Despite recent slowdowns in sales and acquisitions in the self storage industry, 2022 was an active year. In total, 112.7 million square feet of self-storage space was traded totaling nearly $10.3 billion in self storage transactions, according to Yardi Matrix. The other big news here is that when it comes to the 50 states, Florida self storage is leading the country in transactions. In 2022, the Sunshine State’s self-storage transactions totaled $1.6 billion for more than 11.7 million square feet purchased in 174 deals.
The city of Ocala, with a population of more than 63,000 and recently named the nation’s seventh-fastest growing city by U.S. News and World Report, had the most self-storage activity during the year, with sales in excess of $165 million. Miami, despite its housing market recently being hit hard due to inflation woes, grew its self storage market to $110 million increase in 2022 when six facilities changed hands, including nearly 550,000 square feet of sales. Among those transactions was a state-leading deal of $33 million for a facility covering 69,000 square feet. Runners up included Tampa, which posted $80 million of trading through six deals at an average of 79,000 square feet for each facility, and Fort Lauderdale, which recorded $67 million for three self-storage deals.
Development in Florida in 2023
Despite self-storage moratoriums being enacted in a handful of cities, including Cape Coral and Vero Beach, development in the state continues. Last October, Lynd Development Group, LLC, announced the development of an eight-story, $30 million mixed-use project at at 9300 S. Dixie Highway, off U.S. 1 in Miami. The project will feature a state-of-the-art self-storage facility covering 127,923 square feet with 6,025 square feet of ground-floor retail.
In addition, Safeguard Self Storage recently announced its latest acquisition of Citrus Park in Tampa, FL, seizing the A+ facility, off-market, within 45 days of contract signing. Located at 7014 Gunn Highway in Tampa, the facility boasts 74,500 net rentable square feet and features 789 climate-controlled units.
Self Storage Sales: The Top 10 in 2022
Of course, these Florida cities aren’t taking the gold and silver when it comes to the top self-storage cities in the nation. Those awards go to The Bronx, New York, with $235 million in sales volume, followed by Phoenix, Arizona with $196 million (Ocala takes the bronze and Miami is in seventh place). See the full chart below from StorageCafe.