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                                                                  Exhibit 10.24

                              EMPLOYMENT AGREEMENT



     THIS EMPLOYMENT  AGREEMENT (the  "Agreement") is made and entered into this
16th day of November,  1995, by and between Storage Equities, Inc., a California
corporation (the "Company"), and B. Wayne Hughes ("Executive").

RECITALS

     A.  Executive  has been serving as Chief  Executive  Officer of the Company
pursuant to an oral agreement.

     B. The Company,  together  with Public  Storage,  Inc.  and Public  Storage
Management,   Inc.   ("PSMI"),   are  parties  to  an  Agreement   and  Plan  of
Reorganization  dated as of June 30, 1995 (the "Basic Agreement")  providing for
the merger of PSMI with and into the Company (the "Merger").

     C. Following the Merger,  the Company desires to continue the employment of
Executive,  and Executive  desires to continue to be employed,  on the terms and
conditions set forth in this Agreement.

     D. The  execution  and  delivery of this  Agreement  is a condition  to the
Company's obligation to consummate the Merger and other transactions pursuant to
the Basic Agreement.

     NOW, THEREFORE,  in consideration of the mutual covenants contained herein,
the parties agree as follows:


               1. TERM OF AGREEMENT

                    The term of this  Agreement  shall commence on the Effective
Time (as defined in Section 2.3 of the Basic Agreement) of the Merger, and shall
expire on the fifth  anniversary  thereof.  Should the  employment  of Executive
continue after the expiration of such period,  Executive shall be subject to all
personnel  policies  of  the  Company  then  applicable  to  executives  without
employment contracts.

               2.          EMPLOYMENT

                           2.1      POSITION

                                   The   Company   hereby   agrees   to   employ
Executive,  and Executive  agrees to serve,  as Chief  Executive  Officer of the
Company,  with the power and authority customary for the chief executive officer
of a  similar  corporation  and  such  other  powers  and  authority  as  may be
prescribed  by the Board of Directors or Bylaws of the Company.  Executive  also
agrees to serve as a member and as  Chairman  of the Board of  Directors  of the
Company and as a member of any  committee  of the Board of Directors to which he
may be elected or appointed.

                           2.2      DUTIES

                                   Executive  agrees  to  devote  a  substantial
portion of his business  time to the affairs of the Company.  For this  purpose,
the  phrase  "substantial  portion"  shall mean all of the time,  attention  and
effort  required to perform  the  services  necessary  and  appropriate  for the
conduct of the Company's business. It is understood that Executive may engage in
other business  activities,  management of Executive's  personal investments and
similar type  activities  to the extent that they do not inhibit in any material
way or prohibit the performance of his duties under this  Agreement,  or inhibit
in any material way or conflict with the business of the Company.

              3.           COMPENSATION AND BENEFITS

                           3.1      SALARY

                                   The  Company  shall pay to  Executive  a base
salary of $60,000 annually in equal installments payable no less frequently than
monthly.  The Company shall deduct and withhold from all compensation payable to
Executive  all amounts  required  to be  deducted  or  withheld  pursuant to any
present or future law, ordinance,  regulation,  order, writ, judgment, or decree
requiring such deduction and withholding.

                           3.2      BENEFITS

                                   Subject  to  satisfaction  of the  applicable
eligibility  requirements,  Executive shall be entitled to all employee benefits
which the Company may make generally  available from time to time for its senior
executive  employees.  Such benefits  shall  include  without  limitation  those
available, if any, under any group insurance, profit sharing or retirement plans
or sick leave or vacation policies.

              4.           REIMBURSEMENT OF EXPENSES

                                   The  Company   shall  pay  to  or   reimburse
Executive for those travel,  promotional  and similar  expenditures  incurred by
Executive which the Company  determines are reasonably  necessary for the proper
discharge of  Executive's  duties under this  Agreement and for which  Executive
submits  appropriate  receipts  and  indicates  the amount,  date,  location and
business character.

              5.           TERMINATION

                           5.1      TERMINATION WITHOUT CAUSE

                                   The Company may terminate  this Agreement and
the employment of Executive at any time for any reason,  or no reason (including
without  limitation  the  Executive's  disability as a result of any physical or
mental  condition  that the  Company  determines  will  prevent  Executive  from
performing  the  essential  functions  of the job,  with or  without  reasonable
accommodation) by giving Executive 180 days' written notice. If requested by the
Company to do so,  Executive  shall  continue to perform  his duties  under this
Agreement  during such 180 day period.  This Agreement shall  automatically  and
without further action of the Company terminate on the death of Executive.

                           5.2      TERMINATION FOR CAUSE

                                   The Company may terminate  this Agreement and
the  employment  of Executive at any time without prior notice for "cause" or in
the  event  that  Executive  does  not cure a breach  of any  provision  of this
Agreement  within five days after the Company  delivers  demand to  Executive to
cure such breach. For this purpose,  "cause" shall include,  without limitation,
(i) Executive's  insubordination,  meaning the willful  failure to conform to or
conduct  himself in accordance with the policies and standards of the Company or
the refusal to perform the duties  assigned  pursuant to  Section 2.2;  (ii) the
dishonesty of Executive; (iii) Executive's conviction for a felony or for fraud,
embezzlement or any other act of moral turpitude;  (iv) any willful violation by
Executive  of laws or  regulations  applicable  to the  Company's  business;  or
(v) Executive's gross negligence or willful misconduct in the performance of his
duties  under this  Agreement  which  would  adversely  affect the  business  or
reputation  of the  Company.  A  termination  by Executive at any time after the
occurrence  of an event  which would  constitute  cause for  termination  by the
Company shall be considered a termination by the Company for cause.

