{"id":1004483845,"date":"2020-10-22T23:44:04","date_gmt":"2020-10-23T07:44:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004483845"},"modified":"2025-02-26T06:21:07","modified_gmt":"2025-02-26T14:21:07","slug":"top-5-markets-for-self-storage-development-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/","title":{"rendered":"Top 5 Markets for Self Storage Development"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004481811\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004481811\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png\" data-orig-size=\"827,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Top 5 Northeast Markets for Self Storage Development\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/ro\/photos\/mini-storage-2449803\/&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png?w=827\" class=\"alignleft size-full wp-image-1004481811\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png\" alt=\"\" width=\"827\" height=\"400\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png 827w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png?resize=300,145 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Top-5-Northeast-Markets-for-Self-Storage-Development.png?resize=768,371 768w\" sizes=\"auto, (max-width: 827px) 100vw, 827px\" \/><\/a>The self storage business has proved to be resilient in recent months, with <a href=\"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-continue-recovery-despite-covid-19\/\">improving rents across the U.S.<\/a>&nbsp;Developers have started to slow their activity, with some 33 projects abandoned in August, possibly a reflection of economic uncertainty. A slowdown in development activity, however, could help oversupplied self storage markets to restore the balance between supply and demand.<\/p>\n<p>As of August, some 147.2 million square feet of storage space was under construction or in the planning stages across the country, 8.8 percent of total stock. Although the new-supply pipeline grew by 20 basis points over the previous month, development activity remained flat or contracted in more than half of the 31 top markets tracked by Yardi Matrix. Below, we ranked the top five metros based on underway and planned space as a percentage of total inventory.<\/p>\n<p><script id=\"infogram_0_ce4d22c3-c0bd-4301-8e16-026494261f4a\" title=\"Top 5 Markets for Self Storage Development Activity - table\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?iEe\" type=\"text\/javascript\"><\/script><\/p>\n<h2>5. San Jose<\/h2>\n<p>As a high barrier-to-entry market, with strict zoning regulations and limited land availability, San Jose\u2019s storage sector has historically been underpenetrated. With 9.4 million square feet of storage space available, the supply per person is at just 4.7 net square feet, below the 6.6-square-foot national average. But as of August, San Jose had some 1.4 million square feet of storage planned or under construction, accounting for 15 percent of existing inventory.<\/p>\n<p>Thanks to its tech-centric economy, San Jose is well-positioned to withstand the impacts of the global health crisis. More than half of its jobs are in office-using sectors, placing it among the metros likely to be least impacted by the consequences of shelter-in-place orders. Additionally, its lower-density population, compared to metros such as San Francisco or L.A., allowed San Jose to go through California\u2019s reopening phases more easily.<\/p>\n<h2>4. Portland<\/h2>\n<div id=\"attachment_1004481829\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004481829\" data-attachment-id=\"1004481829\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004481829\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Portland Skyline. Photo by Josh Herrington on Unsplash\" data-image-description=\"&lt;p&gt;https:\/\/unsplash.com\/photos\/QWk07-NT7rU&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Portland Skyline. Photo by Josh Herrington via Unsplash&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg?w=800\" class=\"wp-image-1004481829 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg\" alt=\"Portland Skyline\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Josh-Herrington-on-Unsplash.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004481829\" class=\"wp-caption-text\">Portland Skyline.<em> Photo by Josh Herrington via Unsplash<\/em><\/p><\/div>\n<p>Portland\u2019s self storage market used to benefit from the metro\u2019s steady job growth and an influx of residents priced out of more expensive West Coast markets. The metro\u2019s self storage inventory has been gradually growing over the past decade. Last year it reached a new cycle peak in completions, with a total of 1.6 million square feet of storage space completed.<\/p>\n<p>As of August, projects under construction or in the planning stages accounted for 15.2 percent of total stock, down 10 basis points month-over-month. This <a href=\"https:\/\/www.commercialsearch.com\/news\/self-storage-the-perks-of-investing-in-opportunity-zones-during-a-pandemic\/\">slight slowdown in development activity<\/a>&nbsp;could benefit Portland, as its inventory per person is 6.9 net square feet, slightly above the 6.6-square-foot national figure. There were nine projects under construction and 18 in the planning phases, encompassing a total of 2.2 million square feet.