Queens Leads U.S. Self-Storage Sales With More Than $101M in 2024: Report

Self-storage facilities are quickly becoming a popular investment in the U.S., especially in Queens.

The self-storage market generated $3 billion in sales nationally across 822 properties in 2024, with transactions totaling more than 51 million square feet, according to a recent report from StorageCafe.

And while the largest deal of the year was Hines’ $91 million acquisition of a 260,273-square-foot Extra Space Storage facility in Cerritos, Calif., Queens led the pack with a total of $101.3 million in sales volume and 260,732 square feet sold, making it the top area in the country for self-storage sales in 2024, the report found.

“Given the limited availability of land and the lengthy approval process for new developments in such a densely built-up area, acquiring existing properties is often the most practical and profitable strategy,” Maria Gatea, a researcher at StorageCafe, said in a statement to Commercial Observer. “These factors together position Queens as a standout market for self storage investment.”

Cerritos ranked second nationally with $91 million, followed by Miami with transactions exceeding $77 million in 2024, according to the report.

Brooklyn came in at No. 4, with $60.1 million in sales and 269,872 square feet sold, StorageCafe found. Manhattan, meanwhile, saw 39,264 square feet sold for $17 million, bringing the total storage facility sales for all three boroughs in 2024 to roughly $180 million.

In addition, all three boroughs have an “extremely low” storage availability per capita, contributing to an “environment of sustained demand, limited supply and strong pricing power,” StorageCafe said in its report.

The leading investors in the self-storage market in 2024 included Prime Group Holdings, which invested more than $264 million in facilities; Carlyle Group, which acquired $178 million worth of properties; and StrategicREIT, which invested more than $131 million in self-storage assets, according to the report.

Meanwhile, Extra Space grew to more than 3,500 facilities nationwide and spent $160 million in acquisitions last year, with one of its biggest purchases being a 94,000-square-foot self-storage facility in Seattle for $29 million, the report found.

As for 2025, a total of 26 areas across the U.S. registered self-storage transactions in January alone, mostly in “high-growth metropolitan areas” and “expanding suburban markets,” StorageCafe said.

And that momentum is set to continue throughout the rest of the year, with cities like Seattle, Vista, Calif., and Manahawkin, N.J., leading the charge, according to the report.

Isabelle Durso can be reached at idurso@commercialobserver.com.