PHOENIX, ARIZONA, (May 11, 2023) -- The self storage market enjoyed exceptional success in the last few years, achieving record-high construction levels and increased demand for storage space. Determined to capitalize on the growing consumer interest for self storage as it stretched beyond the traditional ‘4Ds’ to making room for home offices, RV parking and business storage, many investors bet hard on the market.
In fact, in 2022, self-storage facility sales were calculated to total approximately $10B, accounting for roughly 73 million square feet sold across the United States. But which cities were the most active in the self-storage market during this time? And who’s buying most square footage?
According to our latest report on self storage sales, Phoenix has emerged as a major player in the market, with the second-highest total sales volume in the nation in 2022, totaling over $195 million in transactions. The wider Metro Phoenix area saw phenomenal activity in 2022 that was up there with New York City's self storage sector.
Here are some key takeaways from the latest report:
- No less than 1.07 million square feet of storage space got traded in Phoenix across 11 transactions.
- Besides Phoenix, Surprise and San Tan Valley recorded significant sales activity, with Surprise recording a total sale price of $55 million and San Tan Valley following closely with $31 million.
- Overall, with transactions involving $460 million, Arizona came out as the 5th-most active state for sales volumes of storage traded in 2022.
You can read the full report here: https://www.storagecafe.com/blog/self-storage-sales-report/