Ontario’s Growing Self-Storage Sector
1 min read.
Over the past three years, the self-storage sector has grown by over 4 million square-feet in Ontario alone.
This results from many individuals working from home who are taking advantage of these facilities to free up space in their homes, downsize their living accommodations, or do renovations.
According to MPAC, Municipal Property Assessment Corporation, the top ten Ontario municipalities with the highest self-storage square footage are:
Toronto – 8,337098 sqft
Ottawa – 3,065,090 sqft
Mississauga – 2,098,770 sqft
Hamilton – 1,049,608 sqft
London – 989,410 sqft
Brampton – 898,925 sqft
Oshawa – 845,045 sqft
Burlington – 791,740 sqft
Markham – 619,943 sqft
Windsor – 580,320 sqft
With the high vacancy rates in office and retail properties, some of these vacancies are being redeveloped into self-storage facilities.
References
A place for everything: Self-storage booming, in number and style. MPAC. (n.d.). Retrieved May 4, 2023, from https://www.mpac.ca/en/News/PressRelease/placeeverythingselfstorageboomingnumberandstyle
McLean, S. (2023, April 5). More growth on way in Ontario's surging self-storage sector. RENX. Retrieved May 4, 2023, from https://renx.ca/self-storage-real-estate-surge-ontario-growth-continue
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