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.
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
