Self Storage Buildings

Single-Story

Single-story is the preferred type of self-storage building today because on the basis of per square foot of leasable space, it is the most economical. It also provides the most flexibility in terms of building design and layout. Traditionally, this has been the predominate building design since self-storage began back in the sixties. Since most self-storage buildings were relegated to industrial areas or the wrong side of the tracks early on, securing land in these areas of town wasn’t a problem. Land was generally cheap and readily available. Self-storage was a business that attracted little attention. But as the business grew and investors discovered that it had a better return on investment than most real estate, the paradigm shifted. Not only did self-storage facilites move into better neighborhoods, but the single-story design had to be re-examined. Over time, land became more expensive and more scarce. Today, owners are not only looking at paying top dollar for property, but finding it more and more difficult to locate available land to buy. Fortunately, there are other alternatives to the single-story design, such as multi-story, bi-level and conversions.   

Multi-Story

High land costs, limited land availability, and land configuration are all good reasons to consider multi-story buildings. If you can’t expand horizontially, why not vertically? Many owners are now realizing that you can get more rentable space by going up insead of out. Of course, expanding vertically is a more efficient use of space, but it can get more expensive in the long run because you must allow for additional expenses such as elevators, stairs or in some cases lifts. That said, the trend today is toward more multi-story buildings. Owners are finding that even though the costs of elevators and/or stairs are substantial, the advantages of more rentable space stacked vertically within multi-story buildings outweigh the extra costs.   

Bi-Level
In some cases, an investor buys or already owns a parcel of land that isn’t flat. This may be cause for concern in the minds some real estate developers, but it isn’t reason for a potential self-storage owner to lose sleep over.

A sloping terrain or uneven elevations simply means the logical building option would suggest bi-level buildings. This design fits well on an undulating topography and may actually be a money-saving proposition as compared to the traditional single-story building. Why? Advantages include unit entrances on both levels without the need for elevators or lifts, plus bi-levels will reduce the cost of grading. It also means, like multi-story, more square footage under roof than single-story buildings.

Climate Controlled
More and more facilities today include climate controlled units because an increasing number of customers want their valuables stored in units that require temperature and humidity control. For example, furniture and other objects that are senstive to dampness or heat will need a climate controlled environment. This means installing HVAC equipment, which will increase overall facility costs, but customers expect it.

In some markets, owners have found the need to include climate controlled wine cellars for residents or businesses that seek extra storage for wine.

Once again, competition has increased in the self-storage business and new owners are willing to spend more money to provide tenants with more “bells and whistles.” If your competition is offering more than you are, look out. Your days may be numbered if you don’t stay ahead.