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We consider a processor sharing storage allocation model, which has m primary holding spaces and infinitely many secondary ones, and a single processor servicing the stored items (customers). All of the spaces are numbered and ordered. An arriving customer takes the lowest available space. We define the traffic intensity rho to be lambda/mu where lambda is the customers' arrival rate and mu is the service rate of the processor. We study the joint probability distribution of the numbers of occupied primary and secondary spaces. For 0 < rho < 1, we obtain the exact solutions for m = 1 and m = 2. For arbitrary m we study the problem in the asymptotic limit rho -> 1 with m fixed. We also develop a semi-numerical semi-analytic method for computing the joint distribution., 40 pages, one figure, two tables