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Self Storage
Performance Quarterly
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® 2017
Cushman & Wakefield | Valuation & Advisory
6
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 Construction Starts
Top 50 MSAs
Secondary
Markets
Total Nationwide
(Combined)
New Construction
52
24
76
Alterations/Renovations, Interior
Completions
17
21
38
Total Number of Starts
69
45
114
“New” Construction Starts Characteristics
Facility Size (average gross sq ft)
86,047
78,341
83,613
Direct Construction Cost (per sq ft)
$98.44
$73.30
$91.00
Value of Direct Construction Cost
$440,451,000
$137,808,000
$578,259,000
Total Gross Square Feet
4,474,420
1,880,184
6,354,604
16
20
25
15
27
37
35
36
39
45
79
38
76
11
4
17
22
20
18
18
16
10
36
48
31
38
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
20
40
60
80
100
120
140
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Square Footage (000)
Number of Starts
Total New Construction - Nationwide
Starts New
Alterations, Additions, or Renovations
Total Square Feet