The UK self storage industry has produced the most comprehensive insight into self storage trends ever. The SSA UK / Cushman & Wakefield Annual Survey combines data from self storage operators, customers and the general public.The report of the survey findings details trends in both supply and demand for UK self storage. It is essential reading for anyone investing, owning, operating or considering entering the self storage industry in the UK.
The survey shows:
- The UK self storage industry enjoyed a year of healthy growth in 2016, with occupancy levels growing to 75.8% and rental rates across the UK also increasing by 2.4% to £22.68 per sq ft. Unsurprisingly, net rental rates are highest in London, more than twice those in the East Midlands and the North.
- The UK now has 42.2 million sq ft of lettable space, - 47% of all self storage space across Europe. The UK self storage industry is flourishing – UK residents rent four times more space per person than those in France, and 10 times more than in Germany.
- The outlook for the UK self storage sector is undoubtedly positive as demand for flexible storage space increases. In 2016, 24 new large self storage sites with over 200 units opened in the UK. Large self storage brands in particular have been expanding rapidly in recent years to ensure a larger chunk of the £540m UK market.