The European Annual Industry Report 2023, produced by FEDESSA in partnership with CBRE was released this week. Oliver Close, Alice Marwick and Callum Paddock from CBRE presented the findings at the FEDESSA Conference & Trade Show in Rotterdam.
The report gives a comprehensive overview of the current state of the market and the latest trends. It contains valuable insights into public perception of self storage and is a great reference point for investors and operators in this dynamic market.
Europe’s self storage industry now has 6,929 stores in operation, totalling 13.9 million sqm in gross area. UK dominates by store count with a 32.9% market share, followed by France (13.4%) and Germany (10.9%)
2023 Key Findings:
Despite recent economic challenges, the self storage market continues to perform strongly with a healthy level of investor interest.
- The average rent per sqm in Europe has fallen from €290 last year to €286.
- Across Europe the average occupancy rate was down from 80.2% last year to 78.5% this year.
- 45% of the public have not heard of self storage and 31% have heard of self storage, but know nothing about the sector.
- The UK and Sweden have the highest public awareness and understanding of the self storage market.
- Signage and Local Marketing enquiries were up by 40%.
- The industry’s online presence has seen significant improvement with:
- 81% of stores providing online bookings.
- 18% of operators planning website improvements.
- Remote management has grown to 26%.
- Operators remain optimistic:
- 68% are expecting occupancy rate to increase.
- 87% are expecting improvement in profits.
- 73% of operators think sustainability is an important factor.