May 13, 2021
Please see below for the latest self storage market update for the Houston & Greater Houston area, brought to you by CRD Realty.
SUPPLY
EAST of I-45
Completions – As of the end of the 1st quarter of 2021, the East side of Houston/Greater Houston has seen 1 completion year to date totaling 126,000 SF bringing total SF developed on the East side to 25,828,822 SF. Q1 of 2020 saw 1 completion totaling 75,064 SF.
Planned – As of the end of the 1st quarter of 2021, the East side of Houston/Greater Houston has 5 planned developments totaling 367,882 SF.
Under Construction – As of the end of the 1st quarter of 2021, the East side of Houston/Greater Houston has 6 properties under construction totaling 452,134 SF.
WEST of I-45
Completions – As of the end of the 1st quarter of 2021, the West side of Houston/Greater Houston has seen 1 completion year to date totaling 122,000 SF bringing total SF developed on the West side to 47,164,509 SF. Q1 of 2020 saw 5 completions totaling 513,809 SF.
Planned – As of the end of the 1st quarter of 2021, the West side of Houston/Greater Houston has 8 planned developments totaling 481,482 SF.
Under Construction – As of the end of the 1st quarter of 2021, the West side of Houston/Greater Houston has 4 properties under construction totaling 287,906 SF.
RATES
EAST of I-45
Non-Climate 10X10 – All three classes of properties (A, B & C) have seen a rebound over the past 12 months with an average increase of 1.2% from $83.00 to $84.00. For Q1 2021, Non-Climate 10X10 rates declined an average of -1.17% from $85.00 to $84.00.
Climate 10X10 – All three classes of properties (A, B & C) have seen a rebound over the past 12 months with an average increase of 4.04% from $99.00 to $103.00. The largest gain was seen by Class C properties which grew an astounding 24.04%. For Q1 2021, Climate 10X10 rates stayed the same at $103.00.
WEST of I-45
Non-Climate 10X10 – All three classes of properties (A, B & C) have seen a rebound over the past 12 months with an average increase of 3.57% from $84.00 to $87.00. For Q1 2021, Non-Climate 10X10 rates increased an average of 1.15% from $86.00 to $87.00.
Climate 10X10 – All three classes of properties (A, B & C) have seen a rebound over the past 12 months with an average increase of 5.88% from $102.00 to $108.00. For Q1 2021, Climate 10X10 rates increased an average of .93% from $107.00 to $108.00.
SOLD
Sold properties for ALL of Houston/Greater Houston are as follows:
*We obtained the information shared in this market update from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. We include projections, opinions, assumptions or estimates for example only.
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