Short answer: New self-storage projects and expansions take a long time to get from idea to open doors. Entitlements, design, fundraising, due diligence and loan approval all tend to move slower than expected. In Mark’s experience, by the time the new space hits the market, the market itself, the rents and the demand may have changed a lot from what was studied at the start.[1]
Where the time goes #
Mark describes self-storage today as a business that “moves very slow,” because of bottlenecks largely outside an owner’s control:[1]
Each step can take longer than planned, and together they stretch the time between studying a trade area and actually renting units in it.[1]
What can change in the meantime #
- Supply. Other facilities may open or expand in the same trade area.[1]
- Pricing practices. Competitors’ revenue pricing practices can shift street rates.[1]
- Demand. The number of people needing storage in the area can rise or fall.[1]
Mark says he can’t count the number of times this has happened on projects he developed or helped others with, including expansions.[1]
What happens when the market moves #
When the original picture no longer matches the market, Mark says owners sometimes get back on track, but more often they pivot in the field. Examples he has seen include adding more parking, making aggressive rental rate adjustments to fill units, or selling.[1]
His point is that the original assumptions weren’t necessarily wrong. The market simply kept moving while the project moved slowly, which is why he is exploring models that update with the market rather than a one-time snapshot.[1]
Every project and trade area is different.[1] Talk with your feasibility consultant, lender and advisors about the timeline and market for a specific site.
Related answers #
- Why can a traditional self-storage pro forma fall behind the market?
- What makes a good self-storage trade area?
- Do you need a feasibility report and competitor analysis before buying or building?
Sources #
Each numbered note above links to the post of Mark’s it comes from.
- Our Proformas Are Living in the Past – It Is Time To Change That, Mark Helm, October 23, 2026
