February 8, 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 3rd quarter of 2020, the East side of Houston/Greater Houston has seen 6 completions year to date totaling 290,689 SF bringing total SF developed on the East side to 22,675,267 SF. The 4th quarter will be the telling period on whether we can surpass 2019 completions.
Planned – As of the end of the 3rd quarter of 2020, the East side of Houston/Greater Houston has 5 planned developments totaling 400,996 SF.
Under Construction – As of the end of the 3rd quarter of 2020, the East side of Houston/Greater Houston has 8 properties under construction totaling 741,387 SF.
WEST of I-45
Completions – As of the end of the 3rd quarter of 2020, the West side of Houston/Greater Houston has seen 12 completions year to date totaling 745,401 SF bringing total SF developed on the West side to 40,197,100 SF. Total SF developed YTD is on pace to end the year lower than the 2019 total of 1,242,217 SF.
Planned – As of the end of the 3rd quarter of 2020, the West side of Houston/Greater Houston has 10 planned developments totaling 705,260 SF.
Under Construction – As of the end of the 3rd quarter of 2020, the West side of
Houston/Greater Houston has 3 properties under construction totaling 253,986 SF.
RATES
EAST of I-45
Non-Climate 10X10 – All three classes of properties (A, B & C) saw declining rates over the previous 12 months with an average decrease of -4.65% from $86.00 to $82.00. From August of 2019 to February of 2020 (Pre-Covid), Non-Climate 10X10 rates declined an average of -2.33% from $86.00 to $84.00. During the Covid pandemic from March 2020 to August of 2020, rates declined a further 2.38% from $84.00 to $82.00 with a slight uptick in rates from July to August, climbing from $81.00 to $82.00.
Climate 10X10 – All three classes of properties (A, B & C) saw declining rates over the previous 12 months with an average decrease of -2.94% from $102.00 to $99.00. Class A rates saw the smallest decline at -1.92% from $104.00 to $102.00. From August of 2019 to February of 2020 (Pre-Covid), Climate 10X10 rates declined an average of – 2.94% from $102.00 to $99.00. During the Covid pandemic from March 2020 to August 2020, rates dipped to a low of $95.00 in May, rapidly recovering to $99.00 in August.
WEST of I-45
Non-Climate 10X10 – Class A & B properties saw declining rates over the previous 12 months with an average decrease of -2.35% from $85.00 to $83.00. Class C rates
stayed level for most of the trailing 12 month period at $80.00, with a small dip to $79.00 in November 2019 followed by an increase to $81.00 in February 2020 finally leveling back out again at $80.00 in April 2020. From August of 2019 to February of 2020 (PreCovid), Non-Climate 10X10 rates declined an average of -1.18% from $85.00 to $84.00. During the Covid pandemic from March 2020 to August of 2020, rates declined a further -1.19% from $84.00 to $83.00.
Climate 10X10 – All three classes of properties saw declining rates over the previous 12 months with an average decrease of only -.96% from $104.00 to $103.00. From August of 2019 to February of 2020 (Pre-Covid), Climate 10X10 rates declined -1.92% from $104.00 to $102.00. During the Covid pandemic from March 2020 to August 2020, rates rose .97% from $102.00 to $103.00, seeing a slight dip in April and steadily recovering to $103.00 in August.
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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