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High demand: 5×5, 5×10, 10×10 climate units → leasing quickly.Drive-ups (10×20, 10×30): strong demand, but will mainly be in Building 7.Small units: higher rent per sq. ft. and good absorption.
5×15 climate: 0 rentals so far.10×15 climate: very weak (≈9% occupied).10×20 climate: nearly vacant, slower than drive-ups.
5×5 CC (25 sf): 395×10/10×5 CC (50 sf): 3910×10 CC (100 sf): 1810×15 CC (150 sf): 010×20 CC (200 sf): 0Total RSF: 39×25 + 39×50 + 18×100 = 4,725
5×5 CC: 375×10/10×5 CC: 4010×10 CC: 1810×15 CC: 010×20 CC: 0Total RSF: 37×25 + 40×50 + 18×100 = 4,725
5×5 CC: 395×10/10×5 CC: 3710×10 CC: 1910×15 CC: 010×20 CC: 0Total RSF: 39×25 + 37×50 + 19×100 = 4,725
10×20 drive-ups: very strong — 50% leased already (2 of 4 occupied).10×30 drive-ups: strong demand — 30% leased early.10×25 drive-ups: slower start but at least 1 reserved.Customers clearly prefer large drive-up sizes for easy access, vehicles, and contractor/business use.Competitors (CubeSmart, Extra Space, Moove In) also feature lots of 10×20 and 10×30 drive-ups → validates market demand.
10×20 DU (200 sf): 2410×10 DU (100 sf): 1Total RSF: 24×200 + 1×100 = 4,900
10×20 DU: 2010×30 DU (300 sf): 3Total RSF: 20×200 + 3×300 = 4,900
10×20 DU: 2310×30 DU: 1Total RSF: 23×200 + 1×300 = 4,900
Your Phase 1 data says: small CC (5×5/5×10/10×10) wins; mid-size CC (5×15/10×15) lags; large drive-up (10×20/10×30) performs.The mixes above hard-align with that: heavy small CC + 10×10 in 5&6, and large drive-up in 7.We stayed exact to your RSF targets while ignoring unit count.
Opened July; 28 move-ins (4 July, 15 Aug, 9 Sept so far).22 net occupied units (~11% of units, 13% sq ft).Revenue to date: $2,888 rent + $132 insurance = $3,020 receipts.Heavy concessions (~$1,300 discounts in Sept) are boosting occupancy but keeping income low short term.62 total leads → 28 move-ins (45% conversion).Call Center: biggest source (36 leads, 15 move-ins, 42% conversion).Storagely: 10 leads, 9 move-ins (90% conversion) → strongest ROI.Sparefoot: 5 leads, 0 move-ins (poor ROI, high cancellations).Walk-ins: 3 leads, 3 move-ins (100% conversion, free source).Leasing well: drive-ups (10×20, 10×30) and small climate units (5×5, 5×10).Struggling: climate 5×15 (0%), 10×15 (~3%), 10×20 (~8%).Drive-ups overall filling faster than climate.Overpriced: 10×15 climate (~25% above market), 10×10 CC (~7% above).At/near market: 5×5 CC, 10×20 CC.Under market: drive-ups (10×20, 10×25, 10×30 all ~15–40% below), parking (~12% below).Under-market drive-ups are leasing well; overpriced climate sizes are not moving.Adjust rates on slow movers: lower 10×15 CC closer to ~$90 market (from $114); promote 5×15 CC.Drive-up strategy: keep rates competitive for now but plan small increases as occupancy builds.Marketing: keep focus on call center + Storagely; improve Sparefoot conversion or pause it.Local visibility: increase signage and community marketing to grow walk-ins (high conversion, free).Plan ahead: as occupancy grows (25–30%+), scale back concessions and begin yield management (rate increases).Occupancy: Across the ~120 units delivered so far, overall physical occupancy is still low (10–20% range depending on unit type). Most move-ins so far have been concentrated in 5x10s and 10x10s, which aligns with typical early demand trends. Parking is seeing little traction.Movement Trends: Since opening in July, move-ins have outpaced move-outs steadily, and smaller CC units (5x5, 5x10, 10x10) are getting the strongest activity. Larger sizes (10x20+, parking) remain slow.Rates: Current achieved rates are already competitive versus comps; some smaller units are pricing above $1/sqft.Comps include Extra Space, CubeSmart, StorageMart, Moove In, New Horizon.Market is strong in climate-controlled small/medium units (5x5, 5x10, 10x10) with relatively higher rent per sq ft.Larger units (10x20, 10x30, parking) tend to lease slower in this submarket and often get discounted.Many comps are pushing web specials, so Telford’s consistent retail pricing may be leaving some velocity untapped.High Demand: Build more 5x10 CC and 10x10 CC units (top leasing categories). These sizes balance rent per sq ft with affordable monthly rents, driving faster lease-up.Moderate Demand: A portion of 10x15 CC is useful for upsell but keep supply in check.Low Demand: Parking, large 10x20–10x30 CC units should be minimized in Phase 2. Current stock has high vacancy and comps suggest they lease slower.Blend: If Phase 2 is ~⅓ of the total project, lean heavily (~60–70%) into 5x10s and 10x10s, ~20% in 10x15s, and just ~10–15% in larger 10x20+ units.Yes, the originally planned Phase 2 should be adjusted toward smaller CC units to match early absorption trends and comp market data.This will accelerate stabilization and maximize revenue per square foot.Suggest pausing additional parking until existing inventory shows signs of traction.
Overall occupancy: ~12–14% (expected at early lease-up stage).Move-ins > move-outs (29 vs 6) → positive net leasing trend.Strong demand:5×5 CC, 5×10 CC, 10×10 CC → steady leasing (10–17% occupied).10×20 & 10×30 drive-ups → fastest % lease-up (30–50% occupied).Weak demand:5×15 CC → 0 rented (0 of 16).10×15 CC → 1 rented (1 of 34).Vehicle parking (10×25, 12×35) → 0% occupied (a couple reserved).
Within ~3 miles: CubeSmart, Extra Space (2), StorageMart, Moove In, New Horizon.Supply: ~7.8 sq ft/capita in 3-mi radius (avg U.S. level), but only ~1.6 sq ft/capita in 1-mi → area was underserved.Comps:Small climate units are widely offered and often full (e.g. New Horizon near 95% occupancy).Large drive-ups (10×20, 10×30) offered by majors; Moove In focuses heavily on drive-ups.Competitors run web specials (e.g. $19–$32 for 5×5 CC); Telford’s pricing is slightly below average, helping lease-up.
