The self storage sector maintained its strength throughout the first quarter of 2021, with continued positive street-rate performance and steady development activity across the country. Despite the rising cost of construction materials, self storage developers continued to add new projects to the pipeline.
As of March, more than 125.7 million square feet of self storage space was under construction or in the planning stages across the U.S., accounting for 8.4 percent of the nation’s total inventory, up 20 basis points month-over-month, according to Yardi Matrix data.
The table below highlights the top 10 markets for self storage construction, ranked by total square footage under construction or in the planning stages as of March 2021.
|Rank||Metro||Under Construction + Planned SF||Percentage of Stock|
|4||Central New Jersey||2,569,287||21.1%|
|5||Southwest Florida Coast||2,539,216||14.5%|
|6||San Fernando Valley – Ventura County||2,460,172||13.3%|
|8||Tampa – St. Petersburg – Clearwater||2,400,997||8.9%|
Source: Yardi Matrix
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.