May 7, 2021
For this blog I wanted to focus on a specific city in Texas and provide a brief update on the self-storage market within that city. For this blog, that specific city is Corpus Christi, and the data comes from Yardi Matrix.
As of March 2021, Corpus Christi is the 106th largest self storage market in the US, with 4,380,731 net rentable square feet (NRSF) of self-storage (105 completed stores). The average facility size is 41,721 NRSF and new supply (prospective, planned and under construction NRSF) represents 2.4% of existing inventory.
Average street rates are $92.00 with net rentable square feet per capita of 10.0. This is slightly above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be .5%.
There is currently 1 self-storage properties under construction, 1 planned and 0 that are prospective. Over the previous 2 years the city has added 2 properties totaling 154,851 NRSF.
Additionally, climate controlled 10X10 street rates have out performed the national average. As a result, rates ended 2020 up about +5% compared to the U.S. average of about +2.5%.
The Storage Place is the top project currently under construction with 74,800 NRSF located on 4148 South Staples Street. The projected completion date of this project is June of 2021.
Corpus Christi is a great opportunity for commercial self-storage investment. The city provides great population growth, income, and relatively low saturation. Please do not hesitate to reach out to us if you are interested in discussing potential opportunities!
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