SINGAPORE - The self-storage industry is rapidly expanding in Asia, fulfilling market demand for more storage space, a new report by global real estate services firm CBRE said.
"Consumer demand is strong, due to a range of drivers such as disruptive life events, urbanisation and changes in business activity, with cities such as Tokyo, Hong Kong and Singapore leading the trend," CBRE said in a release issued on Monday.
Investors are becoming more interested in self-storage as an alternative asset class, as seen by the huge success of the recent Self-Storage Expo Asia, which drew in some 200 participants, CBRE noted.
Mr Darren Benson, executive director of industrial and logistics, brokerage services at CBRE Asia said: "The improving sentiment is also reflected by the multiple self-storage investment deals we've seen over the last couple of years and the increase of interest from global real estate funds."
CBRE's latest 2015 APAC Investor Intentions Survey, which was conducted in January 2015, showed that 7 per cent of respondents had already invested in self-storage, with an additional 9 per cent interested in the sector.