A survey about self storage trends in this region reveals overall growth and resiliency.

The Self Storage Association Asia (SSAA)-JLL Annual Survey Report 2024 highlights a growing trend among businesses in Singapore leveraging self storage to manage their operating costs effectively.

These businesses are opting for flexible storage solutions that allow them to scale their storage space up and down according to their needs without the commitment of long-term leases. With the rise in e-commerce, the demand for such adaptable storage options has increased significantly.

Key Findings:

• 40% of Businesses Now Use Self Storage: A notable 14% growth from last year, fuelled by the return-to-office trend along with the rise of e-commerce and online retailers, demonstrating a shift in preference among small business owners towards self storage as a viable solution for managing space requirements.
• Convenient PUDO Services: Storage operators in Singapore are increasingly offering PUDO (Pick-Up and Drop-Off) services to facilitate easy handling of goods. This service eliminates the need for micro business owners to rush to the storage facility, allowing them to focus on growing their business without worrying about storage logistics.

Yeni Lim, owner of Yenidraws at Tiong Bahru, a boutique retailing Singapore-inspired lifestyle gifts and souvenirs, says: “Lock+Store Tanjong Pagar provides the perfect blend of convenience and flexibility for our growing business. The ability to scale our storage space as our business expands is invaluable. Without having to worry about storage space or committing to a long-term lease, we can focus on our products and customer service. It’s a real game-changer for small businesses like ours.”

Helen Ng, Self Storage Association Asia Chairperson

Helen Ng, Chair of the SSAA and CEO of Lock+Store, comments: “Self storage is becoming an essential tool for micro businesses in Singapore, providing not only a cost-effective solution but also the flexibility needed in today’s dynamic business environment. Our latest survey results underscore the growing reliance on self storage as a strategic asset for small businesses. With the introduction of services like PUDO, we’re enhancing accessibility and efficiency, allowing entrepreneurs to concentrate on what they do best – growing their businesses.”

Trends around the region

In Thailand, new offerings such as safe deposit boxes and wine storage cater to an increasingly diverse range of customers. Customers continue to favour lockers and double-stacked storage units, with medium-sized units (21-40 sqft) being popular for larger household items.

“With the introduction of services like PUDO, we’re enhancing accessibility and efficiency, allowing entrepreneurs to concentrate on what they do best – growing their businesses.” – Helen Ng

Despite Hong Kong’s subdued economic growth outlook, the self-storage industry remains resilient. The survey highlights that 44% of operators expect both rental and profits to grow by 5-10% over the next three to five years, signalling optimism about the sector’s performance.

In Malaysia, customers continue to favour larger unit sizes of 41 square feet and above, demonstrating a preference for greater storage capacity. Despite this demand, profitability expectations have moderated. Only 17% of respondents expect profitability growth of 5 to 10% over the next three to five years, compared to 33% in 2024. Similarly, anticipated rental growth of 5 to 10% over the same period has declined to 33%, down from 50% in 2024. The survey underscores the vital role of household demand in shaping Malaysia’s self-storage landscape, positioning it as a cornerstone of the industry’s resilience and future growth.

About Self Storage Association Asia

The Self Storage Association Asia’s (SSAA) mission is to help grow and protect both our member’s businesses and the industry in Asia through research, education, government advocacy, key introductions, and high level networking opportunities. We support the interests of current and future facility owners, managers, suppliers, and investors by assisting them realize their interests in the region. As a membership-based organization, we encourage these groups to join the SSAA and proactively participate in order to realize the fullest potential that each membership entails.

About Lock+Store

Lock+Store is a subsidiary of General Storage Company which offers self-storage and warehouse solutions in Singapore, Malaysia (Lock+Store Malaysia) and Hong Kong (The Store House Hong Kong). Our mission is to provide affordable and flexible storage and warehouse solutions tailored to the specific needs of individuals, families and businesses.

We are committed to community building and uplifting the well-being of Singaporeans and all who live here through our CSR initiatives.

For more information, please visit www.lockandstore.com

(This article was adapted from press releases).