Doug Smith's column in the Charlotte Observer is a must read for any one looking out for what might be over the horizon in commercial real estate, and today he's looking at the latest incarnation of an ever-growing trend.
Many towns and cities in the Charlotte metro region have zoning regulations that prohibit or at least severely restrict the development of traditional self-storage facilities. However, demand for such spaces is steady, due to a variety of factors. Office space, especially in Uptown Charlotte, is scarce, and many businesses have storage needs that challenge their operating budgets if such needs are met at the going rate for office space. The current foreclosure crisis has many homeowners downsizing to smaller homes or even apartments, leaving them with a need for affordable storage for personal belongings they may not have room for in their new down-scaled homes.
Budget Self Storage has been exploring new approaches in the industry to meet the rising demand for self-storage space while remaining in compliance with zoning regulations and offering a completely different aesthetic than the traditional row-of-roll-up-metal-doors look that has long been the hallmark of self-storage. The company has already completed several successful conversions of abandoned “big box” retail establishments, most notable in this area being the old Rhodes Furniture building on E Independence.
But their latest project, to be located on W Morehead St, close to I-77, is going to be an even further departure from that old row-of-doors look. The company has proposed, and received approval for, a 6 story structure designed to look like an old mill building. The building will offer secure, climate controlled storage as well as office space. Demolition of 2 existing buildings on the site will occur in the next 2 months and construction is due to be complete in a little over a year.
Budget is not the only company in the self-storage business developing sites that represent the latest trends in self-storage. It seems that thinking outside of “the box” is the new method of business in self-storage, and there are plenty of opportunities left to be had in our area. </p
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