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.
Building Canadian Self-Storage: Overcoming Red Tape and Politics
Building self-storage in Canada can involve navigating a maze of red tape and political subterfuge. By working with trained professionals and knowing municipal requirements in advance, a developer can minimize time and money spent. ...More
Financial-Crisis Survival Guide for Self-Storage Owners
As the economy continues to struggle, even top economists are unable to say definitively when we’ll see an upturn in the market. This uncertainty has frozen the real estate markets, making acquisition a challenging process during the past year and for the foreseeable ...More
Illinois, Indiana Self Storage Associations Host Great Lakes Expo
The Illinois and Indiana Self Storage Associations will host the Great Lakes Self Storage Expo, June 4-5, 2009, in Lisle, Ill. ...More
Getting the Most Out of a Self-Storage Feasibility Study
To be of the utmost value, a thorough self-storage feasibility study takes what has been learned about the site, market and competition, then develops it for specific market and operational strategies, proposed unit mix and amenities. ...More
Former Nursing Home Converts to Self-Storage in Wichita Falls
Mike Shallenberger and a group of investors acquired the former Wood Care Center nursing-home facility in Wichita Falls, Texas, for conversion to a Saf-T-Loc Self-Storage facility and other businesses. ...More
Maximizing Profit With the Right Self-Storage Unit Mix
In maximizing the amount of rentable space, the most overlooked factor is the unit-mix layout. Since income is derived from renting storage space, it is fundamental to maximize rental areas. Learning a few basic rules about layout efficiency, can move self-storage owners ...More
Neighbors Oppose Self-Storage Project in Lake Elsinore, Calif.
Despite opposition from neighbors, the Lake Elsinore Planning Commission in Lake Elsinore, Calif., continues to back plans for a self-storage facility bordered by mobile homes and a park. ...More
When to Hire a Self-Storage Real Estate Broker
In this tumultuous real estate market, using the services of an experienced, third-party intermediary is more vital than ever. Acquiring qualified buyers for self-storage properties has become more difficult as buyers have become much more selective, scrutinizing every ...More
Mixed-Use Development: The Next Frontier for Self-Storage
The mixed-use combination of retail businesses and self-storage is gaining favor in desirable commercial and retail corridors. Retail outlets acting as demand generators are attracting increased traffic to self-storage properties. Subsequently, self-storage operators are ...More
How Will Self-Storage Owners Survive the Credit Crisis?
Borrowing will be more difficult for everyone in 2009, including self-storage developers, who will have to work extraordinarily hard to obtain commercial real estate financing. The good news is interest rates are still reasonable and some banks are still making loans on ...More