Commercial Property Executive (CPE), a media brand specializing in commercial real estate news and analysis, has published a list of the top five secondary markets for self-storage development in the United States. The ranking is based on the amount of new supply that was under construction or planned in each area as of May, the number of existing storage facilities in the market, and the percentage of new-supply square footage in relation to existing inventory. It was compiled using data from Yardi Matrix, the self-storage data-services platform offered by management-software provider Yardi Systems Inc.
The top market on the list is Augusta, Ga., with 13 projects comprising more than 1.02 million square feet in its pipeline—six under construction and seven in planning. This new supply represented 24.5 percent of existing inventory, up 18.7 percent from last year. Providence, R.I., ranked second on the list. Though its development pipeline contained nearly 1.4 million square feet, the amount of new supply relative to existing inventory was 24.2 percent.
Rounding out the top five are Knoxville, Tenn.; Rochester, N.Y.; and Worcester-Springfield, Mass. Of those, only Rochester had less than 1 million square feet of self-storage in the local pipeline, at 684,100. That figure represented 19.5 percent of inventory. Worcester-Springfield had 1.04 million square feet in development, representing 18.9 percent of existing supply.
As of May, there was more than 44 million square feet of self-storage either planned or under construction nationwide. That’s more than double the 20 million square feet in the supply pipeline for the same period in 2019, according to CPE.
CPE is an integrated resource for executives and companies that own, manage, invest in or develop commercial real estate. With an emphasis on executive profiles and industry and economic data, it offers reports covering finance, legal and regulatory issues, property management, sustainability, technology, and other areas.
Commercial Property Executive, Top 5 Secondary Markets for Self Storage Development