Customers “buying” small climate units and large drive-up units.Mid-size units (5×15, 10×15) leasing very poorly → oversupplied in Phase 1.Outdoor parking not moving yet (possible seasonal demand).
Build more of what’s working:Climate: focus on 5×5, 5×10, 10×10.Drive-up: expand 10×20 and 10×30 (very strong demand).Reduce or flex mid-sizes:Limit new 5×15/10×15 CC; use modular partitions for flexibility.Large climate units (10×20 CC): include only a few to cover niche demand.Parking: limit expansion; consider using large drive-ups (10×30/12×35) for vehicle storage instead.Mix balance: Aim for ~50% drive-up, 50% climate in Phase 2 to complement Phase 1’s climate-heavy inventory.Design flexibility: build partitions/knock-outs to reconfigure unit sizes based on actual absorption.Pricing: continue competitive positioning; adjust rates upward once sizes hit high occupancy.
Call Center (Phone) – This was the largest source of leads (about 36 leads, ~58% of total). These are prospects who called the facility’s number (handled by the call center). Approximately 15 of these converted to move-ins (~42% conversion). The call center is effectively capturing a high volume of inquiries and converting nearly half, which is a strong performance for a phone channel. It also likely includes many local drive-by or website-find prospects who picked up the phone. This channel delivered the highest number of actual tenants (15 move-ins).Online Aggregator – Storagely – An online marketing service (“Storagely 3”) contributed around 10 leads (6 direct website leads and 4 via call center). Notably, 9 of these 10 leads moved in, an exceptional ~90% conversion rate. In other words, the Storagely aggregator yielded 9 new tenants by mid-September, making it extremely effective. These customers came through the Storagely platform (some booking/reserving online, others calling in via Storagely) and tended to follow through with rentals. This high success suggests Storagely is providing highly qualified, motivated renters for Telford.Online Aggregator – Sparefoot – In contrast, the Sparefoot aggregator generated roughly 5 leads, but 0 have converted into move-ins as of Sept 15. Several Sparefoot prospects reserved units but later cancelled and never moved in (multiple “no-show” reservations were observed). This resulted in a 0% conversion from Sparefoot leads so far, indicating a poor ROI on this channel to date. It’s possible that Sparefoot customers are price-shopping or found deals elsewhere, or there may be friction in our Sparefoot listing (e.g. competition or insufficient follow-up). We effectively have no tenants yet from Sparefoot despite the inquiries.Walk-Ins (Local) – Pure walk-in traffic (people who came to the facility without prior contact) has been low in volume (about 3 leads, falling under “Other” in tracking), but all 3 resulted in move-ins (100% conversion). While a small sample, this underscores that those who do drop by are serious renters (and likely attracted by signage or location convenience). Walk-ins cost nothing in marketing spend, making them high-ROI albeit limited by local awareness.Other Sources – A few leads came from other channels (e.g. referrals or “Existing tenant” inquiries and one test entry). These accounted for the remaining ~11 leads. Not many converted (the existing-tenant referral leads did not result in any new rentals), so this category had lower conversion (<30%). It may include miscellaneous sources like community referrals or unclassified web inquiries.
High-Demand Unit Sizes: Larger drive-up units are leasing especially well. The 10x20 drive-up units (200 sq ft, non-climate) are already 50% occupied (2 of 4 units), and 10x30 drive-up units (300 sq ft) are about 30% occupied (3 of 10). These drive-up (outdoor access) units seem popular, likely due to easy vehicle access and competitive pricing. Among climate-controlled units, the small sizes show relatively better uptake: 5x10s (including 10x5 equivalent units, ~50 sq ft) are around 18–22% occupied (7 out of 38 combined) in total, and 5x5 units about 10–11% occupied. These smaller lockers (25–50 sq ft) had multiple move-ins (e.g. 5x10 climate had 7 move-ins) and are leasing steadily. The modest but notable occupancy in small units suggests local demand for small climate-controlled storage (perhaps for apartment dwellers or small overflow items). Additionally, parking spaces saw a couple of move-ins early on (one in each size category of parking), though as of mid-September those became vacant again – overall vehicle storage is still roughly ~13% occupied (2 of 15 spaces initially, now 0 occupied) and will need more time to ramp up.Slow-Moving/Underperforming Sizes: A few unit types have seen very little to no leasing activity so far. Notably, the 5x15 climate-controlled units (75 sq ft) have 0 move-ins – none of the 16 units are occupied (0%). This size has not attracted any renters in the first 2.5 months, indicating extremely low demand for that specific dimension. Similarly, the 10x15 climate units (150 sq ft) are nearly empty: just 1 out of 34 units occupied (~3%). Despite being a common mid-size option, the 10x15s have struggled – only one tenant has taken that size to date. The 10x20 climate units (200 sq ft) are also lagging with just 1 of 12 occupied (~8%). In summary, the medium-to-large climate-controlled units (except for the largest drive-ups) are leasing very slowly. It appears customers either opt for smaller climate units or go all the way to the largest drive-up spaces, while the mid-sized climate options (75–200 sq ft) are being bypassed so far. This could be due to pricing (discussed below) or simply the nature of local demand (e.g. fewer customers needing climate control for mid-size loads).Other observations: The climate-controlled 10x10 units (100 sq ft) have a few move-ins (5 of 42 units, ~12% occupied) – a moderate uptake, but could be better. The 10x25 drive-up units (250 sq ft) curiously show 0% occupied in the report, though one unit was recorded as occupied by a company/maintenance use (complimentary) – effectively no paying customers for 10x25 yet. However, one 10x25 is currently on reserve (held for a customer) which suggests an upcoming move-in for that size. Overall, drive-up units are leasing faster than climate-controlled units (25–30% of all drive-up space filled vs ~10–15% of climate space), and smaller units are outpacing larger units (except for the 10x20 drive-up). This imbalance points to potential pricing or marketing adjustments needed for the underperforming sizes.
