Construction Cost Benchmarks for Self-Storage Industry Released
What happened
TractIQ, a market-intelligence platform, partnered with ARCO/Murray to release construction data for the self-storage industry. The study encompasses over 100 projects completed across 27 states between 2016 and 2026. The findings indicate that median hard costs for a three-story self-storage building increased by about 47% between 2021 and 2024. During this period, sitework costs alone surged 93%, escalating faster than the costs for the building itself.
Why it matters
The released information provides unprecedented scale regarding construction costs for self-storage facilities. The data compares various factors, including gross and net rentable area, building form, and construction duration, which averages 11.6 months from start to completion. This offers a detailed look into industry-wide cost inflation.
Who's involved
- ARCOConstruction firm involved in the data collection and release.
- Noah StarrCEO of TractIQ, involved in the partnership to release the industry data.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- ARCOSpeculative
The firm could utilize the data to refine its cost estimation and business development strategies.