Out With The Old, Enter Self Storage: Adaptive Reuse Skyrocketed Last Decade And Is Now Accelerating In The Sunbelt And Northeast

• Adaptive reuse in self storage accounts for roughly 179 million square feet of space across the U.S. in completed supply, around 10% of the country’s total inventory.
  
  
• Over half of the existing inventory was delivered in the past decade – that’s almost 108M square feet of self storage space.
  
  
• Close to 3.8 million square feet of converted self storage space is under construction nationwide, accounting for 7.2% of all upcoming development.
  
  
• The East Coast and Midwest have the most cities working on self storage conversions, yet the Sunbelt stands out – Irving, TX, has more adaptive reuse space under construction than any other city. The city is set to add about 233,000 square feet of conversion projects.
  
  
• In 32 cities, every facility currently being built is a conversion project — totaling 2.3 million square feet or about 60% of all adaptive reuse space now in development.
  
  
• Following efforts to support urban revitalization, 20% of storage conversion projects currently built are located in federally designated opportunity zones.

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RSK: A good amount of self storage is coming from the old Midwest cities that have Industrial, Retail or office to do adaptive reuse into self storage.