{"id":1004129573,"date":"2015-10-16T08:03:11","date_gmt":"2015-10-16T16:03:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129573"},"modified":"2021-05-15T07:43:26","modified_gmt":"2021-05-15T15:43:26","slug":"storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/","title":{"rendered":"StorageMart Halts Expansion amid Self-Storage Oversupply in Western Canada"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p>An oversupply of self-storage developments in Western Canada has prompted Columbia, Mo.-based <a href=\"https:\/\/www.storage-mart.com\/\" target=\"_blank\" rel=\"nofollow noopener\">StorageMart<\/a> to cancel a 50,000-square-foot expansion it had planned in Saskatoon, a city located in the central prairie province of Saskatchewan, Western Canada.<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png\"><img decoding=\"async\" data-attachment-id=\"1004129575\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/3010-11th-st-w-in-saskatoon-sk-canada\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png\" data-orig-size=\"557,348\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3010 11th St W in Saskatoon SK Canada\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png?w=557\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004129575\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png\" alt=\"3010 11th St W in Saskatoon SK Canada\" width=\"300\" height=\"187\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png 557w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png?resize=300,187 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>StorageMart operates 63 self-storage facilities in Canada and is known for its aggressive expansion strategy. However, a set of recent analyses done by the company indicates that the market for this type of product is becoming over saturated in Western Canada.<\/p>\n<p>In recent years, the population increased in Alberta and Saskatchewan, as a result of the growing economy and increasing commodity prices these provinces produced. Consequently, new self-storage investment occurred and continues at a rapid pace in these markets. This year however, lower prices for many of the region\u2019s key commodities, including oil, potash, uranium and wheat will <a href=\"https:\/\/boereport.com\/2015\/09\/22\/low-commodity-prices-take-a-bite-out-of-saskatoons-economy-this-year\/\" target=\"_blank\" rel=\"nofollow noopener\">push down<\/a> economic growth in Saskatoon to its slowest pace since the 2009 recession.<\/p>\n<p>In Saskatoon, StorageMart currently owns a multi-story facility on First Avenue that has just been expanded by 44,000 square feet. The company also owns the facility at 3010 11th St. W. in the southwestern part of the city, for which it has recently shelved its plans to add another 50,000 square feet.<\/p>\n<p>According to Canadian Self-Storage Valuation Services Inc., the <a href=\"https:\/\/www.insideselfstorage.com\/reports\/2014\/01\/trends-in-canadian-selfstorage.aspx\" target=\"_blank\" rel=\"nofollow noopener\">estimated self-storage supply<\/a> in Saskatoon is at 436,000 square feet. StorageMart estimates that current facility expansions underway in the market have the potential to add another 185,000 square feet within the next six months. These developments are expected to be beneficial for local residents and businesses who use self-storage, but a challenge for operators who will have to adjust to lower rental rates and offer larger incentives to attract new tenants.<\/p>\n<p>&#8220;This market just cannot bear the massive increase in supply that is coming.&#8221;\u00a0 Aaron Facca, the Saskatchewan regional manager for StorageMart, said in a prepared statement. He added that there is probably going to be a glut in storage units for the foreseeable future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to unfavorable market conditions, StorageMart has canceled a sizable project it had planned in Saskatoon.<\/p>\n","protected":false},"author":260,"featured_media":1004129575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21742],"tags":[],"class_list":["post-1004129573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>StorageMart Halts Expansion amid Self-Storage Oversupply in Western Canada - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"StorageMart Halts Expansion amid Self-Storage Oversupply in Western Canada\" \/>\n<meta property=\"og:description\" content=\"Due to unfavorable market conditions, StorageMart has canceled a sizable project it had planned in Saskatoon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-16T16:03:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T15:43:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/3010-11th-St-W-in-Saskatoon-SK-Canada.png\" \/>\n\t<meta property=\"og:image:width\" content=\"557\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/storagemart-halts-expansion-amid-self-storage-oversupply-in-western-canada\/\",\"name\":\"StorageMart Halts Expansion amid Self-Storage Oversupply in Western Canada - 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