When looking at all the Markets that have the most square footage of development projects, three Markets stand out. Dallas-Fort Worth-Arlington, TX CBSA, which has 7,698,747 square feet development projects and is expected to see a 10.7% increase in its total supply once all its development projects complete. Dallas-Fort Worth-Arlington, TX currently has 71,945,083 total square feet of supply, which is the most supply of any CBSA in the US right now. It looks like despite the large amount of supply already in the area, developers are still bullish on this market as almost 7.7 million square footage of supply is going to be added.
New York-Newark-Jersey City, NY-NJ-PA CBSA has 14,777,229 square feet of development projects which is the most square footage of development projects in any CBSA. These projects that are in the planning, permitted and construction phase are expected to increase the total square footage of supply by 22.78% once they complete.
Phoenix-Mesa-Scottsdale, AZ CBSA has 7,516,436 square feet of development projects which is expected to increase the total square footage of supply by 7.09%. This CBSA is currently the 8th largest CBSA when looking at current supply, but is the third largest when looking at square footage of development projects currently underway. As Phoenix is a burgeoning economic area, with high job growth, it is no surprise lots of square footage of storage is planned on being added to the CBSA.
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.