During a recent government meeting, representatives from OB Development presented their ongoing focus on multifamily and self-storage property developments across the United States, with a particular emphasis on a new self-storage project in Portsmouth. Andrew Baranek, the lead for self-storage development, outlined the strategic considerations behind selecting Portsmouth as a target market.

Baranek highlighted the city's significant military presence and diverse employment base as key factors in their decision. He provided a comparative analysis of self-storage availability, noting that while Virginia offers 8 square feet of storage per person and the Greater Hampton Roads region provides 9.9 square feet, Portsmouth currently only offers 7.6 square feet. The proposed development aims to increase this figure, bringing it closer to the state average.

The analysis also revealed that within a three-mile trade area around the proposed site, the current supply stands at 6.8 square feet per person. If the new project is completed, this would raise the local supply to 7.6 square feet, still below the regional average. Baranek emphasized the demand for climate-controlled storage units, which are particularly sought after in coastal areas like Portsmouth, where 50% of the existing storage is climate-controlled.

Market research indicated that climate-controlled facilities in the area are experiencing high occupancy rates, with some facilities reporting occupancy levels between 90% and 99%. This demand underscores the need for additional self-storage options in the region, particularly those that offer enhanced security and climate control.

The proposed site for the new development is located at 4054 Victory Boulevard, and the presentation concluded with a call for further discussion on the project’s potential impact on the local market.