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.
Overbuilding in self-storage doesn’t always get the attention it deserves. Owners need to focus on why it occurs, the repercussions, and how to avoid overbuilding in local markets. Overbuilding is a market condition in which self-storage supply exceeds demand at any given ...More
Barry Gorenstein Storage Investment Management Inc. (SIMI), based in Stillwater, Minn., appointed Barry Gorenstein vice president for operations. He is responsible for customer service, staff development, training, audits, inspections, policy, systems and procedures, ...More
Due Diligence Turns the Tables
Due diligence is one of your first steps when shopping for a storage facility, or a vacant parcel or building to convert to self-storage. When considering the purchase of a vacant land parcel or building to convert to self-storage or an existing storage property, one of ...More
News From Around the World Facility Plan to Save Historic Mill After standing empty for three years, a historic mill in Manchester, England, is being revived as part of a mixed development that includes self-storage, industrial units and a gym. Mile End Estates is ...More
You Down With OPM?
Other peoples’ money (OPM) is the key to making commercial real estate yield the greatest return on investment. More important than capitalization rates, revenue management and expense control, cash is king. And never in the modern history of finance has there been a better ...More
What Makes a Good Deal?
In any business transaction, investors look for the right mix of critical elements. In self-storage, that mix includes an experienced management team, a good marketing plan, strong cash flow and an ability to adapt in a changing marketplace. At the heart of every deal is a ...More
United Stor-All Sante Fe
A vacant builder’s supply yard was transformed into a multi-story self-storage facility with a pre-engineered interior-mezzanine system. The result was a space-efficient and profitable business for the owner and an asset to the community.The United Stor-All project in ...More
U.K. Storage Attracts U.S. Dollars
I recently spent four pleasant days in New York, meeting U.S. institutional investors, analysts, traders and investment bankers interested in the U.K. self-storage market. The trip was a follow-up to interest expressed by U.S. investors, who are looking for a fresh way to ...More
The Beauty of Mixed-Use Development
In the mid -’60S, state-of-the-art self-storage facilities were generally in remote, industrial sectors. Land was cheap, construction aesthetics were nonexistent, and the “Field of Dreams” approach was the sole marketing strategy. Since then, all aspects of the industry ...More
The Fine Points of Boat/RV Storage
As RV and boat storage develops an identity independent of traditional self-storage, it’s important for developers to educate themselves on the design and construction issues specific to this exciting product. Sit down at a design kick-off meeting, and several hot topics ...More