Will new self storage supply alter the performance landscape in NYC?
HENDERSONVILLE, Tennessee—There are 32 self storage facilities under development in New York, New York, representing an estimated 3.5 million square feet of additional self storage space, according to STR.
Looking specifically at the New York City boroughs, most of the development activity is focused in Brooklyn (11 facilities), the Bronx (nine facilities) and Queens (eight facilities). Manhattan and Staten Island each reported two facilities under development.
“The five boroughs have approximately 200 open and operating self storage facilities,” said Anne Hawkins, STR’s executive VP. “So if all 32 facilities under development were to open, the industry would see an increase of roughly 15% in the number of facilities in New York City. Such an increase would without a doubt affect the performance of operators, developers and acquirers in the catchment area of these new facilities.”
The average square footage per facility under development in New York City is slightly more than 100,000 square feet. The largest project under development is a 175,200-square-foot facility being constructed by Astoria Storage at 31-07 20th Avenue. Storage Deluxe and Treasure Island Storage, both existing operators in the market, are the most active developers in the market.
For market listings of self storage facilities and new development activity, please visit str.com/self-storage