Valuation and Advisory Services
Self Storage Practice Group
The CBRE Self Storage Practice Group is comprised of a team of specialized professionals concentrating on the self-storage real estate sector in Canada.
Valuation, Feasibility & Consulting Services
Our team has proven experience with single and multiple-asset portfolio valuations. We invest time and resources collecting self-storage data and staying abreast of current industry trends to better serve our clients. These resources, coupled with a single point of contact and standardized reporting templates, allow for the consistency, depth of knowledge, accuracy, and timing that our clients expect
- Acquisition & disposition
- Annual asset valuations
- International Financial Reporting Standards (IFRS) requirement
Feasibility & Consulting
- Feasibility/market studies for new development sites
- Demand & supply analysis for specific sites
- Competitive studies
- Site analysis
- Demographic studies
All appraisals strictly follow the Canadian regulatory requirements and are subject to the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) as developed by the Appraisal Institute of Canada.
The CBRE Self Storage Practice Group is a member of the Canadian Self Storage Association (CSSA)
The CBRE Self Storage Practice Group is a member of the Appraisal Institute of Canada (AIC)
- Financial Institutions
- Self Storage Owners & Operators
- Professional Services
- Pension Funds
This involves an analysis of the subject location in relation to the "key factors for success":
- Is the size, shape and topography of the site conducive to self-storage?
- What is the proximity of the site to residential, commercial/ industrial and student client population bases?
- Does the roadway, upon which the property is located, provide good traffic counts, visibility and access to the site?
This involves a demographic analysis of the primary and secondary trade areas - typically within a 1,3 and 5 mile radius of the subject, with specific consideration being given to the following statistics:
- Number of households
- Average household income
- Housing mix
Competitive Supply Review
This involves a survey of competition within the primary and secondary trade areas of the subject property. Each facility is analysed in terms of the following factors to determine whether or not it provides direct, indirect or no competition to the subject.
- Facility size and type
- Facility age and condition
- Facility amenities
- Proximity to subject
Self-Storage Demand Estimate
Demand for self-storage space within the local market is estimated on both macro and micro levels. On a micro level, economic and real estate fundamentals in the community are reviewed in terms of their impact upon self-storage demand. This review includes such variables as employment rates, GDP, household income, overall investment demand, mortgage rates, housing sales and capitalization rates. On a micro level, self-storage demand is estimated based on population, average disposable income and housing type within the primary and secondary trade areas of the subject property.
Specific square footage demand for the subject property is then projected based upon expected residential and commercial tenant mix and upon demand multiples which are drawn from US and Canadian research statistics and in-house CBRE data.
Based upon the forgoing analysis, CBRE will project the amount of excess supply or excess demand (in square feet), as the case may be, for self-storage space within the primary and secondary trade areas of the subject property. This information can then be used by the client to determine whether or not to build or expand their facility. Alternatively this type of study can be used by the owner-client to “see” where their facility stands in the market relative to the competition and overall self-storage demand – so the owner can be better prepared to compete against potential new entrants into the local market.
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About The Self Storage Practice Group
CBRE is the largest provider of real estate appraisal services in North America with over 700 valuation professionals - approximately 50 of which are located in 8 offices across Canada.