Climate Units: Telford’s smallest climate units (5×5) are priced essentially at the market average, and the 5×10 climate units are actually priced lower than competitors (about 12% under market). This underpricing of 5×10s may have aided their lease-up – we saw those are renting reasonably well. However, the mid-size climate units are overpriced relative to peers: the 10×10 climate is ~7% above average, and more strikingly the 10×15 climate is ~25% above the market rate. (For example, local competitors average ~$91 for 10×15 climate, versus Telford at $114.) This price premium could be a major factor in why the 10×15 CC units are not renting – price-sensitive customers may choose a cheaper 10×10 or go to a competitor for a 10×15. The 10×20 climate rate is on par with market (~$182 vs ~$184), so pricing is likely not the primary issue for that size’s slow uptake – demand for large climate units might just be weaker, or perhaps those customers prefer drive-up if they don’t need climate control.Drive-Up Units: Telford’s drive-up (non-climate) units are all underpriced compared to market averages. The 10×20 drive-up is ~15% below market (Telford $160 vs ~$190 average). The 10×25 drive-up is dramatically under market (~$199 vs ~$328, about 40% lower) – though note many competitors may not even offer 10×25, so the “average” is based on fewer data points and might reflect a larger unit or premium at a competitor. The 10×30 drive-up is ~15% under market ($225 vs ~$263 average). This suggests Telford adopted a very competitive (low) pricing strategy for large drive-up units to attract customers quickly. It seems to be working in terms of move-ins – those units have leased faster – but it also means revenue is being left on the table relative to what the market could bear. There may be room to raise rates on certain drive-up sizes once occupancy builds up (especially the 10×25 and 10×30, given their discounts vs market). That said, being under market has likely helped draw in customers early on, which is crucial in lease-up.Parking: Outdoor parking rates at Telford are about 12% below market on average (charging $68 vs ~$78). This undercutting is likely intentional to attract vehicle storage renters. So far, it hasn’t translated into sustained occupancy (currently 0 occupied), but demand for vehicle storage can be seasonal. The below-market rate should make Telford an attractive option for anyone needing RV/boat parking in the area, so we might expect uptick as awareness grows (or as winter approaches and people store vehicles).
Adjust Pricing or Promotions for Slow-Moving Sizes: The lack of demand for 5x15 climate (0% occupied) and 10x15 climate (~3% occupied) suggests these units are either overpriced or simply not desirable in this market. Given that the 10x15 CC rate is well above competitors, a price adjustment is warranted. Recommendation: Reduce the street rate on 10×15 climate units closer to the ~$90 market level (from $114) to stimulate demand. Alternatively, consider a targeted promotion (e.g. first 2 months at 50% off for that size) to get some tenants in those units. For the 5x15 units, which have no leases yet, evaluate if this size is redundant (customers might be opting for 5x10 or 10x10 instead). If price is the issue (currently $70, with no direct market comps), test a more aggressive promotion or temporarily repurpose a few 5x15s as a different offer (for example, market them as “large closet special rate”) to see if demand can be created. It’s important to get at least a couple of rentals in these sizes to gauge true demand; if uptake remains zero, more drastic measures (like unit conversions or combining 5x15s into larger units) might be considered in the long run.Capitalize on High-Demand Units (and Revisit Discounts): The drive-up units (10x20, 10x30) are leasing quickly, which is great – it indicates strong demand for drive-up storage. However, Telford’s rates for these are well below market. As occupancy on these grows (e.g. 10x20 drive-ups already 50% full), management has an opportunity to pull back on discounts or even implement incremental rate increases. Recommendation: Once a drive-up unit type hits ~50–60% occupancy, consider raising its rate to closer to market average (for instance, adjust 10x20 drive-up from $160 up to maybe $170–175, and 10x30 from $225 up toward $240). Even with a small increase, Telford will likely remain the price leader in the area but can capture additional revenue. Monitor competitor rates continually; if local facilities start to fill up and raise rates, Telford can follow suit gradually. In the meantime, perhaps ease off any “first month free” promotion specifically for the in-demand drive-up sizes – those seem to be renting without needing as heavy an incentive, so maybe switch to a half-off first month or no discount for 10x20 and 10x30 units. Direct more of the promotional budget toward the climate units which need the boost instead.Optimize Marketing Channel Mix: The lead analysis highlights that not all marketing channels are equal. Recommendation: Invest in and sustain the channels proving effective – ensure the call center remains well-trained and available to handle the high call volume (since those calls convert well). Continue partnership with the Storagely aggregator, as it has brought in high-quality leads; if there’s an option to boost visibility on Storagely or similar platforms, it could yield further occupancy gains. Conversely, re-examine the Sparefoot strategy: since Sparefoot leads are falling through, find out why. Are Sparefoot customers reserving and then canceling because they found a better price elsewhere or because follow-up wasn’t prompt? Check if Telford’s Sparefoot listing is showing the promotions and unit availability competitively. It may be that Telford’s current Sparefoot rates or terms aren’t as attractive (especially if our climate units are pricier – Sparefoot users might skip us for a cheaper competitor). If no obvious fix, consider temporarily pausing or limiting spend on Sparefoot until we can improve conversion there – no point chasing leads that don’t convert. That said, since Sparefoot typically charges only when a rental occurs, the main cost has been time and units held for reservations that cancel. To mitigate that, implement a follow-up process for aggregator reservations: e.g. if a Sparefoot customer reserves, have staff call them within 24 hours to engage them, answer questions, and try to secure the move-in. An extra personal touch might reduce no-shows.Leverage High-Conversion, Low-Cost Leads: The fact that walk-ins converted 100% means those few who find us and walk in are ready to rent. Recommendation: Increase local visibility to drive more walk-ins. For example, ensure signage is very clear and maybe add temporary banners (“Now Open!” or promotional banners) on the property to catch passersby. Engage in community marketing (flyers, local business outreach) to funnel more locals to just stop in. These leads cost almost nothing and convert extremely well. Also, consider encouraging referrals (maybe current tenants refer a friend for a discount) to generate more “Other” leads that could convert similarly well at low cost.Monitor Occupancy and Revenue Trajectory: At ~11% physical occupancy after about 10 weeks of operation, the facility is in the early lease-up stage. This pace (roughly ~10% per quarter) is within a normal range for new storage projects, though there’s room to accelerate. The strong August leasing numbers are a positive sign; maintaining 15+ move-ins per month in the coming months would push occupancy to ~30%+ by year-end, which would be a healthy outcome. Recommendation: Keep a close eye on the lease-up velocity – if it starts to plateau below targets, ramp up marketing/outreach in the fall months to sustain momentum (e.g. local advertising, promotional events, or boosting online ad spend where conversion is proven). Also, track the conversion of reservations to move-ins as a metric of marketing effectiveness; the high cancellation rate on Sparefoot is a cautionary flag – try to keep overall reservation fallout low by proactive customer contact. From a revenue standpoint, anticipate that as the free rent offers burn off, October and November’s cash flows should jump (many of the August move-ins will start paying rent in Oct, etc.). We should plan for those increases and ensure billing and collections processes are smooth for when a larger base of tenants comes off promotions.Rent vs. Occupancy Balance: Lastly, maintain a strategic balance between driving occupancy and driving rate. Early on, occupancy growth is paramount (an empty unit produces no revenue), hence the heavy discounts. But as occupancy builds, gradually shift focus to improving economic occupancy (rent collected). This means possibly phasing out the blanket “first month free” as soon as we reach a comfortable occupancy milestone (e.g. 25-30% occupied) and switching to more targeted discounts by unit type (use discounts where needed, but not where units are renting without it). It also means raising rates on existing tenants over time (standard practice in self-storage) – perhaps after 6-9 months of tenancy – to begin closing the gap between actual income and potential. We see currently economic occupancy is ~12% vs 10.8% unit occupancy, indicating promotions are keeping economic yield only slightly above physical. The goal is to widen that as the facility stabilizes (i.e. eventually you want economic occupancy to catch up closer to physical). So, plan out a strategy for tenant rate increases in 2026 and beyond, once initial promotional periods end.
