Florida Is Building More Storage Than Any State in America

55M SF of new storage is coming online in 2026, and the market is finally building like it actually learned something from the last boom.

Nina Dale
April 22, 2026

In partnership with

Good morning. After years of rapid expansion, self-storage development is settling into a steadier rhythm in 2026—still growing, but with more discipline. Not all markets are created equal, and that’s where the story gets interesting.

🎙️ This Week on No Cap: Brixmor CEO Brian Finnegan shares how Brixmor built a 60M+ SF retail platform around everyday demand, and why that strategy is paying off.

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Market Snapshot

S&P 500

GSPC

7,064.01

Pct Chg:
-0.63%

FTSE NAREIT

FNER

829.63

Pct Chg:
-1.77%

10Y Treasury

TNX

4.301%

Pct Chg:
+0.051

SOFR

30-DAY AVERAGE

3.64%

Pct Chg:
-0.00

*Data as of 4/21/2026 market close.

Self-Storage Report

Florida Is Building More Storage Than Any State in America

A more measured development cycle is taking hold as self-storage supply continues to grow without overheating.

By the numbers: The U.S. is set to add 55.4M SF of self-storage space in 2026—about 2.6% of total inventory—marking a steady pace that mirrors 2025 but falls short of late-2010s peaks above 70M SF

Florida runs hot: Florida leads 2026 self storage development by a wide margin, with 10.3M SF feet coming online, a 6% inventory jump driven by migration and retiree demand. But rents are already slipping (-2.8% YoY), and Gulf Coast markets like Cape Coral–Fort Myers face double-digit supply growth on top of already high inventory.

Texas holds, but softer: Texas is adding 6.9M SF in 2026—about half of Florida’s pace—for a 3% inventory increase. With high per-capita supply and rents down just 1.7%, its scale and metro diversity are keeping absorption relatively smooth.

Coastal markets finally move: The long-term demand story is unfolding in the Northeast. New York, still deeply undersupplied at under 4 SF per capita, is growing inventory by 4% while rents continue to rise, unlike other top delivery states. New Jersey and Connecticut show similar trends: new supply is coming, but not enough to dent pricing yet.

Sun Belt's secondary surge: Small markets are driving outsized growth. Lumberton, NC leads with a massive 58% inventory surge, while Savannah and several Florida secondary metros are posting double-digit gains, fueled by local economic and population tailwinds.

Big metro discipline holds: Across top markets, new supply is staying disciplined at 2–7% of inventory. Phoenix pushes the high end, while NYC leads in volume but remains constrained. LA’s $200+ rents show just how tight supply still is.

➥ THE TAKEAWAY

The cycle is maturing: Steady supply gains are meeting more selective demand, reducing systemic risk but raising the stakes on market selection.

A MESSAGE FROM ZIFF REAL ESTATE PARTNERS

Necessity retail in supply-constrained Indianapolis submarket

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With stabilized in-place cash flow and clearly defined leasing opportunities, the asset offers a balanced combination of income durability and leasing-driven value creation.

92% leased with long-tenured, service-oriented tenant base
Proven daily-needs tenancy drives consistent traffic
Meaningful embedded upside via below-market rents (~30%+ NOI growth potential)
Desirable basis at a 7.35% entry cap rate and a 48% discount to PSF comparable trades in a supply-constrained submarket (5% vacancy with no new supply in past decade)
Backed by ZRP’s local operating experience and track record

Internal ZRP partners are committing a minimum of 25% of the equity.

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✍️ Editor’s Picks

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Capital dip: REITs raised $10B in Q1 2026, down from last year, as debt led funding and M&A activity climbed sharply to $26B in announced deals.
Talent buildout: Meta and CBRE launched a nationwide training program to address labor shortages, supporting massive data center expansion as AI-driven infrastructure spending accelerates sharply.
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License revoked: California regulators revoked Pacific Private Money’s license amid fraud probes and missed payments, leaving over $100M in investor funds at risk and potential steep losses.
Funding divide: CRE donors heavily favor Kenyan McDuffie in D.C.’s mayoral race, underscoring industry influence as the city faces office distress and weak development.

🏘️ MULTIFAMILY

Construction boost: Time Equities secured $160M from M&T Bank to build a 465-unit multifamily project in Boynton Beach, advancing its large mixed-use Town Square development.
Split ruling: A California appeals court delivered a partial win to LA landlords, striking down relocation payment rules while upholding eviction thresholds tied to unpaid rent.
Muted outlook: A volatile labor market and slowing job growth are expected to keep 2026 apartment rent gains modest, with performance varying widely by market amid ongoing supply pressures.
Small surge: Several secondary apartment markets are outperforming with rent growth above 3%, led by Honolulu, even as national rents decline and regional performance remains uneven.

🏭 Industrial

Logistics shift: Fuel costs and tariffs are pushing occupiers toward more flexible supply chains, driving selective industrial leasing and favoring resilient, well-located markets.
Proxy fight: Sieve Capital is urging Americold shareholders to vote against two directors, citing years of underperformance, poor governance and significant shareholder value destruction.
Portfolio play: Spiegel Associates bought a $54M Long Island industrial portfolio, highlighting ongoing demand for logistics assets.

🏬 RETAIL

IPO surge: A wave of IPOs is hitting the market as companies rush to go public ahead of SpaceX, with April issuance potentially reaching $17B amid strong investor demand.
Bigger bet: Target is opening six new large-format stores as part of a $5B expansion plan, doubling down on bigger locations that double as retail hubs and fulfillment centers.
Leasing slump: LA retail leasing fell 24% as store closures drove vacancies higher, though demand for high-quality and experiential retail continues to support rent growth.
Leaseback reckoning: After years of selling off real estate to stay liquid, QVC filed for Chapter 11 with a plan to slash debt and quickly emerge as a leaner company amid ongoing retail headwinds.

🏢 OFFICE

Selective stabilization: The U.S. office market is stabilizing as demand improves, vacancy plateaus and new supply shrinks, with recovery concentrated in top-performing markets.
Stake shuffle: BXP sold its 50% stake in Marriott’s HQ at a $430M valuation, continuing its push to recycle capital.
Village value: Spear Street Capital acquired a newly built West Village office property for $50.5M, signaling continued investor appetite as Manhattan office sales rebound.
Federal shuffle: The Trump administration is consolidating agencies into shared offices to reduce unused space and free up federal buildings for sale across its portfolio.

🏨 HOSPITALITY

Flex stay: Hilton launched its first Apartment Collection properties with Placemaker, betting on fast-growing demand for apartment-style stays as it scales the new brand.
Affordable luxury: Primestar is expanding into high-end hospitality with June Lux, aiming to deliver lower-cost, tech-driven luxury hotels in markets lacking modern five-star options.
Costly delays: A contractor was ordered to pay $175M in damages after delivering a Philadelphia hotel project years late and over budget, highlighting rising construction risk.

📈 CHART OF THE DAY

Courtesy of Colliers

Urban apartment construction has fallen behind suburban development for the first time in nearly 20 years, signaling a potential shift where constrained downtown supply could drive stronger rent growth in the next cycle.