                           5.3      TERMINATION FOR GOOD REASON

                                   Executive  may terminate  this  Agreement and
his employment  for "good reason," which shall mean the continual  assignment to
Executive  of duties  and  responsibilities  inconsistent  with his  status  and
position  as  Chief  Executive  Officer  of  the  Company,  or  any  substantial
alteration  in the  nature  of  Executive's  duties  and  responsibilities  that
inhibits  his  functioning  as Chief  Executive  Officer  of the  Company.  Such
termination shall become effective five days after Executive has given notice to
the Company  specifying the facts deemed to constitute "good reason," unless the
Company within such five-day period has taken corrective action to eliminate the
basis specified by Executive for such termination.

                           5.4      RETURN OF COMPANY PROPERTY

                                   Within  five days  after the  termination  of
employment,  Executive  shall return to the Company all books,  records,  forms,
papers and writings  relating to the business of the Company  including  without
limitation  proprietary  or  licensed  computer  programs,  customer  lists  and
customer data, and/or copies or duplicates thereof in Executive's  possession or
under Executive's  control.  Executive shall not retain any copies or duplicates
of such property and all licenses  granted to him by the Company to use computer
programs or software shall be revoked.

              6.           MISCELLANEOUS

                           6.1      INJUNCTIVE RELIEF

                                   Executive  acknowledges  that the services to
be rendered under this Agreement and the items described in Section 5.4 are of a
special,  unique and  extraordinary  character,  that it would be  difficult  or
impossible  to replace  such  services  or to  compensate  the  Company in money
damages  for a breach  of this  Agreement.  Accordingly,  Executive  agrees  and
consents  that if he  violates  any of the  provisions  of this  Agreement,  the
Company,  in  addition to any other  rights and  remedies  available  under this
Agreement or otherwise,  shall be entitled to temporary and permanent injunctive
relief,  without  the  necessity  of proving  actual  damages  and  without  the
necessity of posting any bond or other undertaking in connection therewith.

                           6.2      NONDELEGABLE DUTIES

                                   This is a contract for  Executive's  personal
services.  The duties of Executive under this Agreement are personal and may not
be delegated or transferred in any manner whatsoever.

                           6.3      ENTIRE AGREEMENT

                                   This  Agreement  is the  only  agreement  and
understanding  between the parties  pertaining to the subject matter hereof, and
supersedes  all prior  agreements,  summaries  of  agreements,  descriptions  of
compensation    packages,     discussions,     negotiations,     understandings,
representations  or warranties,  whether verbal or written,  between the parties
pertaining to such subject matter.

                           6.4      GOVERNING LAW

                                   The validity, construction and performance of
this Agreement  shall be governed by the laws,  without regard to the laws as to
choice or conflict of laws, of the State of California.

                           6.5      AMENDMENT AND WAIVER

                                   This  Agreement  may be amended,  modified or
supplemented only by a writing executed by each of the parties. Either party may
in writing waive any provision of this Agreement to the extent such provision is
for the benefit of the waiving  party.  No waiver by either party of a breach of
any provision of this Agreement shall be construed as a waiver of any subsequent
or  different  breach,  and no  forbearance  by a  party  to seek a  remedy  for
noncompliance or breach by the other party shall be construed as a waiver of any
right or remedy with respect to such noncompliance or breach.

                                 Exhibit 10.24
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                           6.6      BINDING EFFECT

                                   The provisions of this  Agreement  shall bind
and inure to the  benefit of the  parties and their  respective  successors  and
permitted assigns.

                           6.7      NOTICES

                                   All notices under this Agreement  shall be in
writing and shall be deemed  given when  delivered  in person (in the  Company's
case, to its  Secretary) or 24 hours after  deposit  thereof in the U.S.  mails,
postage prepaid, for delivery as registered or certified mail addressed, in case
of Executive,  to him at his last residential  address known by the Company and,
in  case  of  the  Company,  to its  corporate  headquarters,  attention  of its
Secretary, or to such other address as Executive or the Company may designate in
writing at any time or from time to time to the other  party.  In lieu of notice
by deposit in the U.S.  mails,  a party may give  notice by  telegram,  telex or
telecopy, in which case such notice shall be deemed effective upon receipt.

                           6.8      HEADINGS

                                   The Section and other  headings  contained in
this  Agreement are for reference  purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.


                             COMPANY:

                             STORAGE EQUITIES, INC.


                             By: /S/ RONALD L. HAVNER, JR.
                                  ---------------------------------------
                                  Ronald L. Havner, Jr.
                                  Vice President


                             EXECUTIVE:


                              /S/ B. WAYNE HUGHES
                              --------------------------------------------
                              B. WAYNE HUGHES
             

                                  Exhibit 10.24