Climate-Controlled Demand: Strong in smaller sizes (New Horizon’s success with 5×5 to 10×15 climate units confirms local residential demand). Telford should continue to offer plenty of small climate units. The slow uptake of 10×15 climate in Phase 1 might be due to New Horizon and others already satisfying some of that demand, or simply a slower segment – but as Telford’s brand gains traction, we may capture more of that market, especially if New Horizon is full. Therefore, include mid-size climate in Phase 2 but perhaps not in excess. Ensure Phase 2 climate units skew to 5×5, 5×10, 10×10 (high-turnover sizes) and a modest number of 10×15, 10×20 climate just to round out the offering for larger climate needs.Drive-Up and Large Unit Demand: Clearly present – competitors like CubeSmart, Extra Space, Moove In have numerous drive-up units and appear to price them at a premium (and our own 10×20s and 10×30s are filling). Many customers (e.g. contractors, those with heavy items or who value ease of access) prefer drive-up storage, and Phase 1’s quick lease of drive-ups proves we should build more drive-up units in Phase 2. Especially, 10×20 seems very popular (50% filled quickly) and 10×30 also is leasing steadily; consider increasing the count of 10×20 and 10×30 drive-up units in the new buildings. The 10×25 drive-up (if any are planned) might be less common demand, but note that one was immediately reserved even though none are occupied yet – indicating some interest. We might favor 10×30’s (which can accommodate vehicles, contractors, multi-bedroom households) but still include some 10×25 or design flexible partitions that could create either two 10×15’s or one 10×30, for example.Vehicle/Boat Storage: The data so far shows minimal demand for outdoor parking at this location, but it may be early. Competitors do offer it (CubeSmart has parking at ~$75, and Extra Space ~61.67, likely fully or nearly occupied given their established status). It could be that by spring/summer, more RV/boat customers will come. Since there are no zoning issues and presumably ample land, we have the option to allocate space for vehicle storage. However, highest and best use for Phase 2 might lean more towards rentable building square footage (which produces higher revenue per square foot than open parking). Unless we have evidence of strong unmet boat/RV demand, it may be wise to limit additional dedicated parking spaces in Phase 2. Perhaps include just a small expansion of parking or design one of the new buildings with pull-through 12×30 or 12×35 drive-up units that could double as vehicle storage inside a unit (customers often prefer storing vehicles in covered units if available). This way we capture vehicle storage demand with large units rather than open lot space, maximizing revenue potential.
Small Climate Units (5×5, 5×10): These are entry-level units that drive traffic and have shown strong demand. Ensure the new buildings include a good proportion of these (e.g. hallways in climate-controlled buildings could have many 5×5 lockers and 5×10 units). They not only lease up fast, but also serve as a feeder – tenants often upgrade to larger units over time. Our data shows 5×5 and 5×10 are already 10–17% occupied vs. ~0% for some larger sizes, despite having more total units available, which underscores their popularity.Standard 10×10 (Climate): The 10×10 climate units are a universal staple and are doing reasonably well (about 16% occupied so far with the highest absolute number of move-ins). Continue to build 10×10s, as they appeal to a broad market (1-2 bedroom apartment’s worth of goods, etc.). They also offer flexibility (easy to discount or convert two 5×10s if needed).Large Drive-Up Units (10×20, 10×30): These should be a significant component of Phase 2. Given the rapid 50% fill of 10×20 drive-ups, we likely under-built the 10×20 drive-ups in Phase 1. Phase 2 is an opportunity to correct that by adding more 200 sq ft drive-up units. The 10×30 units also have steady demand (3 occupied in short time, one move-out already reoccupied quickly per net numbers). They cater to large home moves, business storage, and vehicle storage – all important segments in this suburban market. We recommend including a healthy number of 10×30 drive-ups (and/or 10×25 drive-ups) in the new buildings. In fact, the final three buildings could be primarily single-story drive-up buildings, if not already decided, since outdoor-access units are clearly in demand. One approach: devote at least two of the three new buildings to drive-up access units exclusively, focusing on 10×20 and 10×30 footprints. This would capture the high-demand segment and differentiate us from New Horizon (which has none) and complement our indoor climate offering.Medium Units (10×15, 5×15): These should be de-emphasized or made flexible. Phase 1 has plenty of 10×15 climate units still vacant (33 of 34 open). It’s possible demand for 10×15 will pick up later (often 10×15 is used for 2-3 bedroom homes in transition), but given current trends, Phase 2 likely does not need many more fixed 10×15 climate units. If building another climate-controlled building, consider designing modular walls for some 10×15 spaces so they can be split into two smaller units or combined into a 10×20 if needed. As for 5×15, since none rented yet, perhaps avoid adding more 5×15 in Phase 2; instead, those hallway spaces could be used for additional 5×10 or 5×5 units which are clearly more popular. In summary, reduce the count of mid-size units in the plan and reallocate that square footage to sizes with demonstrated turnover.Climate-Controlled Large Units: Phase 1 included 10×20 climate units (only 1 of 12 rented so far). This size may appeal to a narrower group (people who want large space and climate control). The local comps (CubeSmart, StorageMart) do offer a few of these at high rates, but they’re not the fastest movers. We