Boom in HK's self-storage services as homes shrink

Self-storage operators are expanding as competition in the sector looks set to intensify. For example, real estate manager InfraRed NF recently took a 90 per cent stake in premium self-storage provider RedBox Storage, which currently operates facilit
Self-storage operators are expanding as competition in the sector looks set to intensify. For example, real estate manager InfraRed NF recently took a 90 per cent stake in premium self-storage provider RedBox Storage, which currently operates facilities on two sites and has plans for more.PHOTO: INFRARED NF

Smaller flats, higher income and spending driving up demand for storage: Expert

Soaring property prices and shrinking homes in Hong Kong may have triggered constant debate in the city, but they have also generated business for self-storage operators.

The number of self-storage facilities grew by more than 40 per cent from 2013 to over 400 last year, say industry players. And the number of operators almost doubled last year from 60 in 2013.

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A version of this article appeared in the print edition of The Straits Times on May 19, 2018, with the headline 'Boom in HK's self-storage services as homes shrink'. Print Edition | Subscribe