Rendering of the new Self-Storage facility at 4866 Tchoupitoulas via City of New Orleans.
There has been almost no growth in self-storage facilities in the metro area over the past decade, and its all starting to catch up.
Our friends at The Advocate are reporting that developers are building over 1 million square feet of new self-storage space. At least 16 new projects have been identified as under construction.
There is already 8.6 million square feet of storage space, but the city needs more. Current occupancy is over 92% with some units are commanding $3 per square foot, which is what many luxury apartments go for.
Developer Gordan Kolb is building a three-story facility on 52,000 square feet of land on Tchoupitoulas. He secured city council approval back in January, closed on the property in August, and began construction last month. The land was listed for $5,500,000.
Paul Dorsey, Provident Realty Advisors, and R. Craig Smith are other developers building new facilities across the metro area.
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