260. Building Storage Units for Beginners: What Experts Know That You Don’t w/Forge Building Company
Building storage units is not easy, but if you listen to this episode, you’ll be more educated on the self storage development process than most investors out there. If you’re thinking of building a storage facility, this information is essential for you to make the best design decisions and avoid financial pitfalls that could sink your project before it even gets off the ground.
Hamish Bell and Melissa Anderson from Forge Building Company join Conner today to talk about the self storage industry and what’s happening with development in 2024. With interest rates still high, more projects are being abandoned, but does that make now a bad time to build self storage facilities? What happens when the supply gets taken up due to all the delayed and canceled projects from today? We’re sharing our thoughts on this episode.
Plus, we’ll be getting into the details of building storage facilities, from prices to designing and planning, getting the city on board before you break ground, pitfalls to avoid, and the process you must go through to begin, whether you’re a new investor or someone with previous development experience.
What you’ll learn in today’s show:
- Self storage development 101 and why building storage is so different than other asset types
- Why more self storage development deals are being abandoned in 2024
- Construction costs and calculating the price to build your next facility
- Conversions vs. new build development and which is a better bet in 2024
- Design and planning, plus the one thing you should do BEFORE you begin to build
- Advice for brand new investors to get started with their first new build facility
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