New Orleans is experiencing a flurry of self-storage development, with at least 16 projects underway comprising more than 1 million square feet of new storage. The construction activity is in line with what many other large cities with unmet demand are experiencing. The $32 billion storage industry has grown by 4.5 percent annually in recent years, with investors adding about $4 billion in storage space just in the last year, according to the source.
“The industry is going through a huge development boom,” said Anne Hawkins, executive vice president of STR Sector Analysis LLC, a data and analytics specialist that tracks self-storage development in 56 of the nation’s largest Metropolitan Statistical Areas. STR reports New Orleans currently has about 8.6 million square feet of storage space, with occupancies averaging about 92 percent, slightly above the national average.
Among the projects is the three-story Superior Storage at 4866 Tchoupitoulas St. Developed by Gordon H. Kolb, CEO of GHK Developments Inc., the site will combine 13 lots, comprising most of a city block and wrapping around a cluster of homes.
Another is a three-story facility under development by Safeguard Self Storage, which operates 75 facilities throughout the eastern states. The company is adding the new structure next to its existing five-story facility at 919 Erato St. The plans for 931 Erato St. include replacing a single-story warehouse, which was used as an office for a private security company, with a 63,000-square-foot storage building containing 509 units.
Other projects include a multi-story development on Papworth St. by Dorsey Development and a facility along Airline Drive by Brookwood Properties LLC. Dallas-based Provident Realty Advisors is also building a five-story facility near Causeway Boulevard and Ridgelake Drive. All the projects are in Metairie, a suburb of New Orleans. Other investors are eyeing New Orleans’ Mid-City neighborhood and the Warehouse District and, the source reported.
Source:
The New Orleans Advocate, New Orleans Developers Jump Into Self-Storage Boom as 1M Square Feet Of Space Under Construction
