From the advent of the Internet to the evolution of the smartphone, there’s no denying that technology has permanently altered society and many industries, including self-storage. Any seasoned facility operator will tell you how different the business is today vs. just 10 years ago. To survive, your operation must have a digital component.

Implementing the right tools is the best way to grow your enterprise and meet the expectations of modern consumers. In fact, one could argue that digital strategy has quickly become one the most significant market differentiators. Following are some options that’ll help you get on the right path.

An Upgraded Website

Any discussion about digital technology needs to start with your website. Some of you set yours up five, 10 or 15 years ago and have ignored it since. Others are much more clued into the fact that it isn’t just a website; it’s the cornerstone of all your marketing efforts. A modern site that’s responsive and fast is indispensable because, at some point, almost every customer will interact with it.

How your website looks and functions is a reflection of your self-storage business. To the viewer, it conveys something about quality. You should hold your website to a high standard of usability and visual appeal, just as you hold your physical property to a high standard of cleanliness and safety. That doesn’t mean it needs to be complicated, however. A simple website can often be the most effective because it’s easy to navigate.

In addition to looking modern, your website needs to be fast. One of the biggest reasons users click away from a site is that it takes too long to load. Believe it or not, the bounce rate is only around two seconds! It also needs to be responsive, which means it’s just as appealing and usable when viewed on a mobile device as it is on a desktop computer. Search volume on smartphones has been increasing dramatically for years, which means most of your customers will open your website from a phone.

A great bonus to having an attractive, functional website is you can showcase customer reviews there, so prospects don’t have to track down your page on Google Maps or Yelp. Today’s consumers give reviews a lot of weight. Data suggests that 88 percent trust online reviews as much as personal recommendations from friends and family. One of the primary reasons Amazon became so successful is because it offers vast amounts of reviews for every product. Self-storage operators can harness that same success.

Another reason to modernize your website is to help Google better understand who you are and what you offer. Adding relevant content that highlights your features, benefits and service offerings will improve your search ranking. Think of your website as providing your online curb appeal. The better it is, the more rentals you’ll get.

Lead Capture

When you’ve done all the hard work to lure self-storage prospects to your website, the last thing you want to do is lose them. Good lead-capture tools like pop-ups and discount sign-ups act like an online manager to help generate leads and close sales.

Think about it: If an interested customer walked into your office but wasn’t ready to rent, you’d most likely ask for his name and email. You’d probably give him a brochure. If he was on the fence, perhaps you’d even offer a discount. The bottom line is that when a potential renter is in front of you, you’ll do everything to turn him into a paying customer. At the very least, you want to capture his contact information so you can follow up.

Savvy operators are adding smart pop-ups and sign-up forms to their websites, so when someone “stops by,” they’re able to capture their info. They value every lead and contact because they know keeping potential customers in the queue helps maintain occupancy.

Online Rentals

The next tool you need in your digital toolkit is an easy way for customers to rent self-storage units online. Make the experience as seamless and frictionless as possible. If a prospect is ready to buy, having the ability to quickly get into unit is a huge persuader. A recent study of our own sites found that 25 percent of rentals occur between 6 p.m. and 9 a.m.—in other words, after hours. In today’s climate, not offering the ability to rent online will result in losing customers who are motivated to pay and check that item off their to-do list.

To effectively offer online rentals, you’ll need a way to manage rental agreements. As soon as a new customer chooses a unit, there’s paperwork to do. For this, you can deploy an e-sign tool like DocuSign or HelloSign. As long as your contract is valid, e-sign is legal and safe. If you’re hesitant, consider that consumers have grown accustomed to this technology in other industries, from buying a house to renting a car. Not only will they expect it from you, they’ll demand it.

Customer Service

Once a customer rents a unit using your super-modern website and online rental tools, there are still a few steps to get him moved in. The following digital tools won’t only aid in that process, they’ll relieve your team of extra work and make life easier for the tenant.

Text messaging. Whatever they do with their email, people rarely ignore a text. Using a text-message service to request reviews or send bill reminders is a great way to cut through the digital noise. You’ll need tenants’ permission to use it, and then you should send messages sparingly; but as long as you text wisely, you can expect to see good response rates.

Autopay. Though it isn’t new, autopay is a must-have. Whatever property-management software you’re using, it inevitably includes an autopay feature that can automatically charge customers each month. Offering this option and encouraging tenants to opt in is an easy way to avoid delinquencies and the hassle of tracking down late payments.

