Our Beautiful House
  • Home
  • Decorate
    Decorate
    Show More
    Top News
    Things to Consider Before Adding a Second Story
    September 10, 2020
    Everything in This Hidden Bargain Section on IKEA’s Website Is Under $10
    September 22, 2020
    DIY Home: Should You DIY Or Call A Pro?
    October 22, 2020
    Latest News
    Just What Exactly Is Contemporary Design?
    December 8, 2022
    Contemporary Design Style And The Essentials To Master It
    November 22, 2022
    9 Popular Bedroom Flooring Settings to Consider
    November 21, 2022
    How to Build a DIY Breakfast Nook
    November 16, 2022
  • Rooms
    Rooms
    Show More
    Top News
    5 Nursery Design Trends for the Modern Home
    June 16, 2022
    Organize Your Garage
    May 7, 2022
    Bedroom Ideas for Sophisticated Design Lovers
    November 11, 2022
    Latest News
    9 Popular Bedroom Flooring Settings to Consider
    November 21, 2022
    How to Choose the Best Garage Floor Tiles
    November 21, 2022
    Simple Steps of Kitchen Remodeling
    November 21, 2022
    Bedroom Ideas for Sophisticated Design Lovers
    November 11, 2022
  • Outdoor
    Outdoor
    Show More
    Top News
    5 Mistakes To Avoid With Your Quarantine Garden Before the First Fall Frost
    September 24, 2020
    15 Fun Backyard Ideas That Kids Will Surely Enjoy
    November 14, 2022
    How to Add Interest to your Garden
    October 6, 2021
    Latest News
    5 Best DIY Landscaping Ideas
    November 22, 2022
    15 Fun Backyard Ideas That Kids Will Surely Enjoy
    November 14, 2022
    25 Chic Modern Outdoor Furniture Ideas
    November 7, 2022
    Small deck ideas: 31 budget decking designs for tiny gardens
    October 18, 2022
  • Lifestyle
    Lifestyle
    Show More
    Top News
    Forget Delivery: Here Are 5 of the Best Backyard Pizza Ovens You Can Buy Right Now
    September 30, 2020
    The 6 Worst Types of Clutter for Homeowners
    December 5, 2022
    Miami May Seal Ultra Music Festival Future
    October 2, 2019
    Latest News
    The 6 Worst Types of Clutter for Homeowners
    December 5, 2022
    12 Hidden Storage Ideas for Combating Clutter
    November 21, 2022
    15 Fun Backyard Ideas That Kids Will Surely Enjoy
    November 14, 2022
    10 Ways to Let Go of Sentimental Clutter
    October 18, 2022
  • Real Estate
    Real Estate
    Show More
    Top News
    Your Listing Expired, Now What?
    April 11, 2021
    Federally Funded Covid-19 Vaccine Tested at University of Miami
    August 19, 2020
    5 Reasons Selling Without an Agent is a Bad Idea
    October 5, 2020
    Latest News
    Homebuyers Avoid Bidding Wars. Should You?
    September 13, 2022
    10 Questions Every Homeowner Should be Asking
    September 11, 2022
    6 Ways on How To Invest in Real Estate
    September 6, 2022
    Are You Being Represented by a “Yes-Agent”?
    August 9, 2022
  • Contact
Reading: Top 5 Florida Markets for Self Storage Development
Share
Notification Show More
Latest News
Just What Exactly Is Contemporary Design?
Decorate
The 6 Worst Types of Clutter for Homeowners
Organization
Contemporary Design Style And The Essentials To Master It
Decorate
5 Best DIY Landscaping Ideas
Gardening
12 Hidden Storage Ideas for Combating Clutter
Organization
Aa
Our Beautiful House
Aa
Search
  • Home
  • Decorate
  • Rooms
  • Outdoor
  • Lifestyle
  • Real Estate
  • Contact
Follow US
  • Blog
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Our Beautiful House > Blog > Real Estate > Top 5 Florida Markets for Self Storage Development
Real Estate

Top 5 Florida Markets for Self Storage Development

Last updated: 2022/11/03 at 8:28 AM
By Stefan #TheListingBroker - Real Estate
Share
5 Min Read
SHARE
This image has an empty alt attribute; its file name is buying-a-home-1024x138.jpg

We’ve identified the top-performing Florida metros based on projects under construction as a percentage of existing stock, drawing on Yardi Matrix data.

