From the looks of it, the storage wars will be heating up soon in Houston. A new report shows a lot of new self-storage space is under way here, although not nearly as much as our neighbors to the north in Dallas-Fort Worth.
The report, published by the Argus Self Storage Sales Network, estimates 52 projects are being built in Houston, adding nearly 2.9 million square feet of self-storage space.
Only New York, with 54 projects providing a little over 2.9 million square feet, and Dallas-Fort Worth, with a whopping 164 projects adding 9 million square feet of self-storage space — comparable to 50 average Walmart Supercenters, are seeing more activity than Houston among the 35 largest metro areas surveyed.
“The wave of self-storage development makes Dallas one of the most oversupplied storage markets in the country,” according to SpareFoot, an Austin-based marketplace for self-storage rentals.
A DFW market report published in June by Argus notes that with self-storage occupancy rates sitting at record highs, “one should not be totally surprised by the number of new facilities that are or might be in the pipeline moving forward.”