The self-storage industry built more than twice as many storage facilities in 2017 than it did the year before.
That is according a new findings released by Union Realtime, a data firm that tracks the industry. The company identified a total of 791 self-storage facilities that were completed last year, compared to 359 properties in 2016.
Unsurprisingly, the majority of the projects were located in the top 50 metros—a total of 494 facilities, The supply of net rentable self-storage space grew 3.8 percent in the top 50 markets, compared to 2.7 percent growth nationwide.
Several markets grew at a much faster pace, with the biggest increase in supply occurring in Austin, TX—which experienced a 9.5 percent increase in net rentable square footage, followed by Raleigh, NC with 8.4 percent and Denver with 7.8 percent.
A bigger year ahead?
If the January pace of new development is any indication, 2018 could be an even bigger year for self-storage development. So far this year, 26 storage facilities have already opened in the top 50 markets, the report stated. At that pace, the top 50 markets could see more than 600 new storage facilities open—a 22 percent increase over 2017.
You can view the report below:
You can read more at The Storage Press.
Al Harris
Alexander Harris is a reporter covering the business of self-storage. He obtained his degree in journalism from Virginia Commonwealth University. He loves reading Elmore Leonard novels and listening to classic country music. You can call him Al.