Thriving Against the Odds: Three CBSAs Defying Market Challenges in Self Storage Development

This is a challenging [market](https://www.radiusplus.com/keyword/market challenges) right now for developers. Softening demand for [self storage](https://www.radiusplus.com/keyword/self storage) has caused rates to be lower than it was in the past year, this combined with high interest rates has created a market that is not conducive to building new supply. However, three markets within the top 25 CBSAs stand out as having a large amount of supply in the [development pipeline](https://www.radiusplus.com/keyword/development pipeline) relative to their current supply.

The Phoenix-Mesa-Scottsdale, AZ CBSA is expected to add an additional 20.70% increase in total supply if all their development projects are completed. The Phoenix CBSA is a flourishing economic center from the healthcare, technology and tourism industry resulting in a growing [population](https://www.radiusplus.com/keyword/population growth). This population influx has helped drive [self storage](https://www.radiusplus.com/keyword/self storage) demand and lead to new supply planned to be built.

The Tampa-St. Petersburg-Clearwater, FL CBSA anticipates a 21.20% increase in supply if all its current development projects were to complete. Tampa has seen an increase in [population growth](https://www.radiusplus.com/keyword/population growth) as people flocked to the area after being priced out of places like Miami. This increased population has led to higher [self storage](https://www.radiusplus.com/keyword/self storage) demand, which developers have since caught on to.

The Atlanta-Sandy Springs-Roswell, GA CBSA is expecting a 20.4% increase in total supply once all its development projects are completed. This market has noticed a heavy increase in [population](https://www.radiusplus.com/keyword/population growth). With there being a 7.2% increase YoY in population in 2022 alone. This has driven [self storage](https://www.radiusplus.com/keyword/self storage) demand in the area, and the sizable [development pipeline](https://www.radiusplus.com/keyword/development pipeline) can prove it.