Is self-storage starting to boom now? Well as far as we can tell, it is now becoming more popular in highly dense cities in Asia. While homes are getting smaller and the economy’s getting larger, there’s no other way but to rent a self-storage facility to accommodate the over spill of possessions.
In this article from The Investor, self-storage facilities are fast-emerging asset class for investors in Asia? What could be the reason behind this?
In the highly dense cities of Asia, where homes are getting smaller, self-storage facilities are becoming more and more popular. Vastly urbanised cities such as Hong Kong, Singapore and Tokyo have an average home size of less than 800 square feet, and people are turning to self-storage as overspill for their possessions.
“Urbanisation is an important driver for the sector as larger urban populations mean smaller living spaces in cities and more renters, who move house more frequently than homeowners. Going forward, we expect greater demand for niche services that will further expand opportunities in the self-storage sector. These include document storage, climate-controlled environments, for example for wine; specialised space, such as for sports equipment, as well as space related to e-commerce pick-up and delivery.” says Bob Tan, Director of Alternatives, Asia Pacific Capital Markets at JLL.
This means not only in the United Stated are the self-storage facilities getting more popular, it’s getting bigger as well in Asia.
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