With favorable market conditions encouraging many self-storage owners and investors to build new or expand existing facilities, industry resources have emerged to guide interested parties through the development process. Available assets include articles, conferences, reports and whitepapers.
Inside Self-Storage (ISS), a provider of ongoing information and education resources for industry professionals, will host a one-day Online Self-Storage Developers Conference on Nov. 13. The conference will provide expert insight to ground-up construction, conversions and remodeling projects. It will begin at 10 a.m. EST with an overview of the current development climate and then unfold in 60-minute segments covering all aspects of the development process including feasibility, financing, new construction, the conversion process, facility renovation and expansion, and boat and RV storage.
The event is designed to be an online version of the Self-Storage Developers Conference ISS produced in June in New York City.
Several of the presenters associated with the ISS conferences also participated in a new whitepaper, “How to Build, Buy and Expand with Confidence,” published by online self-storage marketplace SpareFoot. The paper examines 10 common mistakes related to self-storage real estate and development and provides tips on construction management, due diligence, feasibility and financing, as well as advice on facility amenities and marketing.
“In the past few years, occupancy rates and real estate prices have soared. As the economy continues to improve, the demand for storage units is only expected to grow,” said Chuck Gordon, SpareFoot CEO. “Still, competition is fierce. To successfully build, buy or expand requires thorough research, fact-based decisions and smart planning.”
Founded in 2008, SpareFoot helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 7,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com and Penske Truck Rental.
In recent weeks, ISS also has published several articles related to development topics, including design and construction mistakes to avoid, interest rates and development in the Northeast, boat/RV-storage projects, and climate control.
A Self-Storage Market Conditions Report, prepared by commercial real estate firm Cushman & Wakefield, is also available for purchase in the ISS Store, an e-commerce website providing research and education products for industry professionals. The report examines the market conditions in the top 50 U.S. Metropolitan Statistical Areas to determine whether they are under supplied, at equilibrium or over supplied.
For nearly 25 years, ISS has provided informational resources to self-storage owners, managers, developers and investors. Its educational offerings include a monthly magazine, annual conferences and tradeshows, an extensive website, an online store, and Self-Storage Talk, the industry’s largest online community.