Market Share by Available Square Feet – September 2014

This chart shows which operators have the most available self-storage space for rent in various major markets. The figures are based on availability of units listed online and may not reflect actual vacancy. As you can see, “other” operators make up the bulk of available self-storage space in any given market.

*Square Footage represents the amount of square footage the operator is estimated to have available for lease. *Number of stores represents the number of stores that have vacancy available. *Data provided by StorTrak

Construction spending

New self-storage development and expansion: 2013 vs. 2014

So far this year construction spending in the self-storage industry is ahead of last year, but just barely. Year to date construction spending on self-storage development and expansion reached $365 million in September, an 8.6 percent increase in spending over the same period in 2013. The increase can be attributed to a surge in activity that took place over the summer months.
Year Month Cost (mil.)
2013 January $21
2013 February $47
2013 March $47
2013 April $35
2013 May $65
2013 June $42
2013 July $37
2013 August $42
2014 January $35
2014 February $34
2014 March $31
2014 April $42
2014 May $47
2014 June $56
2014 July $64
2014 August $64

*Data provided by U.S. Census Bureau

Recent Acquisition Activity By State

SpareFoot identifed 126 self-storage acquistions exceeding $1,000,000 during the months of June, July, August, September and through October 15. Acquistions in which the price was not availavbe were not included.
Location Number of facilities Total Price (mil.) Largest Deal Buyer Largest Deal Price (mil.)
AR 2 $5.8 Virtus Real Estate $3.1
AZ 6 $12.5 Unknown $2.6
CA 7 $24.5 Storage Etc. $16.4
CO 1 $1.4 OPM Holdings $1.4
FL 31 $264.6 Public Storage $182.4
GA 6 $33.3 Metro Storage $20.4
IL 3 $17.9 U-Stor-It $11.5
MA 2 $27.6 CubeSmart 23.1
MD 3 $28.8 Public Storage $28.8
MN 4 $22 Metro Storage $22
MO 5 $35 Sovran Self Storage $35
NC 12 $53.8 Public Storage $26
NH 2 $6.4 RJ Kelly Company $6.4
NJ 7 $46.7 Sovran Self Storage $22
NV 4 $19.4 Strategic Storage Trust $9.5
OK 2 $7.4 Virtus Real Estate $4.2
OR 1 $3.2 McClory Family Trust $3.2
PA 1 $9.9 Metro Storage $9.9
RI 1 $3.9 Amdell Companies $3.9
TN 5 $33.6 Simply Self Storage $33.6
TX 14 $38.6 Lockaway Storage $9.1
UT 1 $3.1 Herriman Self Storage & Moving $3.1
VA 5 $28.2 Public Storage $9.6
WA 1 $1.3 South Sound Self Storage $1.3

* The Public Storage acquistion of 25 portfolios from Veritage Management spanned five states. For the purposes of this study each facility was valued at $9.6 million.

Information is based on press releases and public documents. Please e-mail if you would like to submit a correction.

Barriers to Development and Expansion

What's your biggest obstacle to expanding your facility?

When it comes to expanding existing facilities, many operators simply say they do not have enough land or space available to do so.

What is your company’s biggest obstacle to building a new facility?

More than 42 percent of surveyed self-storage operators said they weren’t interested in building any new facilities at the time.

*Client Survey data gathered by SpareFoot Jul - Oct.

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