told the Journal.
Rental rates have increased by an average of 18.9 percent since early 2012 to about $301 a month for a climate-controlled 10-by-10 unit, according to commercial data company Reis Inc.
The high levels of demand – as well as the city’s sky-high per-square-foot rents – have also drawn in massive real estate players such as Toronto-based Brookfield Asset Management, which recently bought Simply Self Storage and other operators for about $1 billion. Its subsidiary, Brookfield Property Partners, is the developer behind the massive Manhattan West complex.
“Seasoned owner-operators have come from other markets to New York that weren’t here 10 years ago,” Marc Slayton, CEO of Post Management Self-Storage, told the paper.
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