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Pending regulations could aid existing operators in New York City

A potential ban on new self storage space in the New York Industrial Business Zones (IBZ) could position New York City, alongside MSAs like Miami and San Francisco, in regulating industry development. This, combined with higher residential rental costs and undersupply, may create a more favorable operating environment for existing self storage facilities in the New York MSA.

According to U.S Census Bureau data from 2016, the New York MSA (New York-Newark-Jersey City, NY-NJ-PA) is the largest in the U.S with an estimated population of 20.2 million. This represents a growth rate of 3% during a span of six years. In the self storage sector, the square feet per person in New York is lower than the national average, depicting an undersupplied market. 

As market conditions evolve, STR analyzed its development database to ascertain the changes in self storage pipeline developments for the five boroughs (Brooklyn, Bronx, Queens, Manhattan and Staten Island) since 2016.

Currently, STR is tracking 222 open and operational self storage facilities in the New York MSA with 87% being chain-affiliated and 13% managed independently. CubeSmart has the largest chain presence followed by Public Storage and Manhattan Mini Storage. The largest open and operating self storage facility tracked by STR has 342,000 net rentable square feet (NRSF). On a county level, Kings County (Brooklyn) and Queens County (Queens) each represent 27% of the 222 open and operating self storage facilities. Bronx County (The Bronx), New York County (Manhattan) and Richmond County (Staten Island) represent 24%, 17% and 5%, respectively. 

Previously, STR tracked 32 self storage projects in various phases of development. This total has since declined to 28, which represents a decrease of 13% in pipeline development in the five boroughs. The average size of a facility under development in the five boroughs (based on a sample of 14 projects) is approximately 67,000 NRSF. The largest developmental project is a facility with an estimated 114,000 NRSF.

Due to the present self storage operating conditions, STR expects more than half (23) of these development projects to be completed in the upcoming year. The table below illustrates the growth in existing supply for each of the five boroughs.



Open Facilities

New Constructions

Total Facilities1


Kings County, NY






Richmond County, NY

Staten Island





Bronx County, NY

The Bronx





Queens County, NY






New York County, NY






1 Total Facilities: All potential facilities in each county (Open Facilities and New Constructions)

2 Growth: Percentage increase in number of facilities by county assuming all New Constructions are completed

STR estimates a total of 1.9 million NRSF entering the New York market (five boroughs) if all new construction projects (28) are completed. This will represent 12% growth in existing NRSF, but a 15% decrease in estimated NRSF from an analysis conducted approximately one year ago.

Individuals and organizations interested in purchasing a listing of these facilities under development or existing facilities in markets across the country should contact STR at

About the authors

Anne Hawkins leads new business initiatives in the Sector Analysis division of STR. She is responsible for managing and implementing all aspects of sales and operations across this division. Previously, Anne worked in private equity and investment banking.  Anne can be reached at or +1 (615) 824 8664 x.3341. 

Kwabena (Kobe) Akuffo Owoo is a Research Analyst at STR.  He can be reached at or +1 (615) 824 8664 x.3009.