should include a limited number of large climate units (e.g. perhaps a handful of 10×20 climate in one building) just to capture that niche demand, but not overbuild them. If we anticipate any commercial clients or others needing big climate space (e.g. record storage, inventory storage), we can accommodate via these units; otherwise, focus on large drive-ups for bulk storage demand.Prioritizing enclosed unit space over open parking (unless we have strong evidence that a large RV lot would suddenly fill up – which current data does not show). Enclosed units simply yield more revenue per sqft and attract a wider range of customers year-round. We can still accommodate vehicle storage demand via large drive-up units, as mentioned. This keeps the land use focused on revenue-generating space.Ensuring a balanced climate vs. non-climate mix. Phase 1 may have leaned heavily toward climate-controlled (since our total climate units far exceed drive-ups). Phase 2 is an opportunity to balance that. Many customers in this area seem fine with non-climate drive-ups (given how Moove In and others thrive, and how quickly our drive-ups rented). A rough guideline could be to have Phase 2 yield a 50/50 split (or even 40/60) between new climate-controlled NRSF and drive-up NRSF. This would result in a final product that serves both climate-sensitive customers and those prioritizing cost/accessibility. Climate control is important for premium rental rates, but if they lease slowly, the effective revenue is delayed. Drive-ups might lease faster even at slightly lower rates, getting cash flow in sooner. A balanced approach hedges against one segment underperforming.Continuing our competitive pricing and promotions through the Phase 2 lease-up. The comps data shows competitors will fight on price (e.g., deep discounts for initial months). We should budget for promotions especially on any unit types that are slower moving (e.g. if 10×15 climate continue to lag, consider specials on those to improve absorption). At the same time, once we see certain sizes hitting high occupancy (e.g. if our 5×10 climates or 10×20 drive-ups exceed 90% in Phase 1), we can push rates on those in Phase 2 – but initially build momentum with attractive rates to fill buildings as they come online.
250917 Telford Meeting notes
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Update Drive up Promos
@Larissa Fincher
Tue, Sep 16
climate promo to be deeper than drive
@Larissa Fincher
Tue, Sep 16
Review comps
@Larissa Fincher
Tue, Sep 16
My one topic that I would like to discuss/gain insight from the team on is: phase 2. I would like to hear feedback from whoever would specialize in unit mix, etc. I need to build the final three buildings in the very near future and I’m ready to start that process. Would like to confirm with the team that the projected buildings/unit mix are in line with the highest and best use and meeting market demand
Wed, Sep 17
yard signs, RV Parking, Climate Control
@Eve Higgins
@Larissa Fincher
Wed, Sep 17
Financial Packets
@Ryan Dayhoff
Wed, Sep 17
Insurance prices for insuring the building
@Ryan Dayhoff
Wed, Sep 17
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Unit Mix Recommendation
Building 5 and 6
What’s Working
What’s Not Working
Buildings 5 & 6 (Climate), target 4,725 RSF each
I’m giving you three options that exactly total 4,725 RSF. Pick the one that best fits how you want the buildings to operate (door count, hallway flow) while prioritizing demand (small CC + 10×10s).
Option A — Small-heavy (fastest absorption; highest $/sf)
Why: maximizes what’s moving (5×5/5×10). Great for lease-up velocity and revenue density.
Watchouts: lots of doors; plan corridors efficiently (bank smalls, double-stack lockers where possible).
Option B — Balanced (keeps plenty of 10×10s, still small-forward)
Why: very similar revenue/absorption to A, just shifts a touch more into 5×10s. Slightly fewer lockers than A.
Option C — With a little mid-size (if you want some 150–200 sf on hand)
Why: still small-dominant, but bumps 10×10 count to give slightly more “move-up” space without introducing slow-moving 10×15/10×20 climates.
My pick for 5 & 6: Option B if you want the best blend of absorption + operations; Option A if you want to push lease-up speed and $/sf to the max.
👉 Bottom line: Don’t replicate Buildings 1 & 2. Instead, shift Buildings 5 & 6 toward more small climate units and fewer mid/large climate units. This aligns supply with demand, accelerates lease-up, and boosts revenue.
Building 7
What We Learned from Phase 1
Building 7 (Drive-up), target 4,900 RSF
Here are drive-up-only mixes that exactly total 4,900 RSF, biased toward sizes that performed best (10×20 & 10×30). Unit count will be low (which is fine).
Option 1 — 10×20-centric (clean + versatile)
Why: the 10×20 DU is your workhorse (fast-moving, broad use). One 10×10 adds an entry-price option.
Option 2 — Add some 10×30 for vehicles/contractors
Why: introduces true large bays (great for boats/contractors) without swinging too far from core 10×20 demand.
Option 3 — Maximize 10×20 with a single 10×30 “anchor”
Why: keeps it simple; you still capture one large premium unit for specialty demand.
My pick for Building 7: Option 2 (20, 10×20 + 3, 10×30). It hits the sweet spot between velocity (10×20) and higher-ticket large spaces (10×30) that your early data showed moving.
Quick rationale recap
Telford Storage Lease-Up Update (July–Mid-Sept 2025)
Lease-Up Performance
Leads & Conversions
Unit Size Trends
Pricing vs Market (5-mile comps)
Key Insights & Recommendations
👉 In short: Lease-up is on pace (11% occupied in 2.5 months). Drive-ups and small units are moving; mid-size climate units are overpriced and stalling. Storagely and call center leads are paying off, Sparefoot is not. Strategy should focus on adjusting climate pricing, capitalizing on drive-up demand, and leaning into the highest-ROI channels.
