Development

The development of a self-storage facility generally begins with a comprehensive market analysis of the proposed project area. New owners and/or developers will usually hire a third-party specialist to conduct a detailed feasibility study, which will identify market demographics and other key metrics to determine the viability of self-storage in a particular location. Once a site is chosen, an engineer and architect are hired to design a self-storage facility that will maximize the investment in the land, including the site layout and unit mix. The developer, builder and/or owner may need to meet with local residents and the planning and zoning board to discuss the community impact of the project and the aesthetics of the individual buildings, including landscaping, building height, door color, etc. Owners might consider a multi-story building to maximize their footprint, or converting a building from another use to self-storage to widen their options.

  • Opening a New Facility
    Preparing and opening a self-storage store may seem like a simple task--until you actually begin the process. What most people do not predict are the special "surprises" every development project contains. About 90 days before a self-storage opening, there is a little extra ...More
    July 1, 2003 RK Kliebenstein
    Posted in Articles, Development
  • International Business Forum
    At the 2003 Inside Self-Storage Expo in Las Vegas, three U.S. self-storage veterans discussed their perspectives on the growing self-storage market in the United Kingdom and Europe. In a unique International Business Forum, Ken Nitzberg, chairman and CEO of Devon Self ...More
    July 1, 2003
    Posted in Articles, Development
  • European Self-Storage: Climb on the Bandwagon
    In 1999, studies revealed that for the European self-storage market to reach a facility-saturation rate equal to just 50 percent of that in the United States, 18,865 self-storage facilities needed to be built in Europe within 20 years. This means building 2.6 facilities a ...More
    June 1, 2003 Cesara Carcano
    Posted in Articles, Development
  • Set 'Em Up and Sell 'Em On: Euro Self-Storage
    When referring to self-storage, the phrase "set 'em up and sell 'em on" makes the whole business sound so simple. Last year's acquisition of Aardvark Self Storage Ltd. and Rent-A-Space by Mentmore PLC demonstrated the "sell-out" most dream of may have been oversold. But the ...More
    June 1, 2003 Andrew Donaldson
    Posted in Articles, Development
  • Euro-Zone Needs Storage
    Six hectic and eventful years have passed since my arrival in England from Australia. Business takes me on regular "flying visits," where as soon as I am out of one office, I am in another airport lounge ready for take-off. This past summer, however, I piled my family into ...More
    April 1, 2003 Jonathan Perrin
    Posted in Articles, Development
  • Due Diligence
    Many parties interested in expanding their self-storage portfolios or venturing into the storage business have lately found good deals are becoming scarce, with capitalization rates pushing the envelope. Many investors share a common concern: "If we are going to underwrite ...More
    February 1, 2003 Matthew T. Pipkin
    Posted in Articles, Development
  • Conducting a Feasibility Study
    Your stocks aren't performing as you would like and you've been told self-storage is a "cash cow," but you're relatively unfamiliar with the industry. How do you choose a property? How do you determine if it will be successful? A feasibility study will provide the initial ...More
    February 1, 2003 Stephan Ross
    Posted in Articles, Development
  • State of the Industry Report
    A slow economy and declining demand put domestic self-storage to the test. What role will overseas expansion play? Crowded markets and a lagging economy over the past year tested the myth that self-storage is recession-proof. Some stores faired well. Others saw occupancy ...More
    January 1, 2003 Amy Campbell
    Posted in Articles, Development, Finance
  • Forecast '03
    While they may not have an all-seeing crystal ball, the industry experts who shared their predictions for the upcoming year with Inside Self-Storage do know a thing or two about the business. They are self-storage consultants, presidents, CEOs and all-around gurus. Here's ...More
    January 1, 2003
    Posted in Articles, Development, Finance
  • Overbuilding
    AS WE ALL KNOW, EVERYTHING HAS IT'S CYCLE, and self-storage is no exception. The only surprise is the self-storage upswing has lasted so long. Many operators will say the cycle is not over yet, and we are happy to agree with them. Others, however, are beginning to feel the ...More
    December 1, 2002 Michael L. McCune
    Posted in Articles, Development
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