Key Insights
At Four Leaves, we actively track and monitor new self storage supply across Australia and New Zealand. This work forms part of the Self Storage Association of Australasia State of the Industry research, which is published annually and provides a comprehensive overview of the self storage market activity and trends.
More recently, we have expanded this analysis to focus more closely on forecast quarterly completions and development staging. This includes actively tracking projects as they progress through the development lifecycle. This has allowed for a more consistent and real-time view of supply.
As reported in the 2025 State of the Industry, 198 self storage projects were being tracked in Q3 2025 across seven major markets being Sydney, Melbourne, Brisbane, Perth, Adelaide, Canberra, and Auckland. As at Q1 2026, this figure has decreased to 131 projects with several projects removed where we consider that development is no longer likely to proceed.
In the period immediately following the pandemic (circa 2022/2023), we witnessed a significant increase in proposed new supply, particularly at the feasibility and early planning stages. However, four years on, a portion of these projects have not progressed due to a combination of factors. As part of our ongoing review process, we have undertaken an assessment of project viability, removing developments that we consider unlikely to be delivered. This has resulted in a reduction from the previously reported 198 projects to a more refined and probable deliverable pipeline of 131 projects across the seven major markets (including confidential projects).
Development activity strengthened in Q1 2026, with 14 completions, representing a modest increase on Q4 2025 (13 completions). A notable shift this quarter was the level of activity in Western Australia, with Perth accounting for three completed facilities (21%). This uplift represents growing confidence in the Perth market and points to improving underlying demand fundamentals, alongside renewed investor appetite in the region.
Mid-sized owner/operators including Storage Spot, KeepSafe, Rent A Space and StorHub were the primary drivers of development activity during the quarter. This trend highlights a continued push by mid-sized operators to scale their portfolios and strengthen their presence across key growth areas, supporting an increasingly competitive landscape.
The shift toward larger, institutional grade facilities also continued in Q1 2026, with the completed projects averaging approximately 652 storage units and 6,311 square metres of Net Storage Area (compared to an average of 519 units and 5,354 square metres of NSA in the previous quarter), reflecting the growing influence of both major and second tier operators on development scale. The result this quarter was influenced by several large-scale completions, including National Storage Perth Central, KeepSafe Storage Belmont, and Rent A Space Concord.
Whilst the number of projects in the pipeline is steady, the Q1 2026 data indicates continued market expansion, supported by a healthy forward pipeline, increasing development scale, and a growing base of active operators shaping the next wave of new self storage supply.
