San Diego Clocks in Third for Self-Storage Deal Volume
By: Lisa Brown
Nationally, more than 46 million square feet of storage space traded last year, for a combined $3.68 billion, a 6 percent drop-off compared to 2019. Overall sales activity slowed down during the first few months at the onset of the health crisis, only to pick up again in summer. Self-storage investment peaked in December, when a total of 142 properties were sold, according to STORAGECafe.
Its latest industry report takes a transaction deep dive to identify the top self-storage markets based on surges in investor interest in 2020. The top five self-storage markets with the highest overall transaction volumes in 2020 are New York City (a record $480 million), Los Angeles ($92 million), San Diego ($67 million), Las Vegas ($64 million) and Phoenix ($63 million).
The states with the highest self-storage sales volume increases compared to the 2010-2019 average are Oregon (312 percent), Alabama (259 percent), Michigan (136 percent), New York (135 percent) and Arkansas (107 percent).
REITS claimed 66 percent of investment in 2020 among top 10 buyers.