Self-Storage Sales Up Big; Data-Center Trades Crater
Large self-storage sales jumped 73.2% in the first six months of the year, with the sector
tallying $1.15 billion of trades.
The first-half volume is the highest since 2022, whose $3.40 billion of trades remains the biggest start to a year since Green Street’s Sales Comp Database began tracking the sector in 2019.
JLL, which didn’t have a self-storage deal worth at least $25 million in last year’s first half, was the top brokerage at midyear, with $228.1 million of sales, good for a market share of 22.9%.
Newmark ($214.5 million, 21.6% share) edged out Cushman & Wakefield ($203.2 million, 20.4%) for second place. CBRE ($154.9 million, 15.6%) and Marcus & Millichap ($136.5 million, 13.7%) were the only other brokers with significant market share.
While self-storage sales skyrocketed, data-center trades of at least $25 million fell off a cliff in the first half.
Just four properties worth a combined $478.5 million changed hands from January to June, down 57.8% year over year and the worst first half by volume since 2021. The lull comes after $3.04 billion of sales last year, the highest since the Sales Comp Database began
tracking the sector in 2018.
Eastdil Secured led the league table at midyear with a 91.7% market share, having sold two properties with a combined $411.7 million value. Kidder Mathews is the only other broker with a sell-side credit, having worked on a single $37.2 million transaction.
To be sure, much of the activity in data centers remains concentrated in the development and financing space. When properties change hands, they’re often part of massive mergers or take-private deals.
Broker rankings are based on property transactions that closed January through June and involved full or partial stakes valued at $25 million or more. When multiple brokers shared a listing, the dollar credit was divided evenly, but each broker was credited with one transaction. Only brokers for sellers were given credit. Portfolio transactions were included if the package price was at least $25 million.
