As a lucrative market for self-storage construction, the metro Phoenix area is expected to see the building of more such facilities after a record 2017.
According to the Self-Storage Investment Report, there were exactly 25 new such facilities built in metro Phoenix last year.
Altogether, those projects combined for some 2.1 million square feet of facility space.
The report, done by Paul Boyle, executive director for the real estate firm of Cushman & Wakefield, says that eight new self-storage facilities were built just between October and December of last year.
In addition, there are currently pending another 53 self-storage facility projects in metro Phoenix that are in either the development or planning stage, says the report, which was done for the Arizona Self-Storage Association.
Industry experts suggest that one of the reasons for the increase in such facilities in Phoenix is that the city, with a growing economy, continues to attract people from other parts of the country.
According to U.S. Census figures, Phoenix’s population jumped from 1.4 million in 2010 to over 1.6 million in 2016.
By Garry Boulard
Get stories like these right to your inbox.