Self Storage Development Surges in Undersupplied NYC & LA,  and in Trending DFW & Phoenix

Abstract

Metro New York Surges with Most Self Storage Development A gateway for migration, NYC also has the nation's most undersupplied self storage market, with only about two square feet of space per capita - much less than the national benchmark of 7.1. Undersupplied L.A. Building 2nd-Most Storage It's certainly no coincidence that the metro with the second-largest amount of planned and under-construction self storage space - Los Angeles-Long Beach-Anaheim - has an undersupply problem like New York. Expanding Dallas-Fort Worth & Phoenix Build Much More Storage The thriving Dallas-Fort Worth-Arlington area attracts people and businesses - and the self storage industry is expanding to cater to them. Despite an already generous provision of eight square feet per capita, the Dallas self storage market - lifted by the city's rapid growth - is the third-most active in the U.S. To the west, the Phoenix-Mesa-Scottsdale metro has also been growing fast, and it, too, offers around eight square feet of self storage per capita. Miami's Special Status Creates Drivers for Self Storage Demand On the opposite coast, the Miami-Fort Lauderdale-West Palm Beach area has almost 4 million square feet of storage space in development, giving it a fifth-place ranking. Philly, Atlanta & Washington, D.C. Develop Storage To the north, the Philadelphia-Camden-Wilmington metro is up there with NYC and LA as a large self storage market that is traditionally undersupplied, offering only four square feet per person. Las Vegas Storage Spreads in Suburbs, Chicago Develops in Urban Areas The Las Vegas-Henderson-Paradise area ranks ninth for new self storage development.