From the looks of it, the storage wars will be heating up soon in Dallas-Fort Worth. A new report shows more new self-storage space is under way in DFW than in any other major U.S. metro area.
The report, published in September by the Argus Self Storage Sales Network, estimates 9 million square feet of self-storage space is being built in DFW. That square footage is comparable to 50 average Walmart Supercenters.
Put another way, 164 self-storage projects are being developed in DFW, according to the Argus report. Eighty-two of those facilities are in the construction phase, 49 are planned, and 33 are in the early stages of leasing.
“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.
The September report looks at self-storage development under way in 35 large U.S. metro areas. Behind DFW for development activity are New York City, with 54 projects under way (a little over 2.9 million square feet), and Houston, with 52 projects under way (nearly 2.9 million square feet), the report shows.
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.”
A September report from research firm STR shows the Dallas-Fort Worth area has about 1,000 self-storage facilities with nearly 49 million rentable square feet. That works out to 6.7 square feet of self-storage space per person, or more than 270 average Walmart Supercenters.