One sector of Charlotte’s commercial real estate had a insane year in 2021 as spending on self storage space surged to a record $79.6 million.
According to a new report by StorageCafe, the Charlotte self storage market witness the following transaction activity last year:
- Deal activity in the self storage sector in Charlotte was nearly 9 times higher than in 2020.
- Median sales price per square foot for self storage property in Charlotte increased from around $9 in 2020 to almost $80 in 2021, a nine-fold year-over-year increase.
- Overall, 7 facilities changed hands in Charlotte in 2021, comprising nearly 488K square feet of storage.
- Despite this market being fairly well penetrated and offering reasonable rents —Charlotte offers 8 sq. ft/capita — street rates have seen a 17.44% year-over-year increase. They are now standing at $101/month for a 10×10 unit, still below the national average $128.
- Nationally, self storage sales volume surpassed $10.9 billion in 2021, the highest transaction volume on record.
Charlotte was also ranked 8th in the nation in terms of overall self storage sales last year:
Top 10 Cities for Self Storage Sales in 2021
Growth in the self storage sector is expected to remain positive, with demand driven by the pandemic recovery and the overall steady demand for extra space – 2022 will likely be significantly higher than 2021.