Self-storage construction has surged in recent decades, but not all self-storage space comes from new construction. In many cities across the country, land is in high demand and expensive, and stringent zoning laws can make it challenging for developers to construct facilities from the ground up. As a result, a growing number of self-storage developers are turning to the conversion of existing buildings into self-storage spaces.

This strategy offers a practical solution to the space crunch while optimizing the use of urban real estate. By repurposing existing structures, developers can quickly address the rising demand for storage solutions, even in densely populated urban areas. Moreover, these conversions often align with city planning objectives, creating a win-win scenario for both developers and local communities.

An analysis by Yardi Matrix — using data from more than 1,000 U.S. cities — reveals that converting existing buildings into self-storage is a widesp