Self Storage deliveries on track for record year.
First half numbers are in! The rapid pace of development continues as there were 296 facilities delivered in the top 50 markets equating to a 2.3% increase in self storage stock. 2018 is well on track to surpass 2017’s growth of 3.9% from 517 new facilities.
The average facility size of facilities delivered this year is 39% larger than the existing stock and 6% larger than last year.
Charlotte saw the greatest activity as their self storage stock grew by 8.1%, more than 30% more than was delivered all of last year (6.1%). Florida has overtaken the Texas as the most active state as Tampa (6.3%), Orlando (4.3%) and Miami (3.7%) were all in the top 10 regions for new openings.
As we move through the development cycle it is becoming just as important to track recent openings as it is new developments. As lease up times continue to extend across the country it is very likely that 2017 and 2018 deliveries will continue to impact the market in 2019.
Union Realtime utilizes innovative tech solutions to deliver self-storage data and analysis. We specialize in high quality data-driven analytics for the self-storage industry. Our technology provides the industry with the most accurate self-storage development supply information available, and now provide that same accuracy with self-storage occupancy data along with market reports and self-storage statistics — updated daily.
For more information, please reach out to:
Cory Sylvester • Principal
cory@unionrealtime.com
(646) 883–9427
