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19 Jul 2018

Construction Spend Hits Record High in June


James de Gorter

Union Realtime

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2018 is shaping up to be a record year for deliveries, and as we look forward over the next 12 months we don't see much sign of slowing down. There are nearly 1,000 facilities under construction across the U.S. which equates to a 3.8% increase in self storage stock. Drilling down to the top 50 markets we are tracking nearly 600 facilities which equates to a 4.5% increase in self storage stock.Miami is the most active region with over 50 projects under construction and will likely see their stock increase by over 12%.

Looking out over the next 24 months the data would indicate that the pace should continue; however, as market fundamentals evolve it is possible that projects get cancelled.

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