{"id":3035,"date":"2020-09-01T01:51:31","date_gmt":"2020-09-01T08:51:31","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=3035"},"modified":"2020-09-03T07:05:06","modified_gmt":"2020-09-03T14:05:06","slug":"new-construction-booming-in-nyc-20-self-storage-properties-to-be-delivered-this-year","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/new-construction-booming-in-nyc-20-self-storage-properties-to-be-delivered-this-year\/","title":{"rendered":"New Construction Booming in NYC: 20 Self Storage Properties to Be Delivered This Year"},"content":{"rendered":"

The self storage industry<\/a> has remained relevant during the COVID-19 pandemic, because it addresses an urgent need of consumers<\/a> \u2014 from families who suddenly needed more space in their homes, to businesses that have had to re-organize and put equipment in storage.<\/p>\n

People living in big metros, like New York City, where living space is at a premium, can reap serious benefits from self storage. Let\u2019s take a look at the local NYC self storage market data in Yardi Matrix<\/a>, both at a city and borough level, to see how the sector is doing right now.<\/p>\n

<\/span>New Yorkers have 2.4 square feet of storage space per capita, way below the national average<\/strong><\/span><\/h2>\n

New York City has a total inventory of over 20 million square feet of rentable self storage space, distributed between 253 facilities. New Yorkers have a low per capita inventory, of just 2.4 square feet of space \u2014 that\u2019s less than half the national benchmark of 7 square feet per capita. \u00a0Thus, a 10×10 non-climate-controlled (CC) self storage unit in NYC<\/a> goes for $225 per month, well above the national average of $112.<\/p>\n

There\u2019s a bit of good news for New Yorkers, though \u2013 even if self storage street rates in the city are higher than average, they\u2019re currently on a descending trend, dropping by 7% year-over-year this June.<\/p>\n

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<\/span>New construction is picking up pace in the city<\/strong><\/span><\/h2>\n

Another piece of good news is that more self storage space is being added to New York City\u2019s inventory. There are 20 properties under construction right now, totaling 1.4 million square feet of storage. Another 23 properties, featuring 2.3 million square feet of rentable space, are in the works.<\/p>\n

In 2019, a total of 1.56 million square feet of storage space was added to the city\u2019s inventory \u2013 that\u2019s roughly the size of Yankee Stadium. Last year\u2019s addition of space was significantly higher than in 2018, when 949,000 square feet of self storage were delivered. It\u2019s plain to see that self storage construction is on an upward trend in NYC.<\/p>\n

<\/span>Brooklyn has the most self storage space among the city\u2019s boroughs<\/strong><\/span><\/h2>\n

Out of NYC\u2019s 253 self storage properties, 78 are located in Brooklyn. With a total of 5.86 million square feet, Brooklyn has the most space of the city\u2019s many boroughs. And they\u2019re expanding \u2014 last year alone, Brooklyn saw the delivery of 7 properties that added 551,000 square feet of new storage space to the total inventory.<\/p>\n

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