March 5, 2025
Matrix Bulletin-Self Storage Forecast-Q1 2025
Self Storage Development Slowdown Continues
Self storage construction starts fell by 20% in 2024 compared to 2023. Weak advertised rental rate growth combined with a still-difficult financing environment suggests the slowdown in new development will persist into 2025, negatively affecting new-supply completions in 2026 and 2027. A sharply declining prospective pipeline and still-elevated levels of deferred and abandoned projects further suggest longer-term development interest is well off the peaks seen in 2022 and 2023.
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