The UK is home to almost 50% of self-storage space in Europe with more than 42 m sq ft of lettable supply, the Self Storage Association’s annual industry report has shown.
Demand for self-storage is growing faster than supply in the UK, as occupancy rose from 73.1% to 75.8% while supply rose 1.7m sq ft in 2016.
UK annual rents hit £22.68 per sq ft last year, the highest level since the study, carried out with Cushman & Wakefield, began in 2006.
However, understanding of the industry is still low, with 61% respondents unable to recognise that there was a self-storage business in their local area. Almost a third did not know they would be the only ones with access to their own units.
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette
