Singapore's Self-Storage Market Booms

In Singapore, demand for self-storage is on the rise, moving beyond its traditional role of assisting with relocation or temporary storage. The industry now caters to a wider clientele, including collectors and businesses seeking flexible workspace options. For instance, Jian Yang, a 45-year-old advertising agency owner with a collection of 13,000 Barbie dolls, utilizes self-storage to accommodate his growing hobby.

He is a prominent customer at Storefriendly, a self-storage facility established in Eunos in 2019. Storefriendly CEO Jes Johansen emphasizes the facility's personalized storage solutions, including air conditioning, security, and racking systems tailored to individual customers. Businesses can also benefit from amenities like Wi-Fi, meeting rooms, and spaces for live streaming or customer interactions. Johansen notes a growing trend of businesses using self-storage as an active service, regularly accessing their stored items for daily operations. To keep pace with rising demand, Storefriendly plans to increase its storage capacity by 50% over the next two years, aiming for a 20% market share. This aligns with the broader expansion of the self-storage market in Singapore, as reported by JLL for the Self-Storage Association Asia (SSAA). Business users now constitute 40% of self-storage customers, up from 26% in 2023. The overall market occupancy rate has reached 82%, exceeding the regional average. Contributing factors to this growth include relatively affordable rental rates, which have increased by about 2% despite remaining below the regional average. In response to the surge in demand, self-storage operators are innovating and diversifying their services. StorHub, Singapore's leading provider, recently introduced online booking for all of its 18 facilities

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