<\/p>\n<p><script id=\"infogram_0_0ac55c70-e1a9-4fbc-bb77-2f737e0bb3b9\" title=\"Top 5 Northeast Markets for Self Storage Development - compare\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?wSk\" type=\"text\/javascript\"><\/script>&nbsp;<\/p>\n<h2>3. Sacramento<\/h2>\n<p>California\u2019s capital has been steadily growing over the past few years, having gained 18,520 new residents in 2019, up 0.8 percent year-over-year and nearly three times the 0.3 percent national rate. Thanks to its diverse economy and a high percentage of jobs in the government and professional and business services sectors, Sacramento is well prepared to overcome an economic downturn.<\/p>\n<p>Although Sacramento\u2019s self storage market is somewhat oversupplied\u2014the per-person inventory is 7.9 net square feet\u2014developers have continued to pursue new projects. As of August, some 2.8 million square feet of storage space was under construction or in the planning stages, accounting for 15.8 percent of total stock, up 50 basis points over the previous month.<\/p>\n<h2>2. Las Vegas<\/h2>\n<div id=\"attachment_1004481832\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004481832\" data-attachment-id=\"1004481832\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004481832\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Las Vegas Skyline. Photo by Kvnga on Unsplash\" data-image-description=\"&lt;p&gt;https:\/\/unsplash.com\/photos\/y114bnqSJvY&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Las Vegas Skyline. Photo by Kvnga via Unsplash&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg?w=800\" class=\"wp-image-1004481832 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg\" alt=\"Las Vegas Skyline.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Kvnga-on-Unsplash.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004481832\" class=\"wp-caption-text\">Las Vegas Skyline.<em> Photo by Kvnga via Unsplash<\/em><\/p><\/div>\n<p>Over the past few years, demand for self storage space in Las Vegas has been underscored by a consistent wave of retirees choosing to relocate. In 2019, Las Vegas added 35,068 residents, representing a 1.6 percent growth year-over-year, well above the 0.3 percent U.S. figure.<\/p>\n<p>As of August, Las Vegas had around 2.8 million square feet of storage space under construction or in the planning stages, accounting for 16.2 percent of the metro\u2019s 17.2 million-square-foot inventory. There were 21 projects planned and 14 under construction slated for completion by the end of this year or in early 2021.<\/p>\n<h2>1. New York City<\/h2>\n<div id=\"attachment_1004481835\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004481835\" data-attachment-id=\"1004481835\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004481835\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"New York City Skyline. Photo by Jonas Brief on Unsplash\" data-image-description=\"&lt;p&gt;https:\/\/unsplash.com\/photos\/W2045-0iYiM&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;New York City Skyline. Photo by Jonas Brief via Unsplash&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg?w=800\" class=\"size-medium wp-image-1004481835\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\" alt=\"New York City Skyline\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004481835\" class=\"wp-caption-text\">New York City Skyline. <em>Photo by Jonas Brief via Unsplash<\/em><\/p><\/div>\n<p>Self storage developers were busy in New York City, with more than 12.3 million square feet of storage space under construction or in the planning stages. Nationwide, the metro has the largest existing inventory, encompassing more than 66.7 million square feet of storage space, yet the supply per person is around 3.4 net square feet. As of August, projects planned or under construction accounted for 18.5 percent of total stock. There were 100 projects planned and 64 under construction.<\/p>\n<p>Due to zoning restrictions, recent changes made to the Industrial &amp; Commercial Abatement Program and limited land availability, it\u2019s increasingly challenging to build in New York City. However, thanks to its size and ever-growing population, the need for storage space will continue to persist.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;ve identified the top-performing markets based on projects under construction as a percentage of existing stock, drawing on Yardi Matrix data.<\/p>\n","protected":false},"author":871,"featured_media":1004481835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,41288,23891,21742],"tags":[39329],"class_list":["post-1004483845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-rc-listicles","category-national","category-latest","tag-topofthelist"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 5 Markets for Self Storage Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Markets for Self Storage Development\" \/>\n<meta property=\"og:description\" content=\"We&#039;ve identified the top-performing markets based on projects under construction as a percentage of existing stock, drawing on Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-23T07:44:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T14:21:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelyn Jozsa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/\",\"name\":\"Top 5 Markets for Self Storage Development - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\",\"datePublished\":\"2020-10-23T07:44:04+00:00\",\"dateModified\":\"2025-02-26T14:21:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-self-storage-development-2\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Photo-by-Jonas-Brief-on-Unsplash.jpg\",\"width\":800,\"height\":620,\"caption\":\"New York City Skyline. 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