_Uncovering the Drivers Behind Singapore’s Self-Storage Industry

With shrinking living space, rising hobbyist culture, increasing business cost and burgeoning e-commerce trade, self-storage is widely perceived as an alternative space solution. In collaboration with Lock + Store Self Storage and Republic Polytechnic, more than 200 self-storage end-users were interviewed. Insights on the end-users’ profile and demand drivers of the self-storage market were uncovered alongside with its future growth prospects.

September 19, 2017

The concept of self-storage, also known as ‘Do-It-Yourself’ (DIY) storage, was first introduced to Singapore in 2003. It allows users to lease storage space of varying spaces, to store their goods and belongings in specialised and secured facilities on flexible lease terms.

While market receptiveness started at a low pace during its early days, there is growing awareness among users along with changes in lifestyle, personal space constraints, and through the marketing efforts by prominent industry players in recent years. Today, self-storage is widely perceived as an alternative space solution – an extension to the existing living and working space in response to push factors such as shrinking living space, rising hobbyist culture, increasing rent and business operation costs, and the burgeoning e-commerce trade.

With growing popularity of self-storage space among end users, new entrants are seeking to venture into the growing market. To date, there are about 27 self-storage operators with more than 80 facilities in Singapore from an estimated eight operators five years ago.

Six of the existing operators are identified as major operators¹with Lock + Store Self Storage (Lock + Store) having the most facilities under its operation. With the expanding supply and evolving needs, understanding the demand changes of the self-storage industry becomes ever more essential for existing and potential industry players.

What has been the evolution in demand of self-storage spaces in Singapore? Find out more in our research insights on Uncovering the Drivers Behind Singapore’s Self-Storage Industry.

By: Tan Boon Leong, Executive Director and Head, Industrial, Knight Frank Singapore & Alice Tan, Director & Head, Consultancy & Research, Knight Frank Singapore

¹Major operators are defined as those with ownership of at least three self-storage facilities. Some of the major self-storage operators identified are Lock + Store, Storhub, Extra Space, Work + Store, The Storage Place and Urban Space.