The Self Storage Advisory Group (SSAG) of real estate firm Cushman & Wakefield (C&W) has released a “Self-Storage Performance Quarterly Overview” report for the third quarter of 2022. The eight-page PDF examines several metrics, including rental rates, occupancy, new construction and consumer demand, on a national and regional level. It also contains some comparison data between the largest self-storage real estate investment trusts (REITs) and other operators nationwide.
“Notably, rent per available square foot increased in the third quarter 2022, both nationwide and the REITs,” the report states. “The REITs had very strong performance this year, and the pandemic caused the market sector to recover stronger than the normal self-storage yearly cycle. This demonstrates the sector's resiliency during the pandemic.”
Development and market supply also are on the rise. “Supply and demand metrics appear to be growing this quarter as well, compared to all of last year. Construction starts increased 25% from last quarter and increased 27% [year over year],” according to the report.
The report is available for free download from the C&W website.
Founded in 1917, C&W offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions. The company employs 50,000 people in approximately 400 offices and 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.