Cushman & Wakefield RETHINKING: The Shape Of Real Estate 2040

SELF STORAGE

SELF STORAGE FLOORSPACE FORECAST

INDEX (2023 = 100)

The self storage sector across the UK is in its relative infancy. Between 2005 and 2023, floorspace more than tripled from 18 million sq ft to 60 million sq ft. Even now, the 0.89 sq ft per person that the stock amounts to is a considerable way off other self storage markets internationally, such as Australia and the US. Additionally, the full weight of untapped demand in the UK is unknown. While the SSA reports that 8.7% of the population are considering using self storage space, under half believe they understand what self storage is at 43%. This means that the current supply of space is unlikely to be meeting the current market demand – as evidenced by rising occupancy rates, which achieved 83.3% in 2022. BY 2040, THE SELF STORAGE SECTOR WILL INCREASE BY 38.5%.

160

140

120

100

80

FORECAST

60

40

20

SELF STORAGE

2005

2010

2015

2020

2025

2030

2035

2040

CAGR

TOTAL

VOLUME CHANGE

2005-23

2023-40

2005-23

2023-40

2005-23

2023-40

SELF STORAGE

6.9%

1.9%

233.3%

38.5%

42M SQ FT

23.1M SQ FT

RETHINKING: THE SHAPE OF REAL ESTATE IN THE UK

39

CUSHMAN & WAKEFIELD

SEL