Complete Story
01/29/2020
Arizona Self-Storage Market Remains Strong
Based on Arizona Sales & Development Update by Jeff Gorden
Eagle Commercial Realty Services/Argus Self Storage Sales Network Broker Affiliate,
AZSA Board Member and Secretary
Acquisitions
A total of 49 properties traded hands in Arizona in 2019, 12 of which were in Q4. The 49 sales include 24 in the Phoenix MSA, 5 in the Tucson MSA, and 20 elsewhere in the state.
Sales of self-storage properties outside of Arizona’s major urban areas increased in Q4 of 2019, compared to Q4 of 2018. Average price per square foot held steady but varies by specific property and location.
Development
In 2019, 36 new facilities opened the state, including 7 in Q4. The new projects include 28 in the Phoenix MSA, 2 in the Tucson MSA, and 6 elsewhere in the state.
Another 36 facilities are under construction statewide, including 26 in Phoenix, 2 in Tucson, and 8 in other areas of the state.
In addition, 111 projects are proposed around Arizona, as follows: 86 in Phoenix; 5 in Tucson; and 20 elsewhere in Arizona.
For more information, contact Jeff Gorden at jeff@gorden-group.com, 480-331-8880. For Jeff's report:
