A coming wave of new self-storage development in New York City is poised to affect the performance of existing operators, according to a report from Hendersonville, TN-based STR.
The research firm has identified a total of 32 facilities under development in the city, which will total 3.5 million square feet of vacant storage space when completed. With about 200 operating facilities, the current slate of projects will increase the number of facilities in the city by 15 percent.
“Such an increase would without a doubt affect the performance of operators, developers and acquirers in the catchment area of these new facilities,” said Anne Hawkins, executive vice president at STR.
STR found that the average facility under development is 100,000 square feet. Astoria Storage, located at 31-07 20th Avenue is developing the largest of the 32 projects, a total of 175,200-square feet. New York-based Storage Deluxe and Treasure Island Storage are the most active developers, according to STR.