Account management. Giving customers the opportunity to access and adjust their account through a digital dashboard is another convenient way to save time and eliminate headaches. If your tenants can log in to make changes to their billing and other contact information, that’s one less thing you have to do.

Find Balance

There are many more tools you could add to your self-storage digital arsenal, but these are some great ones with which to start. Finding the right balance can be tricky, so you’ll need to decide what’s best for your location and customers. Some users may be comfortable with a fully automated experience, while others may want to interact in person.

The use of technology in consumer buying behavior will only increase. Using the right tools within the scope of your business will make it easy for prospects to find you, rent a unit and enjoy a satisfying storage experience.

Tyler Anthony is marketing manager of StoragePug, a Knoxville, Tenn.-based software company that helps self storage operators attract new leads, convert them to paying tenants and rent units online. Prior to joining the company in 2020, he helped market and grow dozens of other businesses. He believes marketing should be honest, helpful and, above all, human. For more information, call 865.240.0295; email [email protected].

The joint venture between U.K.-based self-storage operator Safestore Holdings PLC and global private-equity firm The Carlyle Group has acquired Opslag XL, a three-property self-storage portfolio in The Netherlands. The purchase comprises 75,000 square feet across two freehold locations in The Hague and Hilversum regions and one short leasehold in Amsterdam, according to a press release.

Carlyle holds an 80 percent share of the joint venture, which was establish in August 2019 through Carlyle Europe Realty (CER), a €540 million European real estate fund. The partnership initially acquired the six-property M3 Self Storage portfolio in The Netherlands and followed that up last year by purchasing the six-property Lokabox self-storage portfolio in Belgium.

“This acquisition represents the next step in establishing a significant platform in the rapidly growing European self-storage market, which has benefitted from positive demographic and social trends and been resilient during the COVID-19 pandemic,” said Marc-Antoine Bouyer, managing director of the Carlyle Europe Realty advisory team. “We look forward to continuing to work alongside Safestore to unlock further value in our portfolios and seek additional opportunities in the European self-storage market.”

“This acquisition increases our exposure to the attractive Dutch self-storage market,” said Frederic Vecchioli, CEO of Safestore. “In combining the specialist industry knowledge of Safestore with the pan-European investing experience of Carlyle, we continue to identify prime development and acquisition opportunities, building on our multi-country, highly scalable platform.”

Safestore operates 159 self-storage facilities, including 127 facilities it owns in the U.K., 28 in France and four in Spain. Its storage properties comprise 5.45 million square feet of storage space and serve approximately 75,000 customers.

Carlyle deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With $230 billion of assets under management, it employs more than 1,800 people in 30 offices across six continents.

Sources:
IPE Real Assets, Carlyle, Safestore JV Buys Dutch Self-Storage Operator Opslag XL
MarketScreener, Safestore and Carlyle's Joint Venture Acquires Self-Storage Portfolio in The Netherlands

Police nabbed a trio of culprits suspected of breaking into 11 units at a Blaine, Wash., self-storage facility last week following a high-speed chase. The pursuit from Pantec Mini Storage ended when the burglars’ vehicle became stuck in mud. Stolen goods included multiple firearms, an air-conditioning unit and other items, according a source.

Officers responded to the self-storage facility at 12:27 a.m. on Jan. 13 after an alarm was triggered, according to manager Annie Lagerwey. Security cameras showed two men and a woman inside the perimeter at 943 Boblett St.

Blaine Police Department Officer Tim Richardson observed a black coupe leaving the area, heading southbound toward Interstate 5. He stopped the vehicle near the exit 275 on-ramp. When he approached the car with his flashlight, he determined the three occupants matched the descriptions of the burglary suspects. Moments later, the driver sped away, and a chase ensued involving Richardson and Whatcom County Sheriff’s Deputies. The suspects reached a speed of 117 mph, a source reported.

Officers placed spike strips on the highway to stop the vehicle, but the driver avoided them by exiting the freeway at Grandview Road. Investigators later discovered the suspects had a police scanner with them and knew about the spikes.

The perpetrators then turned onto a dead-end road after the driver noticed deputies in front of him. The car came to a stop in front of a residence on Confier Drive when it became stuck in the mud. One man attempted to flee on foot but was captured by a sheriff’s deputy and police dog.

Cory Ira Mezo, 36, Brandi Kristine Sestrom, 36, and Dillon McKinley Wilson, 30, were arrested for suspicion of second-degree burglary and criminal conspiracy. Wilson is also suspected of attempting to elude police and resisting arrest, and has outstanding arrest warrants with other agencies. He’s being held on a $50,000 bail.

