Self-Storage Property Sales in U.S. Hit $10 Billion in 2022, Down 19 Percent Annually

Self-Storage Property Sales in U.S. Hit $10 Billion in 2022, Down 19 Percent Annually

Commercial News » New York City Edition | By WPJ Staff | May 9, 2023 8:45 AM ET

New York City led the nation in self storage property sales during 2022

According to Yardi Matrix data, 2022's total dollar volume of storage facility sales in the U.S. totaled around $10 billion. That represented an 18.7% decrease over the previous year.

New York City's 2022 sale volumes exceeded anywhere else in the country once again, totaling over half a billion dollars across the five boroughs. Southwestern cities such as Phoenix and places around Washington, DC, also witnessed plenty of activity and total sales volumes ranging around $100M-$200M.

In terms of actual square footage purchased, 2022 was a solid year for the market. Roughly 73.4M square feet changed hands in 2022 across the US, with Texas and Florida standing out as the states with the liveliest self storage markets. Both witnessed over 10M square feet traded.

Activity in the New York City self storage sector in 2022 reached a total sales volume of over $565M -- more than any other city in the nation, as was the case the year before -- across 16 transactions and 1.6M square feet. The Bronx was the most active borough, seeing four transactions in 2022 totaling $235M.

Meanwhile, however, Brooklyn, Queens and Staten Island witnessed a total combined sales volume of more than $256M for 10 transactions in all, somewhat more than the equivalent 2021 figure of $174M. Just up the road from the Bronx in Westchester County, Mount Vernon self storage led the rest of the state's cities with two transactions totaling $68M, one of them the third-largest property traded in the state, having a total area of 185K square feet.

Manhattan witnessed $74M change hands for two sales in 2022, including a pricy $61M facility in the East Village. However, this activity is a huge reduction from the 18 transactions totaling around $3B over the previous year.

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