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.
Inside Self-Storage 10/98: A Case Study: Butler Manufacturing Company
Facility Spotlight A Case Study: Butler Manufacturing Company Good Design Overcomes Bad Topography By Jim Ladesich Self-storage developers often "infill" sites where a strategic location offsets their problem topography. That was the case with a 75,000-square-foot ...More
ONE ON ONE
ONE ON ONE An Interview With Mike Burnam Mike Burnam is CEO of Storage Trust, a real estate investment trust based in Columbia, Mo., where he was born and raised. Mr. Burnam graduated from the University of Missouri with a degree in agricultural economics and spent his ...More
Let's Get Started
By Jim Chiswell Conducting a feasibility study should be looked at as more than just determining the viability of a specific location or market area. It should also be viewed as a complete process of determining if you really want to be in the self-storage business, and if ...More
State of the Industry
State of the Industry Will the Boom Continue? By Cecile Blaine They say hindsight is 20/20. That's why we must look to the past in order to anticipate the future. It is especially true in gauging the health of the self-storage industry. Since self-storage is a real-estate ...More
The Process of Project Approval
The Process of Project Approval By Bruce Jordan It is no secret that the world has become a more complex place today than it was 10 years ago. As governmental agencies, environmental regulations and community groups grow in complexities, so do the difficulties in getting ...More
Zoning: Friend or Foe?
Zoning: Friend or Foe? By Buster Owens The self-storage industry is experiencing the fastest growth rate to date. With the introduction to the storage market of REITs, successful franchising, low cost and availability of money, the expansion is tremendous. A successful ...More