STR Inc has begun collecting development activity in the self storage industry, this new initiative will use the slogan 'Share Data, Build Smart' and will supplement STR’s growing database of self storage facilities nationwide.
STR will track all new self storage properties under development in the United States and their expected completion dates.
Anne Hawkins, executive VP at STR, noted that the database is being launched as the self storage industry experiences a higher volume of new properties being built across the country.
“Tracking the volume of new self storage supply entering a market will enable developers and operators to better allocate new supply so that markets do not become oversaturated, resulting in better performance for all operators in the industry,” Hawkins said.
Dean Jernigan, CEO of Jernigan Capital, said the timing is right for STR’s entrance into the market.
"Transparency with new supply entering the industry will help predict when too much development can trigger a downturn in the performance of a certain market or the industry overall,” Jernigan said. “STR’s database will help operators, developers and financing partners make smarter decisions on where and when to build.”
Industry participants are encouraged to visit www.str.com/self-storage to share information about new development in self storage. STR will provide an executive sum.