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.
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
Self-Storage Call Tracking and Conversion: Maximize Marketing Dollars
By using call tracking and conversion techniques, self-storage managers and owners can maximize marketing budgets and ensure every dollar spent contributes to the bottom line. ...More
Marketing Self-Storage Facilities in a Rapidly Changing World
To compete in today’s competitive self-storage environment, storage owners need to re-invent, re-position and re-work their marketing strategies. ...More
New Dublin Facility Raises the Bar for Self-Storage in Ireland
Mini Storage’s new facility in Dublin, Ireland, developed by George Bulman, includes state-of-the-art security, a children’s playground, covered parking and more customer-friendly amenities. ...More
Understanding Self-Storage Real Estate Value During a Credit Crisis
The decline of commercial real estate values during the current credit crisis does not accurately reflect self-storage values. Self-storage owners are counseled to evaluate all facets of the market before determining their facilities’ true worth. ...More
Supplier Spotlight: eGad Design Group
Atlanta-based eGAD Design Group was founded by Bert Brown as an architectural and engineering firm specializing in the self-storage industry. Although only four years old, the firm will have completed more than 50 projects by the end of 2008. Brown’s career in ...More
Choosing the Right Materials for a Self-Storage Fit-Out
Selecting and incorporating the best materials for a self-storage fit-out (construction) is a key component to a facility’s success. ...More
The Future of Canadian Self-Storage
Although the credit crunch has created a pause in lending, the self-storage industry in Canada has remained healthy—occupancy and rental rates are climbing, and development is being absorbed. Operators are expected to begin focusing on building local portfolios. ...More
Self-Storage Finance: A Year in Review
The current view from the street (summer 2008) is pretty grim. One only needs to browse daily business headlines to recognize the severity of the nation’s economic situation. The “credit crunch” has gone from Wall Street to Main Street, and is leaving the ...More
Supplier Spotlight: The Rabco Corp.
Nearly a year ago, The Rabco Corp. celebrated its 20th anniversary. Not only was it a time for reflection, but also a chance to look forward to the next 20 years. With rising material costs and an increase in competition, Rabco stands above the crowd with years of ...More