Based on data collected throughout 2024, the Self Storage Annual Industry Report, in partnership with the Self Storage Association provides a comprehensive overview into the self storage sector.
Over the last year, the self storage sector has continued to increase in size, we’ve seen a 7.2% rise in self storage space in the UK, taking the total floorspace to 64.3m square feet.
Despite declining enquiry conversion levels and a small reduction in occupancy, the industry continues to exhibit steady growth, we continue to see new stores being added and a promising pipeline for future sites.
Looking ahead, the industry continues to evolve, in terms of employment – there are now just 2.6 staff to each storage on average; in terms of technology – 68% of businesses are actively using AI; and in terms of investor interest – with greater institutional capital weighted towards the sector.
Key findings from 2024:
Annual TurnoverThe industry surpassed the billion mark with an annual turnover of £1.2bn |
Occupancy RatesThere has been a slight decrease in occupancy rates, down by 1% to 75.1%. |
Churn RateThe churn rate is at 97%, down by 1% compared the previous year. |
Rental ReturnsThe average rental return has seen an increase of 6% to £29.13 per sq ft |
Space Per CapitaStorage space per head of the population has risen to 0.94 sq ft, up from 0.89 sq ft but lacks behind countries such as Australia and the US |
Market ExpansionThere has been a 7.2% increase in storage space available over the year, with 64.3 million sq ft of self-storage space now in the UK |
Regional InsightsScotland increased occupancy by 3.3 percentage points. |
Storage TypesCurrently, 61% of storage solutions are internal, with the remaining 39% being container-based. |
Conversion RateThe conversion rate for new customers has fallen in all mediums. |
Operational Data15% of stores did not have a staff member permanently on site. |
Technological IntegrationUse of AI is up significantly, from 25% in the previous year to 68% of businesses are actively using AI, indicating a significant shift towards digitalisation. |
SustainabilityOver 50% of operators are implementing LED lighting, while the second most sustainability choice is to install or upgrade solar panels. |
Download the report to find out more about the self storage sector. If you would like to discuss any aspect of the report findings, please contact a member of the team.
