The Storage and Warehouse Leasing industry is one of the fastest-growing sectors of commercial real estate. The industry grows when the economy strengthens, as more consumers can afford discretionary storage services. The industry has benefited from an increase in consumer spending and disposable income. Consequently, industry revenue is expected to rise over the five years to 2017. Over the next five years, the industry will continue to reap the benefits of an improving economy. Demand for storage units is expected to continue growing alongside per capita disposable income and consumer spending. However, competition in major metropolitan areas, which is already intense, will heighten in other areas as different companies seek to expand into similar areas. Consequently, rental rates will drop as operators keep prices low to draw in business in an increasingly competitive market, curbing revenue growth potential. As a result, IBISWorld estimates that revenue will rise at a slower rate.
This industry primarily rents or leases space for self-storage. These establishments provide secure space where customers can store and retrieve their belongings at their convenience. Industry storage units include rooms, compartments, lockers, containers and outdoor space.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.