28 Jan 2025
This week the Radius+ team took a look at the state of Florida to track which 3 markets (among the top 10 CBSAs) saw the most supply growth (relative to total supply) from the years 2023 and 2024. The state of Florida has grown 5% since 2020 according to a 2023 study done by the Florida office of Economic Development Research. This growth has continued well into 2024 and is expected to continue into 2025. The growing population in Florida has made it an attractive geography for Self Storage developers looking to meet the self storage demands of the burgeoning population.
Palm Bay-Melbourne-Titusville, FL CBSA - added 3% new supply relative to total supply in 2023 and 12.7% new supply added in 2024.
Deltona-Daytona Beach-Ormond Beach, FL CBSA - added 7.4% new supply relative to total supply in 2023 and 13.7% new supply added in 2024.
Lakeland-Winter Haven, FL CBSA - added 1.4% new supply relative to total supply in 2023 and 21.4% new supply added in 2024.
https://edr.state.fl.us/Content/population-demographics/reports/econographicnews_2024_Volume%201.pdf
