IE Business Daily Business news for the Inland Empire.
California will lead the western United States in self-storage development, according to a forecast.
The state is expected to deliver 4.9 million square feet of self-storage space in 2025, the most of any state except for Texas and Florida, predicts rentcafe.com, a website that tracks self-storage properties and apartments.
Most of that development is happening Southern California, particularly in Los Angeles and the Inland Empire. Combined, the state’s current supply of self-storage space per capita falls just short of the national rate of seven square feet, RentCafe reported.
California has 233 million square feet of self-storage space and fourteen percent of that was built within the last 10 years.
Should it meet the 4.9 million square feet projection, California will have topped its 2024 level of self-storage construction by about two percent. Roughly two percent of the total construction in California is expected to be property conversions, usually remodeled commercial buildings and shopping malls, according to Redfin.
