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First I'd like to apologize because I originally wrote less than 30TB instead of more than 30TB, I've changed that in the post.
A colocation is a data center where you pay a monthly price and they'll house your server (electricity and internet bandwidth is usually included unless with certain limits and if you need more you can always pay extra).
Here's an example. It's usually around $99/99€ per 1U server. If you live in/near a big city there's probably at least a data center that offers colocation services.
But as I said, it's only worth it if you need a lot of storage or if you move files around a lot, because bandwidth charges when using object storage tend to be quite high.
For <7 TB it isn't worth it, but maybe in the future.
Thanks for the info. Something to consider as my needs grow 👍