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Matrix Self Storage National Report — September 2025
The report tracks U.S. self storage street rates, occupancy and new supply, detailing the basis for a long-term outlook for the sector.
Self StorageUnited States
Updated 1 month ago
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The report tracks U.S. self storage street rates, occupancy and new supply, detailing the basis for a long-term outlook for the sector.
The forecast projected nearly flat US industrial net absorption of 2.8 million sq ft over the second half of 2025 after a weak first half. It pointed to signs of stabilization following a challenging year for the sector.
The September 2025 US Capital Trends report examines shifting dynamics in commercial real estate lending, tracking transaction volumes, deal structures, liquidity conditions, and investor behavior across property types.
The monthly report notes elevated borrowing costs continued to challenge commercial real estate in September, with performance varying across sectors.
The report documents the single-family rental sector transitioning to stable growth after a long expansion, with national rent gains moderating toward pre-pandemic levels.
TPG Rise Climate leaders discuss how falling solar and wind costs and surging AI and data center power demand are reshaping the economics of the energy transition.
Goldman Sachs Research forecasts global data center power demand to rise about 165% by 2030 versus 2023, reshaping the economics and siting of data center real estate.
McKinsey analyzes why hyperscale data centers are expanding rapidly across the United States and why they represent a major new investment opportunity for states. It weighs the economic upside against challenges such as power demand and infrastructure constraints.
Second quarter GAAP net income was 129.8 million dollars and Distributable Earnings were 151.1 million dollars, with commercial real estate lending representing about half of the company's asset base.
The CCRSI reported that commercial repeat-sale prices were mostly lower in the second quarter of 2025, reflecting continued pricing pressure across the broader composite indices.
The monthly report finds the multifamily market continuing to stabilize, with absorption steady at about 506,000 units and new completions down 18 percent.
B+E's August 2025 car wash report provides on-market inventory, cap rate and lease term data for the net lease car wash sector. The report tracks pricing trends across this specialty net lease category.
Brookfield examines why reset property values have created an attractive entry point for private real estate lending, offering the potential for reduced risk and higher returns. It maps how the pullback of traditional lenders has opened a structural opportunity for private credit.
Primary market vacancy fell to a record-low 1.6% as hyperscale and AI demand absorbed new inventory, with Northern Virginia leading on under-construction capacity and net absorption.
The NFI-ODCE recorded its highest one-year return since the fourth quarter of 2022 in the second quarter of 2025, signalling momentum in core open-end fund performance.
Barings reports that US commercial real estate valuations held steady in the second quarter of 2025 following a basis reset, though transaction activity was limited by economic uncertainty and post-tariff volatility.
The NPI posted its fourth consecutive quarter of positive returns in the second quarter of 2025, confirming a sustained recovery in institutional property performance.
KKR's mid-year outlook argues the investment landscape is rapidly shifting, requiring a rethink of asset allocation as AI and heightened geopolitical and trade tensions reshape markets. It stresses owning assets linked to nominal GDP, including infrastructure, real estate and asset-based finance.
At mid-2025, multifamily, retail and industrial assets proved resilient with rents, vacancies and cap rates holding steady, while the piece flags emerging opportunities in workforce housing and distressed office.
Goldman Sachs Research lifts its S&P 500 targets and recommends an overweight allocation to the real estate sector for the second half of 2025 as rate-sensitive sectors stand to benefit.
Nareit's mid-year update finds REITs maintaining disciplined balance sheets and low debt costs, positioning the sector to withstand market volatility and pursue growth through the remainder of 2025.
The July 2025 VTS Office Demand Index reports a sharp divergence in second quarter office demand across major US markets, with some experiencing strong gains and others a steep deceleration.
The mid-year national Apartment Update reviewed supply, demand, rent and occupancy trends, noting absorption gains as elevated deliveries continued to be absorbed across major markets.
Newmark's second quarter 2025 industrial report tracks leasing demand, absorption and vacancy trends across U.S. logistics and manufacturing markets.
The Q2 2025 report documents a bifurcated office recovery in which trophy and modern Class A space tightens while older buildings face persistent vacancy. Occupiers continue a decisive flight to quality.
The July 2025 national snapshot reports continued pre-lease momentum and rate growth across US student housing markets heading into the fall move-in period.
The index surged 27.8 percent to 112.3 from 87.9 in 1Q 2025, returning above the neutral 100 baseline, with 86 percent of respondents expecting more borrower demand, up from 48 percent in the prior quarter.
AEW reports that aggregate U.S. commercial property transaction volume through Q3 2025 ran more than 15 percent ahead of the prior-year pace, with investor return expectations for most property sectors clustered near 7.0 to 7.5 percent. Seniors housing and office represented the upper and lower bounds of expected returns respectively.
CompStak's biannual industrial report finds bulk rents falling for a third straight quarter with the rent index down 4.7 percent from its late 2023 peak, as over one-third of industrial leases expire by the end of 2027 with the majority paying 33 to 75 percent below current market rents.
CBRE's mid-2025 survey gathered 3,600 cap rate estimates from more than 200 professionals across over 50 markets, indicating broadly stable cap rates despite bond market volatility.
