How much does an adaptive reuse/conversion project cost to build?

The cost to do an adaptive reuse or conversion of a building into self storage is often less than the cost of building ground up. By using an already existing shell or “envelope”, you can reduce expenses dramatically depending on the condition of the shell. Self storage is primarily made of steel and concrete, with steel being a highly traded commodity susceptible to supply chain disruptions, geopolitical factors, and economic events. As a result, the cost to build any type of self storage can vary greatly from location to location, month to month. However, with an adaptive reuse or conversion project, you are not as exposed to the price of concrete and steel because not as much is needed with the exterior shell already existing. As opposed to structural components, the steel will be used for framing out units. As of the time of this writing, we have seen the cost of adaptive reuse or conversion projects of turning a building like a former big box store into self storage fall in the range of $45 to $85 per square foot. The condition of the shell- the roof, walls, foundation, electrical, HVAC, and fire suppression system- will greatly effect the project cost. If the shell is not in good condition, there becomes a break even point of using the existing shell vs. building a new shell from the ground up. Some pre-existing buildings will have enough ceiling height to consider building a mezzanine second level which will effect not only the price of the build-out but also the potential revenue the footprint of a given building can generate.