Contract storage area in type of property (9)
I believe the answer is:
leasehold
'type of property' is the definition.
'contract storage area' is the wordplay.
'contract' becomes 'lease' (leasing is a kind of contracting).
'storage area' becomes 'hold' (synonyms).
'lease'+'hold'='LEASEHOLD'
'in' acts as a link.
(Other definitions for leasehold that I've seen before include "rented property" , "housing agreement" , "Type of tenure" , "property that's let" , "Form of property tenure" .)