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Life sciences venture capital funding reached 20.8 billion dollars in the first half of 2025, equal to 44.9 percent of the 2024 total. High rents in Boston-Cambridge, the Bay Area and San Diego pushed companies toward lower-cost markets.
Principal reported commercial real estate in its strongest position in three years, with private-market pricing likely having reached its trough and operating income supporting an investment performance rebound.
The mid-year update forecasts an improving real estate cycle with rising transaction activity and stabilising borrowing costs. Debt markets are expected to remain very active as the AI infrastructure boom drives data center demand.
The rise in the nationwide multifamily vacancy rate halted in the second quarter of 2025, holding essentially unchanged at 6.5 percent as peak deliveries appeared to have already occurred.
The midyear update describes a resilient commercial real estate debt market in the first half of 2025, with higher issuance in data center sectors and traditional CMBS consistent with 2024. Maturity defaults remained tied to higher rates and office performance decline.
CompStak's biannual office analysis shows the starting rent index rising 4.7 percent since Q1 2024 to a new high, with 57 percent of office leases set to expire between now and 2030 and the office share of NCREIF Property Index value falling to a new low of 19.0 percent.
The monthly report analyzes U.S. commercial real estate fundamentals across the major property sectors amid elevated financing costs.
Hines Research's mid-year 2025 outlook argues that global shocks and dislocation have created a generational opportunity for well-positioned real estate investors. The report assesses sector and regional positioning across global markets.
CBRE's midyear review finds cap rates relatively stable despite bond market volatility, with incremental compression in certain sectors expected to materialize more broadly in 2026.
Moody's reported the national office vacancy rate rising to 20.7 percent in Q2 2025, a record high for the sixth consecutive quarter, reflecting continued deterioration in space market fundamentals.
Retail demand turned negative for the first time since the Covid lockdown, with net absorption of negative 8.9 million sq ft in the second quarter. Overall office vacancy fell 10 basis points to 8.1 percent as Class A demand exceeded supply.
Commercial and multifamily mortgage debt outstanding increased 46.8 billion dollars, or 1.0 percent, to 4.81 trillion dollars at the end of the first quarter of 2025. Multifamily mortgage debt rose 19.9 billion dollars to 2.16 trillion dollars.
J.P. Morgan Research expects REIT funds-from-operations growth of about 3% in 2025 accelerating to nearly 6% in 2026, examining sector valuations and headwinds from rates and tariffs.
Trepp's Mid-Year 2025 publication highlights strong multifamily fundamentals despite signs of growing distress across other commercial real estate sectors.
CRED iQ records the CMBS distress rate climbing back to 11 percent, ending three consecutive monthly reductions as maturity pressures persist.
Total global real estate assets under management reached US 3.8 trillion dollars at the end of 2024. Blackstone topped the overall ranking with more than US 530 billion dollars of real estate AUM, followed by Brookfield and Prologis, with the top 10 managers accounting for over half of capital allocated globally.
Despite market volatility, KKR says it is seeing abundant opportunities in real estate credit and expects its lending pipeline to remain elevated. The note details why the firm's real estate lending pipeline reached record highs.
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The outlook frames the repricing of commercial real estate as creating disciplined deployment opportunities through bridge lending and value-add equity strategies. It positions multifamily as transitioning from a supply-heavy correction toward improving fundamentals.
The monthly report reviews U.S. commercial real estate demand, vacancy and rent trends across the office, retail, industrial and multifamily sectors.
The June 2025 leasing insights report analyzes student housing pre-lease velocity and performance across collegiate markets during the peak of the leasing cycle.
Investment grade repeat sales volume rose 38 percent in the 12 months ending April 2025 versus the prior year, signalling a recovery in institutional transaction activity.
The study counts 16.68 million household self-storage renters in 2024, lifting penetration to 12.6 percent from 11.1 percent in 2022. Millennials account for roughly 40 percent of renters, with 78 percent valuing round-the-clock access.
KBRA's May 2025 report details delinquency and distress trends across KBRA-rated US private label CMBS, including new loan additions to distress and notable resolutions.
TPG Angelo Gordon's Reid Liffmann and Matt Jackson outline a U.S. real estate strategy built on collaborating with local partners to source deal flow and execute value-add programs.
CRED iQ reports the CMBS special servicing rate climbed to 9.9 percent as loans continued transferring to special servicing ahead of imminent default and maturity.
First quarter GAAP net income was 112.3 million dollars and Distributable Earnings were 156.3 million dollars, with commercial lending originations already surpassing the prior full year.
The monthly report reviews U.S. commercial real estate sector performance and the impact of macroeconomic conditions on demand.
The commentary argues that after near-term disruption the multifamily sector faces a constructive outlook, supported by steady rental demand and a moderating supply pipeline. Mid-market and affordable units continue to see steady absorption.
The forecast pointed to office demand continuing to rebound, projecting positive net absorption over the balance of 2025. It framed the office market as entering a normalization phase after years of contraction.
The NCREIF Fund Index Open End Diversified Core Equity reported final first quarter 2025 results, continuing the recovery in core open-end fund total returns.