15 Apr 2025
This week the Radius+ team did something a bit different and took a look at which market within the top 50 has the least development activity in the pipeline.
That market is the New Orleans-Metairie, LA CBSA. With only 1.2% forecasted new supply (relative to total supply) in the development pipeline.
This can likely be accredited to the economic struggles this market has faced in a post Hurricane Katrina environment.
This market has seen its share of economic challenges, and was heavily impacted by COVID-19 where its booming tourism and service industry was effectively halted with the travel bans during the pandemic. NOLA was also slow to recover even after the pandemic had subsided with its labor force shrinking.
However- per a Fox8 article, NOLA is projected to economic growth, albeit it slow, despite the Tariff uncertainty NOLA has below national average unemployment. Additionally, home sales in New Orleans were down 4.7 percent and pending sales were down 3 percent, while new listings were up 3.6 percent indicating an influx in people buying homes and moving to the city.
These stats combined with key investments that will have an impact in the next 5 to 10 years, should bring jobs and population growth to New Orleans… and with it… Self Storage demand.
