Storing up: The industry will continue to reap the benefits of an improving economy

Since the Storage and Warehouse Leasing industry can benefit from both economic upturn and downturn, it has performed well over the past five years. The threat of lost business in times of decreasing disposable income levels is mitigated by the need to temporarily store household goods and furniture while people downsize homes or rent smaller apartments to save money. The industry also grows when the economy strengthens, as more consumers can afford discretionary storage services. In New York, the industry is particularly prominent because of the high transience rates, low homeownership rates and a prominent apartment rental industry in the state's financial hub, the New York Metropolitan region. Over the past five years, revenue is expected to rise...purchase to read more.

Industry Statistics & Market Size
Revenue
$958m
Annual Growth 12-17
2.9%
Forecast Growth 17-22
x.x%lock
Profit
x.x%lock
Employment
5,694
Businesses
4,366
Market Share of Companies

Industry Threats & Opportunities

  • Demand for storage units is expected to increase alongside consumer confidence and consumer spending
  • An increase in renting has bolstered demand for self-storage units
  • Decreasing rental rates are expected to slightly shrink profit margins

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    Industry Report - Industry Locations Chapter

    According to the Self-Storage Association's most recent fact sheet, 52.0% of US self-storage facilities are in suburban areas, while 32.0% are in urban areas and 16.0% are in rural. Self-storage customers choose a facility primarily based on convenience of the location, generally in relation to their home or business. Individuals with higher incomes tend to accumulate more belongings and have stronger demand for self-storage. Likewise, self-storage operators primarily seek locations with above-average population growth and income levels. Many of the larger operators own multiple locations or clusters within an attractive locality, using economies of scale to reduce operating costs in that region. The two most well-represented regions in the industry are New York City, at 36.2% o...purchase to read more.

    Additional Insights for the Storage & Warehouse Leasing in New York Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Storage & Warehouse Leasing in New York Industry are

  • Economies of scale
  • Proximity to key markets
  • Economies of scope

    • IBISWorld analysts also discuss how external factors such as Access to Credit in New York and Per Capita Disposable Income in New York in the Storage & Warehouse Leasing in New York industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Storage & Warehouse Leasing in New York Industry?

    Operators in this industry primarily rent or lease space for self-storage. These establishments provide secure space where customers can store and retrieve their belongings at their convenience. Industry storage units include rooms, compartments, lockers, containers and outdoor space.

    Industry Products
  • 5x5 foot spaces
  • 5x10 foot spaces
  • 10x10 foot spaces
  • 10x15 foot spaces
  • 10x20 foot spaces
  • 10x25 foot spaces
  • 10x30 and 20x20 foot spaces
    • Industry Activities
  • Leasing or rental of miniature warehouses and self-storage units
  • Rental of self-storage warehousing
  • Rental of coin operated lockers
  • U-lock storage

    • Related Reports

    Similar Industries
  • Public Storage & Warehousing
  • Specialized Storage & Warehousing
  • Apartment Rental
  • Commercial Leasing
  • Land Leasing
  • Apartment Rental in California
  • Commercial Leasing in California
  • Storage & Warehouse Leasing in California
  • Apartment Rental in New York
  • Commercial Leasing in New York
  • Apartment Rental in Illinois
  • Commercial Leasing in Illinois
  • Commercial Leasing in Texas
  • Apartment Rental in Texas
  • Apartment Rental in Florida
  • Commercial Leasing in Florida
  • Apartment Rental in Massachusetts
  • Commercial Leasing in Massachusetts
  • Commercial Leasing in Ohio
  • Apartment Rental in Ohio
  • Apartment Rental in Pennsylvania
  • Commercial Leasing in Pennsylvania
  • Apartment Rental in New Jersey
  • Commercial Leasing in New Jersey
  • Commercial Real Estate in New Jersey
  • Apartment Rental in Georgia
  • Commercial Leasing in Georgia
  • Commercial Real Estate in Georgia
  • Apartment Rental in Michigan
  • Commercial Leasing in Michigan
  • Commercial Real Estate in Michigan
  • Apartment Rental in Wisconsin
  • Commercial Leasing in Wisconsin
  • Commercial Real Estate in Wisconsin
  • Apartment Rental in Washington
  • Commercial Leasing in Washington
  • Commercial Real Estate in Washington
  • Apartment Rental in Virginia
  • Commercial Leasing in Virginia
  • Apartment Rental in Tennessee
  • Commercial Leasing in Tennessee
  • Apartment Rental in Missouri
  • Commercial Leasing in Missouri
  • Apartment Rental in North Carolina
  • Commercial Leasing in North Carolina
  • Storage & Warehouse Leasing in North Carolina
  • Apartment Rental in Minnesota
  • Commercial Leasing in Minnesota
  • Commercial Real Estate in Minnesota
  • Apartment Rental in Maryland
  • Commercial Leasing in Maryland
  • Commercial Real Estate in Maryland
  • Apartment Rental in Colorado
  • Commercial Leasing in Colorado
    • Table of Contents

