Inside Self-Storage

SEP 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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Page 22 of 63

where there's no unmet demand, others believe it isn't the government's place to make these decisions. "I'm not opposed to this. Good, healthy markets are better for the builders and the consumers," Osborne says. Conversely, Benjamin Burkhart, a self-storage developer and owner of BKB Properties, doesn't believe the government, at any level, should choose an industry's winners and losers. "Governments are using 'saturation' as an excuse and, often, it's driven by interested parties trying to ward off competition," he says. "In some areas where there are moratoriums, additional storage is absolutely needed, and the moratorium makes no sense." Other Contributors There other factors that could curb future development, in all sectors of real estate, including a nationwide construction-labor shortage combined with a rise in materials costs. A decline in construction during the recession pushed many skilled workers into other industries. While some have returned and new people Areas to See the Largest Influx of Self-Storage Development May 2018 to April 2019 MSA Increase Additional NRSF Nashville-Davidson- Murfreesboro-Franklin, TN 21.2% 2.7M Raleigh, NC 18.1% 1.5M Denver-Aurora-Lakewood, CO 15.4% 2.7M Portland-Vancouver- Hillsboro, OR and WA 14.6% 1.8M Boston-Cambridge- Newton, MD and NH 13.5% 2.4M Source: STR Sector Analysis LLC Note: STR tracks self-storage development in 56 of the nation's largest MSAs. It estimates the 12-month supply growth by adding net rentable square feet of projectsin the final-planning, construction and expansion phases as a percentage of existing supply. September 2018 I ISS 21

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