Union Realtime LLC, a technology-services company that specializes in self-storage development data, has reported the status of projects in the pipeline through the first half of 2018. The summary includes infographics that indicate the top 10 U.S. regions for storage development, new-facility openings and net-rentable-square-feet comparables back to 2016.
According to the company, 296 self-storage facilities in the top 50 markets came online in the first half of the year, marking a 2.3 percent increase from 2017. The pace of development is on track to beat last year’s total growth of 3.9 percent and 517 new facilities.
Charlotte, N.C., showed the most activity among cities, with self-storage stock growing 8.1 percent. Florida topped Texas as the most active state, with Miami, Orlando and Tampa all landing in the top 10 markets for new openings.
“As lease-up times continue to extend across the country, it is very likely that 2017 and 2018 deliveries will continue to impact the market in 2019,” wrote James de Gorter, co-founder.
Union Realtime uses technology solutions to deliver self-storage data and analysis. Among its offerings is Radius, an online tool that tracks market demographics, occupancy and rental rates in addition to new and existing self-storage supply. Its tracking data is updated daily.
Medium, Self Storage Deliveries on Track for Record Year