In their recent 2020 market report, STORAGECafé says that even amid the Coronavirus pandemic and its subsequent economic downturn, the self storage industry pushed forward in 2020. According to their report, current nationwide self storage inventory is close to 1.5 billion square feet, with 43.6 million square feet of new rentable space set to come online in 2021.
“…self storage is a strong sector; it has proven its resiliency following the Great Recession and in the aftermath of COVID as well. Much of its value derives from the very nature of the industry as it’s a needs-based service. Self storage is extensively used when moving as well as for storing surplus items. Last year in particular it came to the aid of many people who had to either relocate or downsize…”
The Top 10 cities for self storage development in 2020 were:
- New York-Newark-Jersey City, NY-NJ-PA
- Phoenix-Mesa-Chandler, AZ
- Dallas-Fort Worth-Arlington, TX
- Miami-Fort Lauderdale-Pompano Beach, FL
- Chicago-Naperville-Elgin
- Atlanta-Sandy Springs-Alpharetta, GA
- Seattle-Tacoma-Bellevue, WA
- Portland-Vancouver-Hillsboro, OR-WA
- Minneapolis-St. Paul-Bloomington, MN-WI
- Washington-Arlington-Alexandria, DC-VA-MD-WV
Click here to read the full report at STORAGECafé.com.
