SELF STORAGE FEASBILITY STUDIES
A self storage feasibility study is a market specific study that gives a professional opinion on the “feasibility” of adding additional self storage space in a given market. A self storage feasibility study will answer the following questions:
- What is the Competition I will be faced with in my market?
- What type of demand is there in the market and surrounding communities?
- Should I consider Climate Controlled units?
- What type of Security/Amenities should I consider offering?
- What Unit Mix should I construct?
- How should I price my units?
- What are the demographic trends?
- How long will it take me to lease up my property?
- Will the property meet my investment objectives?
- Am I prepared to deal with the marketing and property management challenges?
- What is an estimate of the construction costs?
The self storage industry has been ranked as providing one of the best returns in all of commercial real estate. Publications such as the Wall Street Journal and INC Magazine have consistently ranked self storage as one of the best industries in the country. Remember, before you invest in the self storage, that the self storage industry is an industry unto itself. The self storage industry is not the hospitality industry, office space industry, medical supply industry, or the restaurant industry. The self storage industry has its own laws, verbiage, nuances, financial planning, and operational standards. Do not try to “go at it alone” or “learn on the fly”. This never works and only provides the possibility of damaging your self storage investment. Cutting Edge has performed feasibility studies throughout the United States and Canada. We are here to help you. Contact us at 801.273.1267, for a free feasibility consultation.