How much does it cost to build a climate-controlled self-storage facility in 2023

The self-storage industry is very popular with real estate investors and entrepreneurs. There is no shortage of land so developers and general contractors are looking to capitalize on the industry's growth.

But with the rapid growth of the self-storage market comes challenges. Thanks to the supply chain and high demand, the cost of climate-controlled self-storage construction has been impacted just like everything else.

In this article, we will cover various factors that need to be considered in your budgeting for self-storage development and outline what are the average costs you can expect.

Hopefully, this article will better prepare you and make your projections more accurate so that your self-storage investment will go as smoothly as possible.

What do I need to include in my budget for the construction of a self-storage facility?

The budget for climate-controlled self-storage units should include all the costs associated with building and opening a facility.

This includes materials, labor, permits and licenses, taxes, insurance, installation of equipment such as HVAC systems, flooring, elevators, and lighting fixtures.

In addition to these hard costs, there are also soft costs that need to be taken into consideration such as design fees and marketing expenses.

Once you have factored in all the various cost elements associated with a climate-controlled self-storage unit construction project, you can add up all the individual line items to get a total estimated cost for your project.

How much does a structural steel package cost?

Structural steel is a type of metal that is used in the construction of large structures such as buildings, bridges, and stadiums.

Its strong and durable characteristics make it ideal for projects that require a high level of strength.

Structural steel is typically composed of rectangular or square shapes that form beams and columns to support the structure's weight. It can also be fabricated into custom shapes for specific applications.

Structural steel is an essential component for self-storage facilities due to its ability to withstand extreme weather conditions and provide efficient assembly times. It also provides stability and security for your tenants' belongings.

The cost of a structural steel package for self-storage facilities will vary depending on the size and complexity of your project.

Generally, you can expect to pay between $16-$19 per square foot.

This price usually includes all materials, labor, permits and licenses, taxes and insurance.

How much do self-storage doors and hallways cost?

The cost of self-storage doors and hallways varies, depending on your unit mix, number of storage units, and the type of door you select for your units.

Roller-style doors typically range between $200-$400 per door.

Hallway construction costs depend on the length and width of your facility, but can generally range from $6-$12 per square foot.

In addition to material costs, installation fees will also need to be factored in for both doors and hallways.

Installation fees for roll-up style doors average around $125 per door.

For hallway installation, expect to pay an additional $3 -$7 per square foot for labor.

Overall, you can expect to pay about $350-$600 per opening for self-storage construction which includes a door, hallway, and installation fees.

What should you plan to pay for exterior wall panels?

The cost of exterior wall panels for your self-storage project will vary depending on the size and complexity of your project.

Generally, you can expect to pay between $25-$36 per square foot, including materials, labor, permits and licenses, taxes and insurance.

In addition to the material costs of the wall panels themselves, you'll also need to consider any additional expenses such as insulation and installation fees.

These extra costs will typically add an additional $5 -$10 per square foot.

Combined with all other associated costs, plan to pay anywhere from $25-$36 per square foot for complete exterior wall panel construction for your self-storage project.

Overall, budgeting for a climate-controlled self-storage

What is the average cost to build a climate-controlled self-storage facility?

The average cost to build a climate-controlled self-storage facility will depend on the size, number of storage units, and complexity of your project.

Generally, you can expect to pay between $65-$100 per square foot for the entire construction process, including materials, labor, permits and licenses, taxes and insurance.

In addition to these hard costs, there are also soft costs such as design fees and marketing expenses that need to be taken into consideration.

Once all the various cost elements have been factored in, you can add up all the individual line items to get an estimated total cost for your climate-controlled self-storage facility construction project.

How long does the construction of a self-storage building take?

The construction of a self-storage development will usually take between 6-12 months to complete, depending on the size and complexity of the project.

During this period, you can expect to see an array of different tasks taking place such as excavation, foundation work, wall installation, flooring and roof installation.

The final step is typically the interior build out which includes cabinetry, lighting and other fixtures.

Once all building components have been installed and inspected by local authorities for compliance with applicable regulations then your facility can officially open for business.

It's important to plan ahead and factor in additional time for any unexpected delays or issues that may arise during the building process.

This will ensure that your facility is completed in a timely manner without compromising quality and safety.

What are common mistakes made in self-storage construction?

One of the most common mistakes made in self-storage construction is underestimating the cost of materials and labor.

It's important to factor in all associated costs such as permits, taxes and insurance before starting a project so that you don't get stuck with any unexpected expenses.

Another mistake is not leaving enough time for design and planning. Planning ahead can prevent potential problems down the line that can end up costing both time and money.

Getting started in self storage construction

This article has outlined the average cost to construct a self-storage facility, how long it typically takes, and some common mistakes made during construction.

Building a self-storage facility requires careful planning and budgeting due to the costs of materials and labor.

If you are looking to get started in self-storage construction, the best thing to do to get started is find a qualified contractor, like Storage Building Company, that is experienced in self-storage construction to ensure your facility is built according to all applicable regulations.

When you partner with construction professionals that have immense experience in the self-storage business, you get the right preparation and execution, a successful climate-controlled self-storage facility can be constructed and open for business in no time.