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06 Jun 2023

Self Storage Market Insights: Colorado


James McLean

Union Realtime

Last month I had the chance to attend SSA’s Valuation course in Denver CO. It made me curious as to what the Self Storage market was in that market. The Denver-Aurora-Lakewood, CO CBSA is the 20th highest CBSA in terms of square footage of self storage. According to a study from John Burns Research & Consulting based on the US Census data the state of Colorado has seen a net international and Domestic migration into the state of 16K people YoY from July 2021- July 2022 (not including deaths and births). The Radius+ team took a look to see how this has affected the Self Storage market in the Denver metropolitan area.

In 2020 the total supply of the Denver-Aurora-Lakewood, CO CBSA increased by .3%

In 2021 it increased by .22%, in 2022 total supply increased by .7% and so far into 2023 the total supply has increased by .3% from the start of the year till now. Supply growth in this market seems to be very low, with not a lot of percentage supply growth year over year. Although if more people begin to migrate to the state and specifically into its urban centers this could change.

The average price per square foot for storage units in Denver in Q1 2022 was $1.41 which dropped by 12% to $1.24 in Q1 2023.

Once the current development pipeline in the market completes we can expect to see an increase of supply of 4.4%.

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