The self-storage construction market, already booming, is expected to see continued growth for the duration of 2019.
That growth has been particularly notable in the Western states, with the cities of Phoenix and Las Vegas proving to be two storage construction hot spots.
One of the largest players in the field, the Irving, California-based U.S. Storage Centers, which is currently upgrading an existing facility in Nevada, foresees no lack of demand after several years of increased capacity.
In an interview with GlobeSt.com, Charles Byerly, chief executive officer of U.S. Storage Centers, remarked that Western-state demand “continues to be steady, and continued multifamily construction will only help to maintain that demand.”
In a new report published by the Calabasas, California-based Marcus & Millichap real estate firm, 2019 Self-Storage US Investment Forecast, the overall state of the nation’s economy is cited as one of the reasons for a bullish self-storage market for the rest of this year.
The report notes that as many companies continue to build new locations and expand their staffs, the need for self-storage facilities will remain vibrant.
Growth is also being fueled by “long-term demographic factors,” including the roughly 80 million or so members of the Millennial Generation, which currently comprise roughly a third of all self-storage renters.
The Millennial Generation’s share of the self-storage market is poised to steadily increase as its members enter their “primary income-earning years.”
Plans are currently in the works for a new 85,000 square foot self-storage facility in Carbondale, Colorado, to be put up by the GO Self Storage company, with work beginning last month on a 117,000 square foot self-storage facility in Scottsdale by the firm 1784 Capital Holdings.
Titan Development of Albuquerque, meanwhile, has just completed the 86,000 square-foot Corrales Storage in Rio Rancho.
By Garry Boulard
