Our Beautiful House
  • Home
  • Decorate
    Decorate
    Show More
    Top News
    Do’s and Don’ts of a Kitchen Remodel
    May 22, 2022
    Beautiful Homes That Are as Functional and Comfortable
    October 14, 2020
    13 Creative Uses for Contact Paper or Peel-and-Stick Wallpaper
    December 3, 2020
    Latest News
    10 Home Renovations That You Should Splurge on
    July 8, 2023
    Top 15 Modern Interior Designs You Need To Know
    June 1, 2023
    10 Home Repairs to Leave to the Pros
    May 18, 2023
    How to Build a DIY Breakfast Nook
    May 16, 2023
  • Rooms
    Rooms
    Show More
    Top News
    9 Popular Bedroom Flooring Settings to Consider
    April 27, 2023
    Working from Home: 10 Luxurious Offices and Studies
    September 14, 2020
    Living Room Design Trends
    November 5, 2020
    Latest News
    5 Nursery Design Trends for the Modern Home
    August 1, 2023
    40 Gorgeously Minimalist Living Rooms That Find Substance in Simplicity
    July 1, 2023
    14 Creative Kids Bathroom Decor Ideas
    May 28, 2023
    Simple Steps of Kitchen Remodeling
    May 21, 2023
  • Outdoor
    Outdoor
    Show More
    Top News
    Concrete Landscaping Ideas
    April 18, 2022
    Did You Know Miami Has a Vegan Food Hall? Neither Did We
    May 9, 2020
    Tips for Staging with Plants
    June 13, 2022
    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
    50% of Miami International Airport Passengers Likely To Return in 2020
    October 5, 2020
    5 Cool Home Tech Gadgets
    June 3, 2022
    Pérez Art Museum Miami Hails its Educational Efforts
    September 22, 2019
    Latest News
    The 6 Worst Types of Clutter for Homeowners
    May 5, 2023
    12 Hidden Storage Ideas for Combating Clutter
    April 28, 2023
    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
    FHA and VA Loans Might Put Ownership in Reach
    June 9, 2020
    Seller Advice: Changing Real Estate Agents
    June 4, 2020
    6 Home Trends Buyers Love
    August 11, 2020
    Latest News
    Two Ways Homebuyers Can Win in Today’s Market
    August 6, 2023
    Home Renovations for the Aging Population
    July 24, 2023
    The Benefits of Owning a Second Home
    July 6, 2023
    10 Questions Every Homeowner Should be Asking
    May 1, 2023
  • Contact
Reading: Top 5 Florida Markets for Self Storage Development
Share
0

No products in the cart.

Notification Show More
Latest News
Two Ways Homebuyers Can Win in Today’s Market
Real Estate
5 Nursery Design Trends for the Modern Home
Bedroom
Home Renovations for the Aging Population
Real Estate
10 Home Renovations That You Should Splurge on
Renovate
The Benefits of Owning a Second Home
Real Estate
Aa
Our Beautiful House
0
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
By Stefan #TheListingBroker - Real Estate
Stefan is a Real Estate Broker and REALTOR® with over 8 years of professional experience. Prior to starting his real estate career, Stefan spent 11 years as a foreclosure defense and divorce attorney (quite a combo, huh)? Conducting a real estate business with a a diverse legal background has allowed him to gain unique experiences that make him a well-rounded resource for his clients. Stefan is a proud Florida State University alumni, having earthed his bachelor’s degree in Management, prior to attending law school.
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?