Self-storage industry is an emerging business in modern scenario and it covers million square feet of storage space alone in United States that includes its all states. This type of facility has excessive demand in contemporary time and rapidly grown due to surging demand.
Worldwide self-storage markets
Self-storage is a type of mini storage that can be used on rental for a short-term or sometimes for long-term also. Self-storage business models are now available worldwide in some European countries and in countries like Hongkong, Australia, etc., though coverage space is less than that in United States. The worldwide space coverage by this industry is over billion square feet.
Support to worldwide self-storage markets
Self-storage associations have been created across the globe to support this industry’s progress. These associations support self-storage businesses by way of data collection, education, information, marketing, networking, and in many other ways. This support is inspiring new business to come up in this industry.
Hongkong self-storage markets
Hongkong is one country that has progressing scenario in this industry. Self-Storage Lai Chi Kowk district which is people-oriented has good track record of performance. Compared to growth of self-storage industry in United States and United Kingdom, and other European countries following this growth pattern, Hongkong self-storage is far behind, but good results are expected in future based on its progress in the past and present.
Good and bad in Hongkong self-storage scenario
The scenario of Hongkong self-storage industry is somewhat different than this industry in other countries. Despite robust market growth, there have been ups and downs in the past, leading to demand and supply fluctuations. The economic environment is still unstabilized in this country, but this self-storage business has stabilized and demand drivers are responsible for this stability. The demand has risen, but there is shortage of priced properties to get space for this business. This is one major factor for push back of this business, but good future is still anticipated.