Introducing the freshly released 2024 UK Self Storage Industry Report, compiled by the SSA UK in collaboration with Cushman & Wakefield. This report offers invaluable insights into industry metrics, sheds light on public perception of self storage, and serves as an essential reference for both investors and operators alike.
The research includes a thorough overview of the current market landscape and the most recent trends. Additionally, the report delves into critical factors influencing the industry landscape, offering actionable intelligence to inform strategic decision-making processes.
Key insights:
- £1.08B annual industry turnover.
- 60m sq. ft of self storage space in the UK, with an 8.1% increase in storage capacity over the last year.
- Industry churn rate was 98%, up from 81% last year.
- Occupancy rates were down 2.5 percentage points in 2023.
- Average rental returns £26.23 per sq. ft, up 1% to the previous year.
- Only 4% of customers are not happy with their self storage solution.
- Internal stores account for 84%, while container-based ones make up the remaining 16% of the market. Additionally, there was a 5% rise in operators showing interest in mixed-use development.
- 25% of businesses are actively using AI.
More development to come with 44% of operators planning to invest in new sites.
For further information about the Janus International range of self storage solutions, please get in touch on: sales@januseurope.com or +44 (0) 20 8744 9444.
If you are keen to explore further, the full report is available for download here.
Source: SSA UK/ CUSHMAN & WAKEFIELD