Mezo was released on a $5,000 bail. Court records show he’s been convicted for numerous crimes including vehicular assault, theft and burglary. Sestrom, who’s still in custody, also has a record of convictions such as theft, possession of a controlled substance and assault.

Lagerwey noted two cameras had recently been added to Pantec Mini. “We’re proud of the measures we’ve taken, which made [the suspects] easy to catch,” she said, adding it’s unclear how the burglars entered the property, as it’s surrounded by barbed-wire fencing. The suspects have no known connection to any of the facility’s tenants or staff.

Pantec Mini is less than a mile from the Canada/U.S. border. It offers more than 600 drive-up self-storage units and outdoor vehicle storage.

Sources:
The Bellingham Herald, Trio Suspected of Burglarizing Whatcom Storage Facility Get Stuck in The Mud During Chase
The Northern Light, Blaine Burglary Turns Into High-Speed Chase, Suspects Arrested

 

 

Google’s local pack, also known as the map pack or 3-pack, includes the top three listings and map that appear at the top of most location-based searches. It’s an important but often underutilized feature for self-storage businesses.

While most companies would love to be featured in the pack, getting there can be confusing and difficult depending on the level of competition in your area. After all, there are only three spots up for grabs! In this article, I’ll cover three strategies you can use to maximize your chances of landing in this group and drive more customers to your website.

1. Optimize Your GMB Profile

By far, the most important thing you can do to improve your position in search rankings and get you closer to the local pack is optimize your Google My Business (GMB) profile. A complete profile with all the correct information in the right places will lead to better rankings and improve customer perception of your business.

Review your current listing to ensure you’ve provided as much information as possible. This includes selecting the correct category for your storage business, providing current office hours, adding photos, and using the “more hours” feature to set your facility-access hours. You should also respond to any questions from online users about your operation.

It’s worth noting that companies that have keywords in their name tend to see a rank boost. For example, “Alabama Self Storage” will have a better chance of ranking than a nondescript name such as “MoreSpace.” However, this doesn’t mean you should force keywords into your name on GMB, as it might result in confusion, especially if you don’t use them consistently across all Web platforms. It could also violate Google’s terms and conditions.

2. Get More Reviews

Over the past few years, Google has increased the importance of reviews as a ranking factor for sites in the local pack. It’s more important than ever that you have a proper review-collection strategy in place. If you don’t ask your self-storage customers for reviews, you won’t get very many. Only a small percentage of customers will leave one without any prompting.

What to do. A good way to solicit reviews is to set up a short URL through GMB and share it with your customers. When they click on it, they can rate you and leave comments. You can also use this link in many other places, such as company emails and newsletters. Send a review request to customers once they’ve been with your self-storage facility for a few weeks. You can also print this short URL onto cards staff can hand out to new tenants.

What not to do. There are many ways to get reviews that can do more harm than good. Buying fake reviews is the most obvious, but there are others you might not have realized are against Google’s terms, such as:

• Review gating: This is when you check in with new customers and ask if they’re happy with your product or service, then only request a review from those who reply positively. This is against the rules. If you’re asking for reviews, you need to ask everyone, even if they aren’t fully satisfied.
• Incentives: You can’t pay someone to leave a review or offer them a discount to do so. Similarly, you can’t enter people into a competition if they leave a review.
• Review swaps: You can’t ask someone for a review with the understanding that you’ll review them in return.

3. Improve Your Website

There are three main components to this strategy:

Focus on keywords. The better your self-storage website targets your desired keyword terms, the better your chances for a good Google ranking. Ensuring you have good keywords in vital places on your website, such as in your title tags, content and internal navigation, will help Google understand what your page is about.

For consistency, it’s also important to ensure that your company name, address and phone number appear on your website in the same format used on your GMB listing. If you’ve undertaken a search engine optimization campaign, then most of these things will be covered already. If you haven't, take some actionable steps in this area.

Build more quality links. The links that point to your website from external websites can influence how well you perform in search rankings. Work on building more high-quality links to your website and facility-location pages. There are many ways to accomplish this, but start with any businesses, organizations, local directories or news publications with which you already enjoy a relationship. For example, if you sponsor a local sports team or support a local charity, ask for a link on its website.