1. Current Lease-Up & Demand Indicators (July–Sept 2025)
2. Market Comps (5-mile radius)
3. Phase 2 Unit Mix Considerations
4. Strategic Recommendation
Phase 1 Performance (Jul–Sep 2025)
Local Market / Competitors
Demand Takeaways
Recommended Phase 2 Strategy
➡️ Highest and Best Use: Phase 2 should emphasize small climate units + large drive-ups, with minimal mid-sizes and limited open parking. This aligns with Phase 1 leasing trends, competitor mix, and market demand.
Telford Storage Lease-Up Performance (July–September 2025)
1. Lease-Up Overview
Telford Storage (opened July 2025) has shown steady lease-up progress through mid-September. From July 1 to Sept 15, a total of 28 move-ins were recorded, offset by 6 move-outs, for a net gain of 22 occupied units. This brought physical occupancy to approximately 11% of units (22 of 194 units) and 13% of square footage (2,650 of ~20,075 sq ft) as of Sept 15. Economic occupancy (actual rent collected vs. potential at full occupancy) is about 12.4%, reflecting the impact of concession discounts on initial revenues.
Monthly move-in velocity accelerated: only 4 move-ins in July (partial month), jumping to 15 in August, and 9 in the first half of September. As a result, occupancy has risen from essentially 0% at opening to ~10–12% by mid-Q3. Figure 1 (below) illustrates the upward trend in occupied units over this period, indicating a positive lease-up momentum.
Revenue performance is modest so far, given the new lease-up status and promotional offers. Total rental revenue collected YTD is $2,888 (July $269; August $1,683; September $937 as of 9/16). Including administrative fees and insurance sales, total receipts YTD are around $3,020. The low initial revenue is largely due to aggressive move-in promotions (e.g. “1st month free”), with over $1,300 in discounts/credits given in September MTD alone. These concessions, while dampening short-term income, have helped drive occupancy growth. We can expect monthly revenue to climb in coming months as fewer new tenants will be on free months and more tenants begin paying rent. The facility’s potential monthly rental income at current occupancy is about $2,217 (if all occupied units paid standard rate), so there is considerable headroom for revenue to increase as lease-up continues and promotions phase out.
2. Lead Volume and Conversion
Lead generation has been solid for a new facility, with roughly 62 total inquiries/leads received from July 1 to Sept 15. Of these, 28 leads converted into move-ins, yielding an overall lead-to-lease conversion rate around 45% – a healthy conversion metric. Lead sources and their performance, however, vary widely:
Figure 1: Leads vs. Move-Ins by Source (July–Sept 2025). The blue bars show total leads from each source, and orange bars show how many of those leads converted to actual move-ins. The percentage above each pair of bars is the conversion rate. Storagely (online aggregator) provided fewer leads than the call center but with a very high conversion rate (90%), resulting in nearly as many move-ins. Sparefoot leads did not convert at all in this period. Walk-ins, while few, all converted, indicating strong intent.
The best-performing lead sources in terms of ROI appear to be the free or low-cost channels – e.g. Walk-ins and organic Phone (Call Center) – and the Storagely aggregator (which likely charges per rental, but delivered 9 renters quickly). Walk-ins cost nothing and converted 100%. The call center channel, while it has an operational cost, brought in the largest number of tenants. Storagely’s high conversion suggests that any marketing fees or commissions paid to that platform are yielding real move-ins (worth the cost). On the other hand, Sparefoot’s ROI is poor so far – we’ve spent effort (and possibly listing fees) on that platform with no tenants to show, so we may be effectively paying for unproductive leads. This data suggests focusing on the channels that convert (and investigating why Sparefoot leads fall off). Ensuring prompt follow-up with aggregator leads and perhaps adjusting our Sparefoot listing (pricing/promotion visibility) could improve its performance. Overall, the facility has done well converting interested prospects into renters – nearly half of all leads became customers – which speaks to effective sales handling and competitive offerings.
3. Unit Size Trends
Leasing activity has not been uniform across unit sizes; certain unit types are filling up faster, while others see little to no traction. Below is an analysis of which unit sizes are leasing well vs. underperforming:
In summary, underperforming unit types are clearly the 5x15 CC and 10x15 CC (essentially no uptake), as well as 10x20 CC (very low). These may be overpriced or not as sought-after in this market. Conversely, high-demand units include 10x20 drive-ups and 10x30 drive-ups, which are filling quickly, and the 5x5–5x10 climate units which are seeing steady interest. The data suggests the facility should monitor these trends: possibly promote or adjust rates on the sluggish sizes, and ensure availability or even consider modest rate increases on the hot-selling sizes once occupancy rises further.
4. Pricing vs. Market
We compared Telford’s current street rates against nearby competitors (within ~5 miles) using the latest competitor price survey. This analysis reveals that Telford is underpricing some unit types relative to the local market, while a couple of unit sizes are priced above market averages – potentially explaining the lease-up discrepancies noted above. The table below summarizes Telford’s rates vs. the average competitor rates for equivalent units:
Table 1
Unit Type (Size)
Telford Rate
Market Avg (Nearby)
Pricing vs Market
5×5 Climate
$28
~$27.8
~At market (≈+0.6% above)
5×10 Climate
$45
~$51.5
Below market (~12% under)
10×10 Climate
$89
~$83.0
Above market (~7% over)
10×15 Climate
$114
~$91.0
Above market (~25% over)
10×20 Climate
$182
~$183.9
~At market (≈1% under)
10×20 Drive-Up
$160
~$189.6
Below market (~15% under)
10×25 Drive-Up
$199
~$328.0
Far below market (~39% under)
10×30 Drive-Up
$225
~$263.3
Below market (~15% under)
Parking (Vehicle)
$68
~$77.8
Below market (~12% under)
There are no rows in this table
(Market averages computed from competitor rates in the 5-mile radius report.)
Several insights emerge from this comparison:
In summary, Telford is generally priced very aggressively (low) on most unit types except a couple of climate sizes. The over-market pricing of the 10×15 climate units (and slightly for 10×10 CC) stands out as a potential issue – it likely contributes to their low occupancy. Meanwhile, the significantly under-market pricing on large drive-ups has succeeded in driving move-ins, but Telford should monitor those fill rates closely; as those units approach higher occupancy, management might implement rate increases or scale back discounts to boost revenue per square foot. It’s a delicate balance in early lease-up: price low to gain occupancy, but also ensure you are not unnecessarily underpricing where demand is strong.
