4 — August 2025 — Commercial Real Estate Across America — M id A tlantic Real Estate Journal
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C ommercial R eal E state A cross A merica StorageCafe Quarterly Sales Report Coastal New Jersey Market posts one of Q1’s top storage sales totals
upported by solid demand and a diversifying con- sumer base, the self stor- age sector continues to attract investor attention. Transaction volume in Q1 2025 reached $855 million, up 37% from Q1 2024, indicating renewed confi - dence in the asset class despite macroeconomic headwinds and higher interest rates. 12.5 million s/f of rentable space changed hands during the first quarter, marking a 22% increase year-over-year. This uptick in sales volume is underscored by rising prices. The average price psf climbed to $117, up 31% from Q1 2024. Overall, despite tighter cap- ital markets, the self storage sector remains resilient. Un- like the explosive growth of the 2020-2021 boom, today’s momentum is more strate- gic and selective, targeting markets constrained by sup- ply and buoyed by ongoing population growth and strong move-in rates. These condi- tions help maintain high occu- pancy levels, supporting both pricing power and attractive cap rate dynamics. Some cities are emerging as front-runners — not just in transaction volume but also in the premiums commanded per square foot. According to the latest StorageCafe Quarterly Sales Report , which analyzed data from our sister division, Yardi Matrix , Q1 2025 saw several standout deals that put smaller, supply-starved metros in the spotlight. By digging into the data on sale prices, inventory volumes and price psf, we uncovered which cities are leading the pack for self storage acquisi- tions — and where investor interest is heating up. Non-REITs Step into the Spotlight Q1 2025 reveals an interest- ing trend: non-REIT buyers accounted for nearly 85% of acquisitions. On the sell side, REITs represented just 7% of dispositions, underscoring a selective strategy aimed at portfolio optimization and maximizing long-term value. This dynamic is creating fertile ground for private equity and regional opera- tors to capitalize on softer pricing and broader deal flow — particularly in undersup- plied secondary and tertiary markets where competition is lighter and growth prospects are stronger. S
than ever. 2. Murfreesboro, TN — $29.8M in self storage sales Self storage supply: 10.1 s/f per capita Murfreesboro recorded near- ly $30 million in self storage sales in Q1 2025, with more than 225,000 s/f of space chang- ing hands across three major transactions. That impressive volume places the Nashville suburb firmly in the top 10 self storage markets by transaction size for the quarter. 3. New Orleans, LA — $29.6M in self storage sales Self storage supply: 4.7 s/f per capita New Orleans is experiencing a resurgence in urban storage demand, driven by shifting de- mographics and a post-recovery boost in tourism and construc- tion activity. Historically lim- ited by land availability and zoning restrictions, the city’s constrained development envi- ronment has helped preserve pricing power, creating op- portunities for well-positioned infill facilities. 4. Seattle, WA — $29M in self storage sales Self storage supply: 4.0 s/f per capita On the West Coast, Seattle stood out with a $29 million transaction involving a 94,000 s/f facility, marking one of the quarter’s most notable urban deals. Strategically located between three of Seattle’s most densely populated neighbor- hoods — Queen Anne, Magnolia and Ballard. 5. Vista, CA — $24M in self storage sales Self storage supply: 4.5 s/f per capita In Southern California, Vista saw a major Q1 transaction with Ancora Group Holdings acquiring a 110,000 s/f facility for $24 million at the start of 2025. The deal reflects robust demand for self storage in a market where supply remains relatively tight. 6. Manahawkin, NJ – $23M in self storage sales Self storage supply: 5.9 s/f per capita Manahawkin, NJ, stood out as Q1’s sole representative from the Northeast, notch- ing a $23 million transaction involving 119,000 s/f of self storage space. Located in Ocean County, the southern- most part of the New York metro area, Manahawkin may be a smaller market, but it continues to draw investor
