Singapore has become a hot spot for investments in the self-storage sector lately. With the rise of urban dwellers and demand for more residential and commercial space, more consumers are turning to self-storage services, as an alternative to holding valuable items at home or in the office. Analysts have predicted that the Asian as well as Singapore market is primed to see rapid growth in this sector and thus, we can expect huge investments coming our way.
Apart from Singapore, other cities like Tokyo and Hong Kong are also showing similar signs of shrinking living space. This has led to a widespread need and demand of extra storage space hire.
What do self-storage users look for?
The increasing on demand of the storage house is popular with individuals. It serves them with good options to store items such as furniture, winter stuff while in summers and other things that they are incapable of accommodating within their house.
Businesses too have found this model quite popular as it provides them with the temporary cutback, expansion projects, warehousing commitments or distribution point for the new and old stock that could be needed at unpredictable times.
Unlike in the past, storage users these days search for more than just an empty space with four walls to store the materials. Self-storage facilities in the market offer a variety of storage unit for a long term and short term rentals. Users can enjoy the options to select the desired size of a unit they need depending on the demand.
Round the clock, security has become a need for most of the facilities in the markets. The users this demand a lot of convenience for being able to get access to the storage area as and when they need and feel like.
Why is the self-storage sector in Singapore facing rapid growth?
The rapid growth of the self-storage units in Singapore is majorly attributed to the business and cultural factors. The demographics and cultural shifts like dislocation, divorce, density, mortality rates etc. have driven a huge demand for self-storage services in these countries.
Apart from the cultural factors, business activities in Singapore and Asia like individual market conditions are leading to higher rental rates for self-storage units. Businesses these days, are facing scarcity in the self-storage units due to the existing regulations of the countries, shortage of space, small office buildings and other factors.
As per the Property management company in Singapore, nearly half of the users from the self-storage units are corporate units. The users are likely to use up the storage space at a consistent level. When compared to the individual users, it indicates a possibility and chances for increasing the demand of business expansions.
With the rising start-up scene in Singapore, there is an increasing number of business entrepreneurs and business owners that are operating their businesses from home and looking to outsource the storage needs. Thus, they are opening a new demand for the storage space needs in order to meet the business goals.