Phoenix, AZ., is one of the fastest metro areas in the country, with an increase of over 1.25% growth in population from 2023 to 2024. In addition, that increase has proven steady since 2021. New residents come with the need for added storage facilities throughout the communities in the Valley of the Sun and across the Sunbelt region. Even more encouraging is that recent studies have found that it is not only the senior population on the rise in the communities around Phoenix. Many younger residents are moving to the area and seeking storage options, ensuring that the demand for storage will continue for decades.
Looking At Phoenix Storage By The Numbers
The Phoenix area was second only to Los Angeles in 2023, with 1.2 million square feet of storage space delivered. That number puts Phoenix among the top 13 markets in the country, with more than one million square feet of new storage space in 2023. Notably, the city ranked in the top five cities with the highest demand for self-storage facilities in the first half of the year. Finally, the Metro area boasts a massive inventory of over 38 million square feet of storage with an impressive 3.1% increase year after year.
Phoenix Suburbs Are Eager To Welcome Self-Storage Facilities
From a geographic perspective, the Phoenix area is massive at over 500 square miles, or larger than the area of Los Angeles. However, the genuinely impressive part is that dozens of suburbs surrounding this large city are equally in need of self-storage facilities. Some of the proposed expansions in the suburbs around Phoenix include:
- A new facility in Avondale that will provide 100,620 square feet of self-storage
- In Mesa, a proposal was submitted and approved for a three-story facility with 135,042 square feet of storage with climate control, which is a priority for many clients in the excessive heat of a desert summer
- The Goodyear City Council recently approved a special use permit for a five-acre site that will include a four-story building to house 1.064 climate-controlled units reaching over 117,870 square feet in area
- The community of Buckeye is booming and has several projects in various stages, including a pair of buildings on one site that will provide 85,000 square feet of storage, a three-building complex that will include 714 climate-controlled units, and provide over 101,000 square feet of self-storage, and a four-acre site that will consist of an 85,000 square foot facility
- Another project in Goodyear will produce 780 units for a total of over 124,000 square feet, and one on another ten-acre site will add 135,272 square feet of both climate-controlled and non-climate-controlled storage
It is also vital to understand that there is no slowdown in facility construction in the heart of Phoenix. A proposal has been submitted to build a three-story building on two acres that will house nearly 110,000 square feet of storage. In addition, a proposal would deliver ten new self-storage facilities, each with 700 to 800 units, to Phoenix.
To learn more about how you can grow your wealth in the thriving self-storage construction and management market, please contact Legacy Built today.
