According to the property consultancy firm Urbis, 45 new self-storage facilities are in the pipeline across the three eastern seaboard capitals, Adelaide, Perth and the Gold Coast – a 10 to 12 per cent increase in existing supply based on available lockers.
Of these new facilities, 20 are under construction and a further 15 have received development approval.
“It’s the highest level of self-storage development activity we have ever observed,” Urbis senior valuer Tim Creighton said.
In its latest Urbis Storage Index report, the firm says average eastern seaboard occupancy levels have fallen by 2 percentage points over the last six months, from 87 per cent to 85 per cent.
At around 82 per cent, Sydney and Brisbane’s occupancies lag Melbourne’s 89 per cent.
Perth is a notable underperformer with occupancy of only 72 per cent, reflecting the mining state’s “more constrained economic conditions.”