Big Byte Insights Launches Self-Storage Development Tracker

Big Byte Insights Inc., a New York-based provider of stock-market data analysis, has launched a crowdsourcing platform designed to map and track self-storage development activity across the United States. The free dashboard was launched with data sourced from the “SpareFoot Storage Beat,” the blog published by self-storage online marketplace SpareFoot. It allows property developers to regularly add their projects into the system, according to the source.

“Our primary motivation for creating this crowdsourcing platform is to better serve our clients, who are investors in publicly traded REITs [real estate investment trusts]. They have often voiced their disappointment in the quality of new development data that is available through various sources,” Shahzeb Zakaria, founder of Big Byte Insights, told the source.

The platform can be accessed at www.self-storage.supply. It currently includes information on 208 “new assets.” Data is organized by demographics within a development market, including number of households, median income, median value of owner-occupied homes and median age, all within a five-mile radius.

“As a positive externality, I think this website will allow more intelligent development in the storage sector,” said Zakaria, who previously covered the self-storage industry as an analyst for Macquarie Bank and One William Street Capital.

Developers will be able to use the dashboard to see where storage projects are underway, avoiding saturation or over supply in a specific market, according to Zakaria. A premium version of the service will eventually be available that will offer data analysis of “storage REIT exposure to new development,” the source reported.

Founded in 2008, SpareFoot helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 10,000 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com and Penske Truck Rental.