Self storage developers pulled back on construction in the first half of 2023, allowing time for the additional supply to be absorbed, according to an H1 2023 Self Storage Report from Cushman & Wakefield.
Meanwhile, occupancy was stable at 90% in Q4 last year and remained flat for the first six months of 2023.
"Current construction levels represent 0.3% of the existing supply, which is more in line with longer-term construction trends," according to the report.
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