Feasibility

If you’re contemplating a new self-storage project, it’s imperative that you perform a feasibility study, particularly in these times. Many markets are overbuilt or at the saturation point. You don’t want to build a project that becomes the tipping point to rent concessions and occupancy slides in the marketplace. A well-done feasibility study by a third-party, unbiased provider will tell ...

A great deal has been written about what makes for a suitable self-storage site location. The key variables are visibility and convenience of location within a market. In determining the feasibility of any site are three foundational questions nearly every self-storage feasibility needs to address: Is there sufficient demand to support development? Does the site have the appropriate characteristics to ...

My wife and I have a favorite TV show, Bravo’s “Top Chef.” She likes the fast-moving, out-of-the-box challenges that drive the competition. I like how the chefs prepare so many unique dishes even though they’re following the same recipe. The challenges are timed, and sometimes, rather than serve a failed dish, a chef will scrap it entirely in the name ...

Any way you look at it, there are certain procedures that should be followed to ensure success in self-storage ownership. And most, if not all, of these procedures require professional assistance. It means assembling a team of experts who can help you thoroughly research the project to determine whether it is a viable plan. The two most revealing documents the ...

Preparing your facility for market involves making the property appeal to the broadest range of buyers for an expeditious and profitable sale. Until the recent real estate slowdown, self-storage owners and investors in many parts of the country saw property values rising dramatically. A combination of record-low interest rates and rapid price appreciation turned many into serial buyers or ...