Build key citations. Citations are listings on directory sites like Facebook and Yelp. They usually include a link to your website as well as your business name, address and phone number. (Again, be consistent!) Google will use this data to improve its confidence in the information you provided on your GMB. Citations are less important now than they were a few years ago, so it’s no longer worth it to scour the Internet for every directory out there. Instead, focus on the main directories as well as storage-specific ones, and you should be fine.

By using each of these three strategies, you should be much better positioned to break into the Google local pack and drive more traffic to your self-storage website. The higher the level of competition in your area, the more work you’ll need to do on each. Stick with it and the results should come.

Ben Hook is a marketing strategist at Storist, a digital marketing agency providing services exclusively to the self-storage industry. His website provides storage marketing advice and updates designed to help increase online visibility and occupancy rates. You can reach him via email at [email protected].

Westport Properties Inc. (WPI), which operates more than 130 self-storage facilities under the US Storage Centers brand, has merged with Vertex Investments, a privately held real estate investment company specializing in multi-family properties and mobile-home parks nationwide. The merger will enable Westport to expand into the residential sector, with Vertex co-founders David Grissom and Scott McCormick serving as managing partners of Westport Residential, the company’s new vertical platform, according to a press release.

“David and I have had a close working relationship for over a decade, when I realized his values and culture aligned with Westport’s,” said Drew Hoeven, chairman and chief investment officer of Westport Properties. “This merger was the perfect opportunity and partner for us to launch a residential platform that we have envisioned for some time. We now have the resources and expertise to acquire multi-family properties and manage them inhouse while continuing our growth within the self-storage and industrial verticals.”

Launched in 2017, Vertex owns and manages seven multi-family properties comprising 638 units. With more than 16 years in commercial real estate, Grissom has been involved with acquisition and development projects valued at more than $1.1 billion. McCormick also has more than 16 years of experience in commercial real estate and has managed more than 4.5 million square feet valued at more than $400 million.

“We have enjoyed working with the Westport team over the years,” McCormick said. “Sharing the same goals and culture, it made sense to merge with Westport. We are thrilled to join a premier organization that will enable us to continue to grow and provide a high level of service to our clients.”

Founded in 1985, WPI is a fully integrated self-storage operator that acquires, develops and manages its own portfolio in addition to providing third-party management services. The company has about 11 million rentable square feet under management and employs 400 people nationwide. It’s also a founding partner of Kure-It, a nonprofit that raises money for underfunded cancer research, and Charity Storage, which uses vacant storage units to raise money for local charities.

Store Space Self Storage, which owns or manages 50 facilities in 15 states, has released its fourth-quarter 2020 operating results, showing year-over-year growth. The company posted a 44 percent increase in rental volume compared to the same quarter in 2019. Overall, it garnered a 38 percent increase over the previous year, according to a press release.

“Our company's success hinges on the hard work of our employees across our footprint,” said Rob Consalvo, chief operating officer and president. “By supporting them with leading-edge technology, we were able to reach new heights despite the challenges presented to us and the industry as a whole from the pandemic and economic downturn.”

Touchless Rentals, powered by the company's Storage360 Platform, accounted for 55 percent total leasing activity in the third and fourth quarters, and 50 percent from October through December. The offering includes online and phone-based rentals, the release stated.

“Across the industry, the need to scale touchless offerings was somewhat of a surprise,” said Michael Baillargeon, senior vice president of operations. “Fortunately, we were already ahead of the curve, allowing us to focus on continued growth and ways to increase usability for consumers.”

Store Space either opened or agreed to purchase seven facilities in the fourth quarter, including a second site in Rochester, N.Y., and new locations in Georgetown, Ind., and Tampa and Temple Terrace, Fla. Additional facilities in Florida, Ohio and Texas are slated to open this year.

Launched in 2018 and based in Winter Garden, Fla., Store Space operates an owned and managed portfolio comprising more than 25.3 million net rentable square feet of self-storage.

Source:
PR Newswire, Store Space Self Storage Announces 2020 Q4 Results

Separated by only 40 miles, Baltimore and Washington, D.C. are often treated as one giant metropolitan area. While that’s understandable, when it comes to self-storage, there are clear distinctions between the two cities. For example, Baltimore is experiencing a distinct slowdown in new construction, while D.C. continues to see a strong increase in self-storage supply.

“They’re really different markets with an overlap in the middle,” says Gaby Sader, a partner and executive vice president with Boardwalk Storage Solutions, a developer that specializes in self-storage in the region.

Washington D.C.

