Building a self storage facility is an incredible undertaking. Beyond the capital and other resources it requires, it also takes a high degree of patience, determination, and grit. Knowing when the right time to build is can help ease your own worries about the daunting task while providing the best chance of success possible.
In this Gabfocus Spotlight, Nigel Kreft of Storage Structures and Jeremy Rollwitz of The Jenkins Organization give us some insight on determining when the time is right to build your facility.
Question: "How do you know when it's time to build?"
Check out the video clip below to hear their answers:
In this Gabfocus Session: Constructing Your Facility, we were joined by Nigel Kreft and Storage Structures and Jeremy Rollwitz of The Jenkins Organization. Our expert panelists discussed all things construction, from when to build to what materials to use.
Check out the full Session to dive deeper!
Don't want to watch the clip? Here's what Jeremy and Nigel had to say:
You're really going to need to do your research. Really take a deeper dive into the market that you prefer to be in and get the feasibility study.
The feasibility study is really going to give you the information you need about what that market will support and some of the ideals about the specifics on how much square footage, the demographic in the area what the plan, the growth, and progression within that market is going to be. And that's going to help you identify how large of a site and what the specifics are when we start diving down to the amenities as well.
The worst-case scenario is building the project and not being able to lease it up and hit your perform line.
Sometimes it works. I've seen it work before without a feasibility, but nine times out of ten, that's going to be an intricate part of that whole process.
And really, do your research when it comes to your feasibility study. Who's going to conduct that? There's quite a few out there. You know, what I've seen over the last year is there's a waiting list. I mean, they're tied up. You're going to wait three months in some cases maybe even more, just to even get a feasibility study done for that set site.
So planning is going to be key there as well."
—Jeremy Rollwitz
"I think the feasibility study being your starting point, helps you work through your financial model, helps you work into the conversation with your banker, helps you work into the conversation with your local zoning authority.
It really is the foundation or the baseline of the beginning of achieving your dream or fulfilling your dream of wanting to be in the storage business."
—Nigel Kreft
