23 Jan 2024
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](https://www.radiusplus.com/keyword/population growth) 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](https://www.radiusplus.com/keyword/population growth) and [job market](https://www.radiusplus.com/keyword/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
