
40
79
20
17
1,000
22
45
4
11
13
20
39
37
8
36
35
500
27
25
20
16
15
14
14
0
0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Starts New
Alterations,Additions, or Renovations
Total Square Feet
Total Construction Starts
Top 50 MSAs
Secondary Markets
Total Nationwide (Combined)
New Construction
36
43
79
Alterations/Renovations, Interior Completions
31
17
48
Total Number of Starts
67
60
127
“New” Construction Starts Characteristics Facility Size (average gross sq ft)
77,486 $80.24
40,960 $41.99
57,605 $65.43
Direct Construction Cost (per sq ft) Value of Direct Construction Cost
$223,823,000
$73,952,000
$297,775,000
Total Gross Square Feet
2,789,495
1,761,301
4,550,796
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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