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Future of self-storage

Jon Perrins, Exectutive Chairman Steel Storage Holdings“When I look at the future of self-storage, I see a bright future with lots of growth”, says Jon Perrins, Executive Chairman of Steel Storage Holdings. “I’ve been working in this business since 1990 and have seen each market we operate in grow exponentially since the self-storage concept was first introduced”, he continues. “At that time the USA market was at 3.0ft2 (0.28m2) per head of population and Australia at 0.3ft2 (0.028m2). I thought the USA was saturated back then and that Australia would grow to around 0.8ft2 (0.074m2) But that is all academic now, because the USA reached 7.4ft2 (0.69m2) per head of population in 2011 and Australia 1.2ft2 (0.11m2)… and both markets are still growing! And the rest of the world is still way behind these two markets, but it’s climbing. There is certainly a lot of opportunity for this business in other parts of the world.”

Where to now?

“We see the opportunity for strong growth in Asia and Europe. Europe has begun to develop with huge potential and success from current owners as well as entrepreneurs. New investment groups and start-ups are entering the self-storage business in Asia – with Singapore, Japan and Hong Kong gaining ground. Asia has a unique model that allows profit-based occupancy from day one, because most buildings are designed for multiple users allowing self-storage to blossom.”

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