Florida’s economic growth has been fueled by substantial population increase, employment gains in high-paying industries and a business-friendly environment. The coronavirus outbreak, however, has impacted Florida’s positive fundamentals, leaving the state in distress. But despite economic uncertainties, following the national pattern, self storage projects have continued to push through in Florida.

As of July, some 6.8 million square feet—4.4 percent of existing stock—of storage space was under construction in the Sunshine State, according to Yardi Matrix. We have identified the top five Florida markets based on underway projects as a percentage of total inventory, using Yardi Matrix data.  

RankMarketUnder Construction (KSF)Inventory (KSF)Percentage of Stock
1Pensacola551.79,358.95.9%
2Fort Lauderdale969.417,815.55.4%
3West Palm Beach–Boca Raton60611,946.55.1%
4Miami777.215,440.85.0%
5Tampa 1,301.428,960.74.5%

5. TAMPA

Tampa has been one of the fastest-growing cities in Florida over the past few years, having gained 51,438 residents in 2018, up 1.7 percent year-over-year and well above the 0.6 percent national figure. Tampa is favored by downsizing retirees, a population cohort that is a major demand driver for self storage.

As construction in Florida was deemed essential during the statewide lockdown, development activity in the self storage sector remained elevated. As of July, 16 projects were under construction, totaling 1.3 million square feet. These developments accounted for 4.5 percent of the market’s existing 29 million-square-foot stock.

4. MIAMI

Miami’s self storage market has been benefiting from the market’s diversifying economy and rapidly expanding housing stock. Although the metro started to feel the effects of the coronavirus outbreak, self storage development has not yet been visibly affected.

Year-to-date, five storage facilities encompassing a total of 582,562 square feet came online in Miami. Some 777,200 square feet—across seven projects—was underway as of July, accounting for 5 percent of existing inventory. With a completed stock of 15.4 million square feet, the market has around 6.3 net square feet of storage space available per capita, slightly below the 6.6 national figure.



3. WEST PALM BEACH – BOCA RATON

Economic growth in the West Palm Beach-Boca Raton market has been underpinned by a tax-friendly climate and relocating businesses from the Northeast. Around 70 financial services firms have moved from New York City to the county in the last three years, according to the Palm Beach County Business Development Board.

Self storage construction picked up in 2016, and over the past four years, the metro’s inventory has grown by more than 1.5 million square feet. As of July, West Palm Beach-Boca Raton had four facilities under development, encompassing 605,951 square feet and accounting for 5.1 percent of total stock.

2. FORT LAUDERDALE

In line with other South Florida markets, Fort Lauderdale’s economy experienced strong growth in recent years. Healthy market fundamentals resulted in demand for self storage—over the past decade, Fort Lauderdale has added more than 3.3 million square feet of storage space to its inventory.

Although the pandemic has taken a toll on the metro’s fundamentals, self storage projects did not come to a halt. As of July, Fort Lauderdale had nearly 970,000 square feet of storage space underway, accounting for 5.4 percent of existing stock. The metro had nine projects under development, all slated for completion in 2020.

1. PENSACOLA

Despite a decade of limited deliveries, when it comes to the share of space under construction as a percentage of existing inventory, Pensacola ranked No. 1, with six properties underway, totaling more than 550,000 square feet. The projects represented 5.9 percent of total inventory as of July.

Three of the six facilities underway are conversion projects that were formerly retail structures— An Absolute Storage-branded property totaling more than 127,00 square feet, just off Freeway 98, and two U-Haul assets encompassing some 150,000 and 113,000 square feet, respectively. 


SIGNUP FOR NEWSLETTER

Credit: cpexecutive

Stefan #TheListingBroker - Real Estate August 20, 2020
Share this Article
Facebook Twitter Email Print
How you feel with this article?
Love0
Happy0
Surprise0
Wink0
Sleepy0
Sad0
Angry0
Leave a review Leave a review

Leave a review Cancel reply

Your email address will not be published. Required fields are marked *

Please select a rating!

Our Beautiful House 

  • Home
  • Decorate
  • Rooms
  • Outdoor
  • Lifestyle
  • Real Estate
  • Contact
Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions

Find Us on Socials

© 2022 by #TheListingBroker. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?