With the summer coming up and rates for loans rising. The conditions in the economy are sub-optimal for developing Self Storage facilities. However, this doesn’t seem to be affecting the amount of development activity going on in one market in particular.
The New York-Newark-Jersey City, NY-NJ-PA CBSA has added over 1,500,000 square feet of Storage in new deliveries in 2022 so far. This is the most footage of new deliveries of any CBSA in the U.S. Additionally, the New York-Newark-Jersey City, NY-NJ-PA CBSA currently has almost 11,000,000 square footage of storage in development projects.
It would appear that the current economic conditions going into the summer have not slowed down development in the New York-Newark-Jersey City, NY-NJ-PA CBSA. Looking forward to seeing how the market continues to progress in the coming months!
Data sourced from the Radius+ Insider Page
Pros and Cons of Self Storage SBA Loans vs. Traditional Loans
Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.