22 May 2023
Manhattan is awash with the human condition at mid-day - it’s time for lunch for some, who approach the task like a battalion going to war. Time is money here. The City is driving, delivering, buying and selling - and on a side street in Midtown sits a highly recognizable REIT-operated self storage facility - my focus and destination.
New York has a unique relationship with the self storage industry. Searching Google for “Self Storage New York” returns with hundreds of listings - each trying to capture market interest with catchy lines like “from $5,” “first month free,” and even “free truck and driver.” You’d think you were adrift amongst the most densely populated self storage market in the world, and you’d be right.
In his recent article, Self Storage Market Insights: NYC, James McLean, head of Business Development for Radius+ notes;
New York isn’t the only place dealing with the issue of accessible and affordable self storage space. Florida cities Orlando, Tampa and Miami saw massive growth in 2021, followed by the Bay Area, Los Angeles and Phoenix. New laws and regulations are being put in place all over the country - looking to New York is a smart move for current and future self storage owners, operators and investors.
For the most up to date data on the self storage industry in any area of the United States, check out Radius+, the self storage industry's most comprehensive location intelligence platform for information on everything from self storage supply and demand, to self storage developments, area demographics, and competitor pricing.