In the D.C. area, which includes the suburbs of Southern Maryland and Northern Virginia, the self-storage market continues to draw investor interest, with new projects expected to expand overall supply by 6.7 percent, according to Cory Sylvester, a principal at Radius+, which specializes in data, analytics and location intelligence for the self-storage industry. New construction has been intense in the core city, and even the suburbs have seen strong activity.

The region has experienced a three-year supply growth of 15.5 percent. “That’s definitely high,” notes Sylvester. “Washington has been going strong now for a while.” Todd Manganaro, president of the Maryland Self Storage Association and CEO of ezStorage, which owns about 50 self-storage facilities in the Baltimore/D.C. area, feels the area has definitely been overbuilt.

Overall, new supply has had a negative impact on rental rates, driving prices for 10-by-10, climate-controlled units from around $160 in September 2017 to $145 in February 2020. During the depths of the coronavirus pandemic this past spring, prices sank as low as $125, but they’ve since bounced back to around $165, according to Radius+. D.C. is a dynamic, growing city with a solid, federal employment base and an expanding high-tech sector, all of which drives recovery.

Despite all the new construction, the region’s self-storage penetration rate—the amount of space being used per capita—remains at about 5.13 percent, below the national average of 5.8 percent. This continues to make D.C. an attractive market for investors.

Other factors lending to its allure are continued population growth and increases in household income. D.C. and the surrounding metro areas have become highly desirable places to live and work. Prices for residential real estate are very high in the district, which leads to fantastic long-term stabilization and rent growth. But those prices also correlate to high real estate taxes, one of the few negatives of the market. Difficult zoning restrictions are another potential challenge.

Baltimore

As for the considerably smaller Baltimore area, the market’s image has been banged up in recent years. The city is often portrayed as a hotbed of criminal activity (think about the HBO drama, “The Wire”).

Chris Brandaleone, CEO of RightAway Storage, is among those who believe this impoverished identity is unfair. Baltimore actually has a large population of young professionals who live in renovated, upscale, multi-family buildings. This group also tends to be comprised of transient professionals who often need self-storage. Economic data backs up the assertion that Baltimore is a stronger, more dynamic market than what’s portrayed in the media.

As for self-storage activity, the city saw a 14.6 percent increase in supply over the past three years, according to Radius+. The penetration rate is 5.27 percent. Still, recent construction has taken a toll, with prices for 10-by-10, climate-controlled units falling from about $135 per month in September 2016 to $120 in February 2020. Prices plunged in the spring to around $105 per unit but had rebounded to about $130 as of mid-September. Building activity ground to a halt, with new construction expected to add only .9 percent to the area’s overall self-storage supply.

All in all, Baltimore’s dense population and location—smack dab in the middle of the Eastern seaboard—leave it well-positioned to weather short-term volatility and provide long-term, stable returns to investors. Brandaleone believes its long-term fundamentals are strong. In fact, RightAway is building a 110,000-square-foot facility in Baltimore County, just outside the city.

In terms of market negatives, high real estate taxes are among the biggest drawbacks. Though lease-up for new facilities may take longer than hoped, the investment will be worthwhile in the long run, Brandaleone says.

Patience Pays

Though both markets have experienced overbuilding in recent years, Baltimore and Washington D.C. remain attractive for investors who are willing to be careful and patient, according to Noah Mehrkam, CEO of Self Storage Plus, which manages 42 facilities in the area. “It’s harder to find good sites these days compared to seven or eight years ago, but we’re going to keep looking for good micro-markets. You have to be prepared for the long-term slog.”

You can bet investors are actively seeking institutional-grade opportunities in both markets.

William “Bill” Sitar Jr. is vice president of Sitar Realty Co. and The Storage Acquisition Group, which specializes in acquiring off-market self-storage facilities and portfolios nationwide. The company also offers market-analysis reports, underwriting and closing support. Bill has a background in real estate brokerage, legal services, development and the financial sector. He holds a real estate license in New Jersey and a law license in New Jersey and Pennsylvania.

The self-storage industry continues to grow in Spain despite demanding conditions caused by the coronavirus pandemic. One reason is its appeal to new investors and entrepreneurs; yet, there are still obstacles to overcome.

Inside Self-Storage recently spoke with Gonzalo Salazar, manager of the country’s industry association, Asociación Española de Self Storage (AESS), about this promising market. Read about new development, challenges, COVID-19 impact and more.

What’s the state of the self-storage industry in Spain?

