News

STR: More than 1,000 Self Storage Projects in Development in Top 25 MSAs

Posted: 6/27/2017
Share: print this article   Email A Friend   Share with Twitter   Share with Facebook   Share with LinkedIn   Share with Pinterest  

The self storage sector’s 25 largest metropolitan statistical areas comprise 1,068 development projects, according to STR’s inaugural self storage development report.

Excluded from the development total are projects that are deferred or abandoned.

Anne Hawkins, STR’s executive VP, revealed findings from the report yesterday as part of her presentation on Texas development during the Texas Self Storage Association (TSSA) Executive Retreat.

“This is a major milestone for the industry as we release an unprecedented amount of development data,” Hawkins said. “Data captured thus far shows robust development activity in many markets compared with existing supply. Pairing this development information with existing supply data provides visibility into market conditions and drives smarter operational and development decisions.”

The development report illustrates the following key findings:

  • Dallas, Texas, reported the most new construction facilities (102) and total active projects (125).
  • Miami, Florida (91) and Denver, Colorado (79), ranked second and third, respectively, in total projects.
  • Top 25 MSA development activity is primarily concentrated on new construction (840 facilities) compared with expansion and renovation (228).
  • The Denver and Miami MSAs as well as Nashville, Tennessee, are projected to see the largest increases to existing supply if all projects under development open.
  • Houston, Texas; Dallas; and Los Angeles, California, are the three largest MSAs in terms of existing self storage facilities.
  • Within the Top 25 MSAs, 56% of the existing supply is chain-affiliated, while 44% is independently operated.
  • The average space of new development facilities in the Top 25 is 79,000 net rentable square feet (NRSF).
  • Approximately 12% of Top 25 new construction projects are located in zip codes without an existing self storage facility.

The view the full Top 25 development report, please CLICK HERE.

About STR

STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 16 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit STR.com.

North America Media Contacts:
Jeff Higley
VP, Digital Media & Communications
jhigley@str.com
+1-615-824-8664 ext. 3318

Nick Minerd
Public Relations Manager
nminerd@str.com
+1-615-824-8664 ext. 3305

Contact Us!