{"id":7392,"date":"2024-05-13T13:43:00","date_gmt":"2024-05-13T13:43:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7392"},"modified":"2024-05-16T13:48:29","modified_gmt":"2024-05-16T13:48:29","slug":"increased-self-storage-supply-forecasted-for-2024-25","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/increased-self-storage-supply-forecasted-for-2024-25\/","title":{"rendered":"Yardi Matrix Continues to Forecast Self Storage Supply Increase for 2024\/25"},"content":{"rendered":"

Latest outlook predicts a decline in new properties from 2026 through 2029<\/em><\/p>\n

\u00a0<\/em>SANTA BARBARA, Calif., May 13, 2024<\/strong> \u2013 Yardi\u00ae Matrix\u2019s Q2 Self Storage Supply Forecast<\/a><\/strong> remains mostly unchanged, as the development pipeline in the first quarter was consistent with previous expectations.<\/p>\n

The construction pipeline was flat in the first quarter of 2024, leading to relatively no changes in the near-term forecast for 2024 and 2025. In the Q1 look, those expectations were upped by 10.9 percent and 12.5 percent, respectively. The current levelling-off period is driven by elevated completion times.<\/p>\n

Forecasted completions for 2026 to 2029 are still expected to decline. Supply growth for 2026 and 2027 will likely contract by two percent of inventory, and further in 2028 and 2029.<\/p>\n

\u201cThe number of deferred and abandoned self storage projects continued to increase in the first quarter of 2024. Growth in the planned pipeline has moderated, while the prospective pipeline contracted. Street rates are on a declining path, with project sponsors reporting a difficult financing environment,\u201d say Matrix analysts.<\/p>\n

In the first quarter of 2024, the planned pipeline rose by 4.9 percent, while the prospective stage saw a 5.1 percent quarter-over-quarter decrease but remained mostly flat on a yearly basis. The number of deferred projects grew 67 percent annually and the number of abandoned storage properties rose to 50 properties as of March 2024.<\/p>\n

Review the new Self Storage Supply Forecast<\/a><\/strong> from Yardi Matrix.<\/p>\n

Yardi Matrix offers the industry\u2019s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email\u00a0matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

Celebrating its 40-year anniversary in 2024, Yardi\u00ae develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit\u00a0yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Latest outlook predicts a decline in new properties from 2026 through 2029 \u00a0SANTA BARBARA, Calif., May 13, 2024 \u2013 Yardi\u00ae Matrix\u2019s Q2 Self Storage Supply Forecast remains mostly unchanged, as the development pipeline in the first quarter was consistent with previous expectations. The construction pipeline was flat in the first quarter of 2024, leading to […]<\/p>\n","protected":false},"author":753,"featured_media":7393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[307],"class_list":["post-7392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nYardi Matrix Continues to Forecast Self Storage Supply Increase for 2024\/25 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The latest outlook predicts a decline in new properties from 2026 through 2029, citing Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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