Nearly 12 percent of European facilities are in Spain. It’s the same percentage as France but still far from the United Kingdom, which has 37 percent. This makes Spain the third largest self-storage market in Europe and perhaps the one with the greatest growth potential.

In recent years, the amount of self-storage in Spain has increased 15 percent year over year; and despite the pandemic, this may be the trend for years to come. A large number of operations (more than 70 percent) are single-facility companies belonging to independent owners, even entrepreneurs, who look at this incipient sector as a way to build their own business or use it as a way to diversify their real estate holdings.

The communities of Catalonia and Madrid house more than 50 percent of the self-storage facilities in Spain; but interest in the sector is growing quickly in the rest of the country, too, not just primary areas such as Balearic Islands, Malaga, Seville and Valencia. This interest is a consequence of housing with reduced habitable space. Families need storage space, especially as more people work from home as a result of the pandemic.

What’s the status of new development in your market?

By and large, we’re seeing the most and fastest growth in small urban centers where developers can take advantage of building conversions at the street level and facilitate product awareness. In most cases, facilities are being built by independent operators, but interest in working under a franchise model is also rising.

There’s a clear opening in the industry for operators who have more than 10 facilities, but that gap will be filled shortly with new developments and the arrival of investors attracted by a clearly expanding market. Medium and large operators are taking advantage of rising real estate opportunities, as there are still huge warehouses and industrial buildings available.

Most developments will require significant design and adaptation to optimize the offer mix and desired profitability. Even so, business plans still show great opportunities in Spain. Many consultancy firms specialize in these tasks, and their success rate is quite high. At this moment, given the existing supply of reusable buildings, ground-up development is having very little impact on the big picture.

What challenges does the storage industry face in Spain?

It faces many challenges, but the main ones are bank financing and regulation. Financing is proving relatively scarce due to the economic context and lack of knowledge about the operation of self-storage businesses. However, private investment funds are penetrating the market, which has a very good profitability rate and is eager for an economic injection that will allow it to grow.

Self-storage is still a young industry in Spain and suffers from a lack of clear legislation. Municipal officials lack knowledge of its operation and are, therefore, reluctant to grant new licenses. Longer planning is to be expected when pursuing new opportunities. Additionally, urban-planning legislation, with several autonomous communities, sometimes makes expansion and growth difficult for independent operators; so, these medium and small companies tend to remain regional, growing in their already familiar environments.

Thankfully, we don’t consider product awareness to be a problem of the first magnitude. At this moment, self-storage use is rocketing, and not only in dense population areas such as Madrid, Barcelona, ​​Malaga and Valencia. It’s already showing clear signs of assimilation in neighboring areas where its knowledge and use is expanding. There’s still a long way to go before self-storage becomes a commodity in Spain, but operators and suppliers working together under the umbrella of the AESS is a key to achieving greater dissemination of information.

How has the industry been affected by COVID-19?

The Spanish political and legislative context is complicated. Early on, companies had to adapt to this new reality with continuous changes, cross information, and new rules from regional estates and various departments. AESS launched a huge effort on behalf of local self-storage operations, increasing communication with the authorities to facilitate knowledge sharing and adaptation.

Fortunately, the self-storage sector is stable when facing macro-economic swings. Some would say it’s counter-cyclical. Though it didn’t emerge unscathed and not all occupancy objectives have been met, overall business volume has suffered only a slight decline.

What are your predictions for the future of self-storage in your region?

Self-storage is far from a mature industry in Spain, but private and professional use is growing, and constant communication efforts made by the sector are achieving better product knowledge. Also, new business and work models emerging from the pandemic are creating self-storage opportunities. Home offices, small companies with Internet distribution, commercial personnel, etc., are showing up as growing market niches.

Here are just a few figures to keep in mind: An analysis of the Spanish industry shows the average rental price per square meter is the same as the European average; but surprisingly, our maximums are above those of more developed markets such as France or Ireland. Even more shocking, they’re slightly above those in the U.K. Still more telling is the average occupancy level, which is continuously above 80 percent, despite annual growth of 15 percent in the number of facilities. This reveals Spain as a quickly developing market, and investors are already positioning and acquiring active facilities as well as planning new developments.

Within the regulatory context, there’s still much work to be done. The next few years are going to be extremely important for the configuration of this sector in Spain, and AESS is going to play a main role in bringing together and structuring conversations with authorities.

With all this information at hand, we can confidently say there’s an imbalance between supply and demand, which means good business opportunities!

For more information, visit https://aesstrasteros.es.