Sales Market Remains Strong for U.S. Self-Storage
The U.S. self-storage sector recorded investment sales of approximately $10 billion in 2022, maintaining its investor appeal. While that total represented an 18.7% decrease over the previous year, according to Yardi Matrix data, 2021’s tally was bumped up by StorageMart’s acquisition of Manhattan Mini Storage from Edison Properties for $3 billion.
New York City’s 2022 sale volumes exceeded anywhere else in the country once again, totaling more than $500 million across the five boroughs. Southwestern cities such as Phoenix and places around Washington, DC, also witnessed plenty of activity and total sales volumes ranging between $100 million and $200 million.
In terms of actual square footage purchased, 2022 was a solid year for the market. Roughly 73.4 million square feet changed hands in 2022 across the U.S. Texas and Florida stood out as the states with the liveliest self-storage markets. Both witnessed sales of more than 10 million square feet.
