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UK Self Storage Industry is Solid Post-Brexit
There are just over 1000 self storage facilities throughout the United Kingdom. Even adjusted for population, this number is still considerably lower than you find in the United States where the industry is massive and completely mainstream.
That said, the UK self-storage industry has, and is, experiencing significant growth.
From 2008-2010, there were 94 facilities built. Impacted by economic recession, construction slowed between 2011-2014, when 36 total facilities were built. Last year, the growth trend accelerated, with 26 facilities being built in 2015.
The 2015 construction added 1.9 million rentable square feet, bringing the UK total to approximately 37.6 million square feet of self storage space.
Despite the economic turmoil that Brexit has caused, industry experts do not foresee this growth slowing down.
SSA UK chief executive Rennie Schafer said this in Construction News:
“2015 was a good year for the industry in every measure. It had significant growth and improved occupancy rates and revenues. The returns for the first half of 2016 have been good, and occupancy rates have been holding if not increasing in most locations.
Schafer continued, “There is a degree of uncertainty with Brexit, but the industry has a proven record of getting through economic downturns and other challenges pretty well.”
With 95 locations, Safestore is the largest self storage operator in the UK. The company has plans to open five new stores and expand two others by the end of the year. Another large company, Big Yellow, has already opened one new facility this year, intends to open another before the end of the year, and recently acquired two new sites.
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