Real estate firm Cushman & Wakefield (C&W) has published a “Market Trends and Sector Outlook” report on self-storage industry performance for the fourth quarter of 2022. The 16-page PDF examines several metrics, including transaction volume, capitalization rates, rental rates, occupancy and new construction, on a national and regional level. It also contains capital-markets trends and a valuation index across three types of asset classes.
“Key indicators for self-storage remained positive for 2022, despite a deceleration in rent growth and occupancy during the fourth quarter,” the report states. “Not only did market performance remain near record levels attained over the past two years, but self-storage transaction activity remained steady in 2022.”
Though quarterly rental activity fell 2.8% year over year (YoY), development activity remains robust. “Construction starts have continued to see strong growth throughout the year, increasing 7% from the prior quarter and 22% YoY, reaching a 10-year high of 31.6 million square feet under development nationwide,” according to the report.
The report is expected to be released soon 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 52,000 people in approximately 400 offices and 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.