28 Jan 2026
This week the Radius+ team took a closer look at the Seattle-Tacoma-Bellevue, WA CBSA.
Seattle has maintained measured supply growth in recent years, avoiding the overbuilding seen in some other large metropolitan areas. The region's dense population, geographic constraints, and high incomes contribute to sustained demand for storage. Strong economic growth and a resilient job market led by the tech sector further support rental rate momentum. As long as development remains measured, operators should see steady rate upticks. Seattle's constrained land availability continues to reinforce stable long-term fundamentals.
The Seattle-Tacoma-Bellevue metropolitan area represents one of the most dynamic self-storage markets in the Pacific Northwest. The region's unique combination of geographic constraints, strong economic fundamentals, and measured new supply creates favorable conditions for existing operators.
Seattle's geography naturally limits development opportunities. Surrounded by water on multiple sides and with significant portions of land designated for residential and commercial use, available sites for self-storage development are increasingly scarce. This scarcity helps protect existing facilities from excessive competition.
The region's robust technology sector, anchored by major employers, continues to drive population growth and household formation. These high-income households typically generate strong demand for self-storage as they accumulate possessions and navigate life transitions.
Unlike markets that experienced rapid overbuilding in recent years, Seattle has maintained relatively modest supply growth. This discipline, combined with steady demand, supports healthy occupancy rates and provides opportunities for rate increases.
Operators in the Seattle-Tacoma-Bellevue market should continue to benefit from the area's strong fundamentals. The combination of limited new supply, geographic constraints that limit future development, and sustained demand from a growing, affluent population creates a favorable environment for rate growth.
As long as the market maintains supply discipline and the regional economy remains strong, Seattle-area self-storage facilities should continue to perform well relative to many other major metropolitan markets across the country.