5. Insights and Recommendations
Based on the data above, here are key insights and recommended actions for the next phase of operations:
In conclusion, Telford Storage’s early performance is on a solid track: move-ins are ramping up and key channels like the call center and Storagely are working well. To improve further, we should tackle the soft spots (certain sizes and the Sparefoot channel) with pricing and marketing tweaks, while continuing to leverage what’s working (competitive drive-up rates, strong sales conversion, and local marketing). By reacting to the data – lowering rates where we’re high, firming up where we’re low, and doubling down on high-ROI lead sources – we will drive occupancy faster and start boosting revenues, ensuring a successful lease-up phase in the coming quarters.
Phase 2 Expansion – Unit Mix and Market Demand Analysis for Telford Storage
Current Phase 1 Performance and Demand Trends
Figure: Occupancy percentage by unit size and type at Telford Storage (as of Sep 16, 2025). Smaller climate-controlled units and large drive-up units show higher relative occupancy, whereas mid-size units and vehicle parking remain largely vacant.
Lease-Up Status: Phase 1 of Telford Storage is still in its initial lease-up phase. Out of 194 total units in Phase 1, only about 28 are occupied (approximately 12–14% physical occupancy) as of mid-September. This low overall occupancy is expected for a new facility after just a few months of operation. However, the net leasing trend is positive – between July 1 and Sep 16, there were 29 move-ins and only 6 move-outs, for a net gain of 23 occupied units. Demand is steadily building each month as awareness grows.
Unit Size Demand Patterns: The demand uptake varies significantly by unit size. Smaller climate-controlled units are leasing up the fastest: for example, the 5×5 climate units saw 4 move-ins (net +2) and the 5×10 climate units saw 7 move-ins (net +5) in the Jul–Sep period. These small sizes (25–50 sq ft) already have ~10–17% of their inventory occupied, indicating steady interest from customers needing mini-storage. The standard 10×10 climate units (100 sq ft) also show healthy traction with 7 new rentals in the period, reaching ~14% occupancy so far. This suggests that demand is strongest for small to mid-small climate-controlled units (5×5, 5×10, 10×10), likely for personal household items and boxes.
In contrast, mid-size climate units (e.g. 5×15 and 10×15) are lagging. The 5×15 climate units (75 sq ft) had no move-ins at all during July–September, remaining 0% occupied (all 16 units vacant). The 10×15 climate units (150 sq ft) saw only 1 rental (net +1) in that period and sit at about 3% occupancy (1 of 34 units). This clearly indicates weak demand for the 5×15 and 10×15 sizes at this time. Customers who might need ~75–150 sq ft appear to prefer either the slightly smaller 5×10/10×10 or jump to a larger 10×20 unit, rather than these in-between sizes.
Large Unit and Vehicle Storage Demand: Notably, the large drive-up units are seeing good uptake even with minimal marketing. The 10×20 drive-up units (200 sq ft, exterior access) are already 50% occupied (2 of 4 units), with 2 move-ins and 0 move-outs over the recent period. The 10×30 drive-up units (300 sq ft) are about 30% occupied (3 of 10 units), with 4 move-ins (net +3) in the period. This indicates solid demand from customers needing large spaces – likely contractors, businesses, or customers storing vehicles/large items. In fact, drive-up units have leased faster (on a percentage basis) than most climate units, suggesting the local market has a healthy appetite for easily accessible, large storage (perhaps due to a high number of homeowners, contractors, or RV/boat owners in the area).
On the other hand, outdoor vehicle storage (parking) has seen very little uptake so far. The facility offers 10×25 and 12×35 outdoor parking spaces (for RV/boat storage), but none of the 12×35 spaces and only 1 of the 10×25 spaces have been rented to date (and that single 10×25 rental moved out, yielding net 0 occupied). All 15 outdoor parking spots remain effectively vacant (0% occupied). There has been one recent reservation for each parking size (one 10×25 and one 12×35 are reserved but not yet moved in), indicating some interest may materialize (possibly with winter RV/boat storage season approaching), but currently vehicle storage demand appears soft. This could be due to seasonal factors or competition from nearby facilities offering vehicle storage.
Pricing and Rent Up: The current rate structure at Telford Storage positions it competitively, especially for the smaller units, which likely helped stimulate the move-ins seen. For instance, the standard street rate for a 5×5 climate unit is $28 and for a 5×10 climate is $45 – notably affordable compared to nearby competitors (as discussed below). This aggressive pricing is supporting the lease-up of those smaller units. Meanwhile, larger units like 10×30 drive-ups are priced at $225 and 10×20 drive-ups at $160, which customers have been willing to pay given the quick occupancy gains in those categories. The mid-size 5×15 and 10×15 climate units are priced around $70 and $114 respectively, but even at these reasonable rates, demand has been tepid – suggesting the issue is more about right-sizing the unit mix to what customers actually need, rather than pricing alone.
Key Takeaway: Customers are primarily “buying” the smallest and the largest units, while many mid-size units sit empty. This trend from Phase 1 should inform the Phase 2 unit mix. Any additional buildings should skew toward the sizes with proven demand (e.g. 5×5, 5×10, 10×10 climate; 10×20 and 10×30 drive-up) and potentially reduce or reconfigure the planned count of 5×15 and 10×15 units, since those have not yet demonstrated demand. It may also be prudent to moderate the amount of additional open parking or specialty vehicle storage, as those spaces haven’t leased up yet – unless we anticipate a seasonal uptick or have strong evidence of unmet vehicle storage demand in the market.
Local Market Supply and Competition
Competitive Facilities: Telford Storage is entering a market with several established self-storage facilities in the immediate vicinity. Within a ~3-mile radius there are at least five competing storage sites: CubeSmart (Hatfield, ~1.8 miles away), Extra Space Storage (two locations: Souderton ~1.3 mi and Hatfield ~3.2 mi), StorageMart (Line Lexington, ~3.6 mi), Moove In Self Storage (Telford, ~1.7 mi), and New Horizon Self Storage (Souderton, just 0.5 mi away). These competitors provide a mix of climate-controlled and standard drive-up storage options, and their presence defines the local supply that Phase 2 must contend with.