interest — especially in a region where new develop- ment faces zoning hurdles and tight land availability. With limited supply and a competitive consumer base, the market presents an attractive opportunity for investors looking to ac- quire rather than build. This deal highlights how even quieter, secondary markets can capture attention when conditions align — strong fundamentals, underserved demand and fewer barri- ers to entry. Manahawkin proves that strategic plays in smaller metros can still deliver big potential. 7. Vallejo, CA — $22M in self storage sales Self storage supply: 5.6 s/f per capita Interest in the Bay Area continues to shine for self storage investors, and Vallejo is quickly emerging as a market to watch, following closely behind its Southern CA counterpart, Vista. A recently completed facil- ity offering approximately 76,000 s/f of rentable space traded hands in a deal that commanded an impressive $22 million, reflecting strong investor confidence in the mar - ket’s long-term fundamentals. 8. Birmingham, AL – $21.6M in self storage sales Self storage supply: 7.6 s/f per capita In Birmingham, Alabama, two self storage transactions totaling $21.6 million closed during the first quarter of 2025, signaling ongoing in- vestor confidence in the sec - tor’s steady income potential. 9. Plantation, FL – $21M in self storage sales Self storage supply: 1.7 s/f per capita Plantation, Florida, se- cured a spot among the top 10 cities for self storage transac- tions in Q1 2025, with a $21 million deal closing during the quarter. Much like its neighbor Davie, Plantation is experiencing strong tail- winds from rapid population growth — the city’s popula- tion jumped 9.7% between 2020 and 2024, a clear signal of heightened demand for services like self storage. 10. Henderson, NV – $19M in self storage sales Self storage supply: 6.6 s/f per capita Henderson, Nevada,
rounds out the top 10 US cities in self storage transac- tions for Q1 2025, with two deals totaling $19.2 million. Investor interest in Henderson is driven by significant popula - tion growth — about 20% from 2013 to 2023—and a demo- graphic profile that includes 20% of residents aged 65 and older, a segment that often relies on self storage when downsizing or transitioning between homes. West Coast sees the most expensive prices psf The West Coast dominated the rankings for highest price per square foot in Q1 2025, with five of the top 10 cities located in the region. This pricing strength isn’t surpris- ing — ongoing affordability challenges, limited housing space and dense urban liv- ing continue to fuel strong demand for storage across compact metro areas. What’s more, nine of the 10 most expensive cities psf are dealing with limited supply, with eight operating below 4.8 s/f of storage per capita. That supply pressure sup- ports pricing power, allowing facilities in these tight mar- kets to command premium rates — especially in areas where new development is constrained by space, zoning or high construction costs. In the Northeast, three cit- ies stood out: • Brookline, MA , ranked third nationally at $265 psf, driven by the lowest per cap- ita supply in the U.S. — just 0.1 s/f per resident. • Byram, NJ , saw inves- tors paying $228 psf, with supply at 2.7 s/f per person. • Liverpool, NY , posted $211 psf, despite having a relatively better — though still limited — supply of 4.6 s/f per capita. In the South, New Orleans, LA, led the region with an average sale price of $231 per square foot, securing its position among the nation’s top 10 priciest markets. The first quarter of 2025 saw high-value deals in both underserved urban areas and growing suburban markets, reflecting a shift toward lo - cations with strong demand fundamentals. While overall transaction volume remains measured, investors are pri- oritizing long-term value and market positioning over short-term gains. MAREJ
New, Modern Assets Capture Investor Interest Investors are increasingly targeting newer self storage properties, with 38% of as- sets built since 2010. Modern facilities command a premium thanks to operational effi- ciencies, advanced security, and amenities tailored to to- day’s customers — support- ing healthy occupancy and continued rent growth. At the same time, roughly 60% of acquisitions focus on B-grade self storage properties, reflecting a balanced market approach. Offering a blend of affordability and strong growth potential, B-grade assets avoid the high costs associated with A-rated facilities and the ex- tensive renovations typical of C or D properties. This middle-ground strategy pres- ents ample opportunities for portfolio expansion, especially beyond overheated primary metro areas. Where Self Storage is Selling Big in Q1 2025: Southern Suburban and Feeder Cities Lead the Pack for Top Acquisitions Investor focus is increasingly turning toward secondary and suburban markets, especially in the Sunbelt, where self stor- age development often lags behind population growth. With limited availability and expanding demand, these mar- kets offer solid fundamentals and long-term upside. 1. Davie, FL — $36M in self storage sales Self storage supply: 3.3 s/f per capita Davie, part of the Miami metro area, saw the biggest self storage sale of Q1 2025 — a $36M deal that put it at the top of the charts. With Florida’s population still on the rise, investors are increas- ingly turning their attention to high-demand suburban spots like Davie. Here, a mix of tight supply and strong population growth is pushing property values higher and making stor- age assets more appealing Source: StorageCafe analysis of Yardi Matrix data (Data refers to January–March 2025. Pub. July 2025).
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