30 Sep 2025
This week the Radius+ team is attending the NYSSA Conference in Tarrytown, New York. In the spirit of the conference the team took a look at the New York-Newark-Jersey City, NY-NJ CBSA to see how the market is trending.
The New York-Newark-Jersey City, NY-NJ has a square ft per capita of 3.56 despite having the 3rd most supply of any market in the United States.
This market has seen notable supply growth in recent years:
However in 2025 so far only 1.3% new supply relative to total supply was added.
Notably - the tax abatement on Self Storage ground up development (ICAP) was repealed in NYC and the boroughs in 2020 making it difficult for any new development to pencil.
As a consequence of this though - the existing facilities within Manhattan and the surrounding Boroughs have seen strong rental rate trends in the past two years as the new deliveries begin to stabilize and are insulated from new development.
