The demand for self-storage units in the Valley, particularly in Phoenix, remains high due to population and employment growth, attracting construction projects. Phoenix ranks among the top U.S. markets for self-storage construction and demand. Major companies like U-Haul, Public Storage, and Extra Space Storage are planning new facilities across various areas in the Valley, including Avondale, Mesa, Goodyear, and Buckeye. Additionally, numerous other developers are proposing self-storage projects in different parts of Phoenix and its surrounding areas, reflecting a significant trend in the self-storage sector’s expansion and investment.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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