The self-storage industry has been the fastest-growing sector of the U.S. commercial real estate industry over the past 30 years. The boom has benefited suppliers like American Steel Buildings as well, as they set first-quarter records in 2007 for moving self-storage steel.
For the almost 60,000 self-storage facilities in the United States, revenues for 2006 were approximately $22.6 billion, or an average of $441,208 per facility, according to the Self-Storage Association.
American Steel Buildings of Tulsa has become a leader in providing steel buildings for these self-storage facilities. Two leading steel building manufacturers recently reported American Steel as setting first-quarter records, said Dean Brown, president of American Steel Buildings.
"They said we were moving more steel regarding self-storage than any others that they knew of," Brown said. "Must be because we're treating folks right."
American Steel has been providing pre-fabricated steel buildings since the 1980s, but its focus now leans toward the booming self-storage industry. Recent years have seen a steady increase in the construction of steel mini-storage buildings. Yet, studies have found more instances of undersupply in the industry than oversupply, indicating even more room for growth.
Considering that the failure rate for self-storage buildings is among the lowest of all real estate business ventures, American Steel offers a reliable, safe option to potential business owners, said Brown. With the uncertainty of today's economy, these entrepreneurs have turned to American Steel to help them build a viable, sustainable business.
"The self-storage industry is booming in the Midwest, and we have a great opportunity to contribute to the success of these businesses, as well as to the steel industry in our own backyard," Brown said.