Market Supply & Saturation: According to a recent market analysis for one nearby facility, the 3-mile radius self-storage supply is about 7.8 square feet per capita, which is around the U.S. average (neither severely under- nor over-supplied). However, in the immediate 1-mile radius around Telford Storage, the supply was only about 1.6 sq ft/capita prior to Telford’s opening – extremely low. This implies that the Telford/Souderton micro-market was previously underserved, and the new development (Phases 1 & 2) is adding much-needed inventory. In fact, the closest competitor, New Horizon Self Storage (0.5 miles away), is a smaller all-indoor facility (~18,000 sq ft of climate-controlled units) that has historically operated at very high occupancy (reportedly in the 90–95% range prior to Telford’s entry) – underscoring that local demand for storage space was strong relative to available supply. The rapid lease-up of dozens of units at Telford in just a few months, despite competitors nearby, further confirms that the market is absorbing new supply and there is room for Phase 2 if done strategically.
Competitor Unit Mix & Features: A review of competitor offerings shows some trends in the local market. The major operators (CubeSmart, Extra Space, StorageMart) in the area offer a full range of unit sizes, often including large 10×25 or 10×30 units and plenty of drive-up access units, as well as climate-controlled options in multiple sizes. For example, CubeSmart’s site 1.8 miles away lists units from 5×5 up to 10×30 in both climate and non-climate versions. StorageMart (3.6 miles away) even offers climate-controlled units as large as 10×25 and 10×30 (at premium rates ~$234–259). This indicates that large climate-controlled units (>=200 sq ft) are part of the mix in this market, although their demand may be more limited to specialized needs.
By contrast, some smaller local facilities focus on either climate or drive-up niches. New Horizon Self Storage, for instance, is entirely climate-controlled indoor units (no drive-up, no vehicle parking) and tops out around 10×15 size per their listings. They advertise a 9.5×15 climate unit for ~$89/mo, and smaller sizes like 5×5 at ~$26 (which aligns with our comp data). Their success at near-full occupancy suggests that a significant segment of local demand is for indoor climate-controlled storage, likely from residential customers. On the other hand, Moove In Self Storage (Telford) appears to have mostly drive-up units (their rates for 10×10 and 10×15 are quite high, ~$136 and $188 respectively, implying those might be drive-up or premium units). Moove In may cater to the drive-up demand in the area, including contractor storage, given its pricing and presumably outdoor-focused facility.
Pricing Competitiveness: Telford Storage’s current rates are generally positioned below the big-brand competitors, which is appropriate for a lease-up strategy. For example, Telford’s climate-controlled 5×5 is $28, versus CubeSmart’s 5×5 climate at ~$46 and Extra Space’s around $32 (after discounts). For a 10×10 climate, Telford is $89, vs. ~$107 at CubeSmart and ~$83 at New Horizon. Drive-up 10×20 at Telford is $160, compared to CubeSmart’s ~$182 for a non-climate 10×20. These lower rates have likely contributed to Telford’s early leasing success in small units. It’s worth noting some competitors are running steep promotions (e.g. StorageMart had a 5×5 climate for only $19, likely a “$1 first month” type special, and Extra Space Hatfield showed ~$17 for a 5×5). Despite these, Telford has attracted renters, indicating our pricing is on point for the market. Going into Phase 2, maintaining a competitive price advantage during lease-up will be important, but as occupancy grows, rates can gradually normalize toward market averages.
Implications for Unit Mix: The competitive landscape suggests that all unit categories (small, large, climate, drive-up) have a place in this market, but the saturation and demand vary. The fact that competitors offer many large units and vehicle storage implies those segments do have users, but Telford should differentiate by aligning supply with the strongest pockets of demand:
Recommended Phase 2 Unit Mix Strategy
1. Emphasize High-Demand Sizes: Phase 2’s unit mix should be weighted towards the sizes that are leasing most quickly. Specifically:
2. Leverage Flexibility: If possible, design Phase 2 buildings with flexible unit layout in mind. Removable partitions or knock-out panels can allow us to adjust unit mix post-construction in response to demand. For example, if initially demand for 10×15 remains soft, we could merge some 10×15 and 5×15 into additional 10×20s or split them into 5×10s. Similarly, having some 10×30 drive-up units that can be partitioned into two 10×15 units (each with its own door) gives options. Given no zoning constraints, we have freedom to optimize interior layouts for market preference. The goal is to avoid “dead space” in the form of unit types that sit idle, by ensuring we can reconfigure if needed.
3. Continue Competitive Positioning: From a highest and best use perspective, every square foot in Phase 2 should aim to generate the maximum rent possible while meeting market demand. In practice, this means:
4. Monitor Market Changes: By the time Phase 2 buildings open, the competitive landscape might shift (e.g., another new facility could be planned, or competitors expanding). Currently, our data and comps suggest we have an edge: we are new, climate-equipped, and have diverse offerings including vehicle space, in a market that had low immediate supply. We should keep an eye on any new announcements (for instance, if CubeSmart or Extra Space expand, or if a new project arises). Assuming no major new supply beyond our own, Phase 2 is poised to capture unmet demand, especially as Phase 1 occupancy climbs creating its own word-of-mouth advertising.
Conclusion and Next Steps
In summary, the proposed Phase 2 unit mix should be aligned with the demonstrated demand: concentrate on the unit types customers are renting most (small climate units and large drive-up units), provide a balanced variety (so we can serve all customer segments in the market), and avoid overbuilding sizes that have proven slow to lease. The current plan for three additional buildings can likely accommodate these recommendations by dedicating one building to additional climate-controlled units (with mostly 5×5, 5×10, 10×10, and a few larger units), and two buildings primarily to drive-up units (10×20, 10×30, etc., possibly with some 10×15 or convertible spaces). This configuration would represent the “highest and best use” of the site – maximizing occupancy and rental income by meeting the actual market demand profile observed in Phase 1 and the surrounding area.
We invite feedback from the team, especially our unit mix and market analysts, to refine these recommendations. In particular, double-check our assumptions on mid-size unit demand and any local demographic shifts (e.g. new housing developments that might bring in customers needing medium units). Also, if anyone has insights on seasonal vehicle storage demand in Telford (since winter is approaching, perhaps we’ll see an uptick), that could influence how much parking or large unit space we allocate. With collaborative input, we can finalize a Phase 2 plan that confidently meets market demand and positions Telford Storage for long-term success.
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