According to 2016 U.S Census Bureau data, the Atlanta, GA Metropolitan Statistical Area is the ninth largest MSA in the U.S with approximately 5.8 million people. That figure represented a 10% growth over six years.
STR is tracking 662 open self storage facilities in the Atlanta, GA MSA, 63% being chain-affiliated and 37% managed independently. Public Storage has the largest chain presence followed by Extra Space Storage and U-Haul Moving & Storage. The largest open self storage facility has an estimated 346,000 net rentable square feet (NRSF). On a county level, Cobb County represents the largest (92) of the 662 open and operating self storage facilities followed by Fulton County (89) and Gwinnett County (87). The NRSF per capita for the Atlanta MSA is approximately 6.0.
Previously, STR tracked 39 self storage projects in various phases of development in the Atlanta, GA MSA. This total increased to 67, representing 72% growth in the MSA’s pipeline. Of these projects, 53 are new constructions, 13 are expansion and one is deferred. The average size of a facility under development is 71,000 NRSF.
The largest development project in the MSA is a facility with an estimated 226,000 NRSF. A large number of pipeline developments are located in Fulton County (13 projects), which grew by approximately 100,000 residents (+11 %) from 2010 to 2016. The majority (95%) of the total pipeline developments in the MSA are in zip codes with at least one open self storage facility.
With a favorable macroeconomic operating environment, STR expects about half (33 projects) of the pipeline projects to be completed in the upcoming year. If all 67 self storage projects are completed, STR estimates a total of 4.7 million NRSF (+14%) entering the Atlanta, GA MSA, increasing current NRSF per capita from 6.0 to 6.8.