UK residents rent four times more self-storage space than the French, and nine times more than people in Germany, causing a boom in Britain’s storage sector.
Britain is now home to almost half of all of Europe’s self-storage units with almost 42.2m sq ft of space in total, according to a report from property advisory company Cushman & Wakefield, while growth in demand is continuing to outstrip supply.
Last year, 24 new self storage sites opened in the UK in 2016 – the greatest number in any European country. Occupancy increased by almost three percentage points in the last 12 months, to 75.8pc, despite more units being built.
Cushman & Wakefield’s report found that large self storage brands in particular have been expanding rapidly in recent years to ensure a larger chunk of the £540m UK market.
Safestore said last week that record enquiries for its space continued to boost its profits, while Big Yellow has spoken of expansion across the South East in particular.