SELF-STORAGE INDUSTRY SHOWS STEADY DEMAND

The demand for self-storage facilities has been rising steadily over the past few years. According to the Wall Street Journal, the self-storage industry has become a top-traded stock in the past year alone. More so, the self-storage industry is projected to continually grow in the coming years and is expected to reach an annual rate of $44.5 billion by 2024.

One contributing factors to the rise in self-storage demand are the pandemic. Many people moved this past year, and with more people working from home, the desire to downsize and the need for additional space have become evident for both homeowners and business owners. However, the success of a self-storage facility ultimately depends on where you decide to build.

WHAT IS A MARKET STUDY?

In the early stages of building a self-storage facility, it is crucial to choose an area where there is demand, and where your business can thrive. An essential step in deciding where to develop your project is to obtain a market study on the proposed site. Market studies give valuable insight into the existing market that surrounds a site and can help determine whether or not the site is an ideal area for business.

Market studies include a wide variety of information on an area, including:

• Visibility and Topography
• Zoning Information
• Demographics of the surrounding area
• Analysis of competing businesses
• The demand for self-storage in the area

WHERE TO GET STARTED

When you call an architect to design your facility be ready to hear that you may need to conduct a market study. You’ll also want to call the local government to determine if the site is properly zoned for storage. If not, our services at Designhaus can assist with finding a reasonably priced market study and designing the best self-storage facility for you and the market in question.