Hines Amplifies Self-Storage Commitment with 2 New Class-A Self Storage Facilities in North Texas

Houston-based developer Hines plans to deliver two new Class-A self-storage facilities in the Dallas-Fort Worth (DFW) area later this year. The announcement marks the firm's continued expansion in the region, bringing its total DFW portfolio to 16 locations.

Meeting Growing Demand

According to Hines Managing Director Robb DeJean, the decision to add these facilities in Frisco and Garland is in response to increasing demand for high-quality, accessible storage solutions in these competitive markets. The company aims to meet this demand while adhering to the aesthetic and architectural standards of the local neighborhoods.

Facility Details

The Frisco facility will offer 77,000 square feet of rentable storage space spread across 709 climate-controlled units. Meanwhile, the Garland property will consist of two buildings with a total of 91,000 square feet.

Strategic Expansion Efforts

Hines has been strategically building its self-storage portfolio for several years. Since launching its expansion strategy in 2018, the firm has completed or acquired nearly 5,000 units in Arizona and Texas, signaling its commitment to growth in this sector.

Robust Performance of Self-Storage Sector

The self-storage sector has proven to be a top-performing segment in the commercial real estate market in the United States. Factors contributing to its success include increased household mobility, the growing trend of makeshift offices, and a surge in home sales. CBRE reports that the sector comprised over 1 billion square feet of space by mid-2023, with approximately 12% of this space developed in the past five years.