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Self Storage

Performance Quarterly

Source: Cushman & Wakefield, Inc. The

Self Storage Performance Quarterly

, a publication of Cushman & Wakefield, Inc., is intended solely for use by paid subscribers.

Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2017

Cushman & Wakefield | Valuation & Advisory

38

Implied Economic Occupancy by Metropolitan Area

Economic Occupancy

– Economic occupancy as shown below reflects the difference between asking rental

rates and rents per available square foot. It takes into consideration the impact physical vacancy and the cost

of offering concessions. It does not reflect the cost of bad debt, ancillary income or the impact of tenants who

pay something other than asking rental rate.

MSA vs

National

Average

2Q17

%Change

Absolute

Change

%Change

Absolute

Change

Absolute

Change

Atlanta-Sandy Springs-Marietta, GA MSA

78.6%

6.9% 5.1% 3.0% 2.3% -4.4%

Austin-Round Rock, TXMSA

83.5%

12.1% 9.0% 11.9% 8.9% 0.5%

Baltimore-Towson, MD MSA

77.8%

8.5% 6.1% 7.3% 5.3% -5.2%

Birmingham-Hoover, AL MSA

74.2%

1.4% 1.0% 0.4% 0.3% -8.8%

Boston-Cambridge-Quincy, MA-NH MSA

74.8%

-3.6% -2.8% 4.3% 3.1% -8.2%

Buffalo-Cheektowaga-Tonawanda, NY MSA

74.8%

-3.0% -2.3% 1.5% 1.1% -8.2%

Charlotte-Gastonia-Concord, NC-SC MSA

77.6%

-0.6% -0.5% -1.0% -0.8% -5.4%

Chicago-Naperville-Joliet, IL-IN-WI MSA

76.9%

3.2% 2.4% 5.5% 4.0% -6.1%

Cincinnati-Middletown, OH-KY-IN MSA

76.7%

-1.7% -1.3% -1.3% -1.0% -6.3%

Cleveland-Elyria-Mentor, OH MSA

76.2%

2.4% 1.8% 4.8% 3.5% -6.8%

Columbus, OH MSA

87.6%

17.9% 13.3% 16.6% 12.5% 4.6%

Dallas-Fort Worth-Arlington, TXMSA

84.4%

1.7% 1.4% 1.4% 1.2% 1.4%

Denver-Aurora, CO MSA

86.6%

14.1% 10.7% 13.9% 10.6% 3.6%

Detroit-Warren-Livonia, MI MSA

77.0%

3.2% 2.4% 2.5% 1.9% -6.0%

Hartford-West Hartford-East Hartford, CT MSA

75.7%

-0.3% -0.2% 0.9% 0.7% -7.3%

Houston-Baytown-Sugar Land, TXMSA

80.1%

-1.5% -1.2% -1.1% -0.9% -2.9%

Indianapolis, IN MSA

86.5%

14.3% 10.8% 21.3% 15.2% 3.5%

Jacksonville, FL MSA

83.4%

11.3% 8.5% 15.5% 11.2% 0.4%

Kansas City, MO-KS MSA

82.8%

13.9% 10.1% 10.1% 7.6% -0.2%

Las Vegas-Paradise, NV MSA

84.7%

-1.1% -0.9% 15.2% 11.2% 1.7%

Los Angeles-Long Beach-Santa Ana, CA MSA

87.1%

1.4% 1.2% 20.1% 14.6% 4.1%

Louisville, KY-IN MSA

75.0%

2.3% 1.7% 2.7% 2.0% -8.0%

Memphis, TN-MS-AR MSA

81.4%

-2.7% -2.3% 4.5% 3.5% -1.6%

Miami-Fort Lauderdale-Miami Beach, FL MSA

73.3%

-6.0% -4.7% -2.9% -2.2% -9.7%

Milwaukee-Waukesha-West Allis, WI MSA

79.4%

8.9% 6.5% 7.9% 5.8% -3.6%

Minneapolis-St. Paul-Bloomington, MN-WI MSA

88.1%

7.3% 6.0% 16.5% 12.5% 5.1%

Nashville-Davidson-Murfreesboro, TN MSA

87.0%

9.7% 7.7% 20.5% 14.8% 4.0%

New Orleans-Metairie-Kenner, LA MSA

74.0%

1.4% 1.0% 2.1% 1.5% -9.0%

New York-Newark-Edison, NY-NJ-PA MSA

82.4%

5.1% 4.0% 4.3% 3.4% -0.6%

Oklahoma City, OK MSA

77.8%

1.3% 1.0% 11.0% 7.7% -5.2%

Orlando, FL MSA

77.2%

-3.1% -2.5% 4.0% 3.0% -5.8%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

76.0%

-2.8% -2.2% 2.2% 1.6% -7.0%

Phoenix-Mesa-Scottsdale, AZ MSA

81.8%

0.2% 0.2% 13.9% 10.0% -1.2%

Pittsburgh, PA MSA

83.9%

8.3% 6.4% 10.5% 8.0% 0.9%

Portland-Vancouver-Beaverton, OR-WA MSA

83.4%

17.6% 12.5% 10.8% 8.1% 0.4%

Providence-New Bedford-Fall River, RI-MA MSA

81.0%

1.1% 0.9% 5.1% 3.9% -2.0%

Richmond, VA MSA

79.2%

6.2% 4.6% 8.2% 6.0% -3.8%

Riverside-San Bernardino-Ontario, CA MSA

80.2%

-4.4% -3.7% 10.9% 7.9% -2.8%

Rochester, NY MSA

73.0%

-3.4% -2.6% -7.0% -5.5% -10.0%

Sacramento-Arden-Arcade-Roseville, CA MSA

90.5%

16.2% 12.6% 21.2% 15.8% 7.5%

Salt Lake City, UT MSA

76.0%

-3.1% -2.4% -0.3% -0.2% -7.0%

San Antonio, TXMSA

76.9%

4.3% 3.2% 3.2% 2.4% -6.1%

San Diego-Carlsbad-San Marcos, CA MSA

85.4%

5.3% 4.3% 16.3% 12.0% 2.4%

San Francisco-Oakland-Fremont, CA MSA

84.8%

-1.3% -1.1% 17.6% 12.7% 1.8%

San Jose-Sunnyvale-Santa Clara, CA MSA

84.6%

6.1% 4.9% 7.5% 5.9% 1.6%

Seattle-Tacoma-Bellevue, WA MSA

86.8%

4.0% 3.3% 18.9% 13.8% 3.8%

St. Louis, MO-IL MSA

77.6%

1.0% 0.8% 4.3% 3.2% -5.4%

Tampa-St. Petersburg-Clearwater, FL MSA

80.9%

-5.4% -4.6% 5.1% 3.9% -2.1%

Virginia Beach-Norfolk-Newport News, VA-NC MSA

75.8%

4.0% 2.9% -0.3% -0.2% -7.2%

Washington-Arlington-Alexandria, DC-VA-MD-WV MSA

72.6%

-6.4% -5.0% -11.6% -9.5% -10.4%

Top 50 MSAs

Quarterly

Seasonal

Econonic

Occupancy