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23 Jan, 2024
Analysis | Latest
Self-Storage Development Soars in Phoenix
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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Within the top 50 markets, the Phoenix-Mesa-Scottsdale, AZ CBSA has the most percentage supply under construction.

If all the development projects currently under construction were to complete in the Phoenix-Mesa-Scottsdale, AZ CBSA it’s total supply would increase by 13.1%.

The interest from developers to create new supply in this market is driven largely by the ever increasing population in this market.

Phoenix population growth

Given that this market saw an increase of 5.4% new supply in 2023, and a whopping 9.2% in 2022 the population and job market needs to continue to grow and drive self storage demand to keep up with the added amount of supply each year.

Source: https://fred.stlouisfed.org/series/PHXPOP