    About this Industry

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources

    Industry at a Glance

    Industry Statistics Snapshot
    Industry Structure
    Executive Summary

    Industry Performance

    Executive Summary
    Key External Drivers
  • Access to Credit in New York
  • Per Capita Disposable Income in New York
  • Rental Vacancy Rate in New York
  • Number of Businesses in New York

    • Current Performance
  • Cyclical and countercyclical demand
  • Industry structure
  • Chart: Revenue Growth

    • Industry Outlook
  • Revenue grows as profit margins contract
  • Innovation and market conditions
  • Table: Storage & Warehouse Leasing in New York Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Storage & Warehouse Leasing in New York Industry Lifecycle vs The Economy

    • Products & Markets

    Supply Chains
    Key Buying Industries
  • Wholesale Trade
  • Retail Trade
  • Consumers

    • Key Selling Industries
  • Alarm, Horn & Traffic Control Equipment Manufacturing
  • Industrial Building Construction
  • Land Development

    • Products & Services
  • 10x10 foot spaces
  • 10x20 foot spaces
  • Other
  • 10x15 foot spaces
  • 5x10 foot spaces
  • 10x30 and 20x20 foot spaces
  • 10x25 foot spaces
  • 5x5 foot spaces
  • Chart: Storage & Warehouse Leasing in New York Industry Products and Services Segmentation

    • Major Markets
  • Long-term residential clients
  • Nonresidential clients
  • Short-term residential clients
  • Military clients
  • Students
  • Chart: Major Market Segmentation for the Storage & Warehouse Leasing in New York Industry

    • Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesDepreciationRent and utilitiesOther costs
  • Chart: Cost Structure Benchmarking – Sector vs Storage & Warehouse Leasing in New York

    • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Storage & Warehouse Leasing in New York Industry

    • Major Companies

    Public Storage, AMERCO, CubeSmart, Extra Space Storage Inc.,
  • Table: Public Storage - financial performance
  • Table: AMERCO - financial performance
  • Table: CubeSmart - financial performance
  • Table: Extra Space Storage Inc. - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Storage & Warehouse Leasing in New York Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

    • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

    • Regulation & Policy
    Industry Assistance

    Key Statistics

    Table: Industry Data for the Storage & Warehouse Leasing in New York Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

    • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data

    Jargon & Glossary

    Miniwarehouse
  • A facility designed or operated exclusively for the storage of goods in individual compartments or rooms, none of which exceeds 500 square feet in area.
    • Occupancy Rate
  • The amount of storage space occupied as a percentage of total available storage space.
    • Real Estate Investment Trust (Reit)
  • A legal entity that uses pooled investor capital to purchase and manage income property or mortgage loans. To qualify, the entity must distribute at least 90.0% of taxable income.
    • What Our Customers Say
    Why buy this report?

    IBISWorld’s industry research report on Storage & Warehouse Leasing in New York can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
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    This report on Storage & Warehouse Leasing in New York:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Storage & Warehouse Leasing in New York market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Storage & Warehouse Leasing in New York, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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