The Growing Market Demand For Self Storage In Asia

Cheap storage Bristol is seeing an increase in demand because of the shortfall in self-storage facilities in the UK. Growth in the self-storage sector has continued even during the economic downturn defying a stagnant housing market, weak bank lending and the tax that was imposed by the Treasury in 2012. Cheap storage Bristol started by offering space for household stuff and bric-a-bracs but recently every single storage space is being taken by small businesses including tradesmen who want security for their tools.

While the self-storage industry has already matured and developed in the US, UK and Australia, Asia is still fast catching up. Self-storage Asia is expanding and growing market demand needs more storage space. Consumer demand is high in cities like Tokyo, Hong Kong and Singapore because of disruptive life events, urbanization and changes in business activity. In response, investors are now increasingly attracted to this alternative asset class in the Asian region.
Investor interest has peaked up due to favorable demographic and economic trends in the region. This is demonstrated by the huge success of the recent Self-Storage Expo Asia that drew around 200 participants.

The outlook for self-storage in Asia is positive due to e-commerce expansion, demographic trends and robust office growth. Self-storage market is also due for expansion in Mainland China in the cities of Shenzhen, Shanghai and Beijing. Asian cities like Taipei, Kuala Lumpur, Manila and Bangkok are expected to be among the emerging markets for self-storage. These markets are experiencing shortage in the supply of storage facilities because of tighter living spaces due to urbanization, strong job growth and an expanding office market.

A CBRE study shows that the markets in Tokyo, Hong Kong and Singapore have a shortfall in storage space and this is very apparent if you will compare Asia self-storage per household – 1.3 square feet in Singapore, 1.1 square feet in Hong Kong and 0.32 square feet in Tokyo. In developed markets like the United States, they have 21.62 square feet per household. However, CBRE believes that it is very unlikely for the self-storage industry in Asia to reach the same level of penetration as the US. There is also the lack of available properties to convert and the lower awareness for self-storage in Asia.