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 4th quarter of 2020, the East side of Houston/Greater Houston has seen 3 completions year to date totaling 398,154 SF bringing total SF developed on the East side to 25,630,473 SF. When compared to 2019 completions of over 707,000 SF, 2020 appears to be a reset in development activity.
Planned – As of the end of the 4th quarter of 2020, the East side of Houston/Greater Houston has 6 planned developments totaling 375,065 SF.
Under Construction – As of the end of the 4th quarter of 2020, the East side of Houston/Greater Houston has 7 properties under construction totaling 554,257 SF.
WEST of I-45
Completions – As of the end of the 4th quarter of 2020, the West side of Houston/Greater Houston has seen 7 completions year to date totaling 706,577 SF bringing total SF developed on the West side to 46,633,795 SF. Total SF developed in 2020 was significantly lower than the 2019 total of 1,242,217 SF. Showing a similar reset in development and construction activity as the East side. This may be a trend moving forward for the next few years.
Planned – As of the end of the 4th quarter of 2020, the West side of Houston/Greater Houston has 10 planned developments totaling 412,203 SF.
Under Construction – As of the end of the 4th quarter of 2020, the West side of Houston/Greater Houston has 5 properties under construction totaling 505,391 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 1.19% from $84.00 to $85.00. From January of 2020 to June of 2020, Non-Climate 10X10 rates declined an average of -3.5% from $84.00 to $81.00. From July 2020 to Present (December of 2020), rates rebounded 4.7% from $81.00 to $85.00, showing a strong finish to a tough 2020.
Climate 10X10 – Class A & C saw a strong finish to 2020 with higher rates than 12 months prior, while class B has seen a slight decline. Class C rates saw the largest increase at 11.4% from $101.00 to $114.00. Class A realized an increase of 3.8% from $101.00 to $105.00. Class B declined -1.01% from $99 to $98. From January of 2020 to June of 2020, Climate 10X10 rates declined an average of -4% from $100.00 to $96.00. From July 2020 to Present (December of 2020), rates rebounded from $96.00 to $102.00 a 5.8% increase.
WEST of I-45
Non-Climate 10X10 – Class A & B rates increased 1.08% and 2.44% respectively over the past 12 months. Class C rates remained level for the trailing 12 month period at $80.00. From January 2020 to December 2020, Non-Climate 10X10 rates increased an average of 1.19% from $84.00 to $85.00. From January 2020 to June of 2020, average rates for all three classes declined -3.5% from $84.00 to $81.00. Rates immediately rebounded from July to December ending the year at $85.00.
Climate 10X10 – Class A & B saw rates increase over the previous 12 months with Class A rising 3.6% from $111.00 in January to $115.00 in December and Class B rising 3.09% from $97.00 in January to $100.00 in December. Class C rates declined -2.11% for the year dropping from $95.00 in January to $93.00 in December. From January 2020 to June 2020, average rates for all three classes declined 3.8% from $103.00 to $99.00. Rates immediately rebounded to end the year at $106.00.
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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