STR Inc., a global supplier of competitive benchmarking, information services and research for the hotel industry, has launched a self-storage database from which it will offer development and performance reporting. The company has begun collecting data nationwide and will track new U.S. self-storage properties under development and their expected completion dates, according to a company press release.
The company decided to launch the database based on an increase in self-storage development across the nation. “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,” said Anne Hawkins, executive vice president.
"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,” added Dean Jernigan, CEO of Jernigan Capital, a merchant bank and advisory firm serving the self-storage industry. “STR’s database will help operators, developers and financing partners make smarter decisions on where and when to build.”
The company has set up a reporting page on its website, where industry professionals can share information about new self-storage development. STR will provide an executive summary of its findings to participants, the release stated.
STR’s information services for the self-storage sector includes listings of facilities in North American markets. The company has tracked similar development and performance data in the hotel industry for 30 years and currently offers a database covering more than 160,000 hotels worldwide. The information is used to provide aggregated market segment data, competitive benchmarking, construction pipeline reports and industry forecasts.
