1、 European self storage industry report 2022FEDESSA AND CBRERESEARCHREPORT2FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Section 1Investment overviewSection 2Public surveySection 3Market trendsSection 4Operator trendsSection 5ESG considerationsSec

2、tion 6Key takeawaysSection 7European supply dataContents/key themes59FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe The report contains an overview of the markets trends,an opinion-led public survey,as well as the results of an operator

3、 survey of our associate members.We would like to thank all our respondents for taking the time to answer our questions.Their input has given us invaluable insight which we share in this report.The industry survey was completed by 100 operators who represented over 1000 stores in 24 countries across

4、 Europe.All operators were FEDESSA association members.The survey was completed in April-June 2022 based on data up to 31 March 2022.In addition,data from the 2022 SSA UK Industry report was used for comparison with the UK industry.The public survey results consisted of a sample of over 1000 people

5、in each market.The survey was completed between the 10-15 July 2022.It was conducted using an online interview administered to members of the YouGov Plc panel of 800,000+individuals who have agreed to take part in surveys.The responding sample is weighted to the profile of the sample definition to p

6、rovide a representative reporting sample.The profile is normally derived from census data or,if not available from the census,from industry accepted data.IntroductionIn what is the 11th annual survey carried out by the Federation of European Self Storage Associations(FEDESSA),this years report is pr

7、oduced jointly with CBRE for the first time.Despite the challenges faced throughout the past year,with COVID-19 disruptions and economic headwinds,the self storage market has continued to perform strongly and investor interest continues to grow with a significant mismatch between the depth of funds

8、targeting the sector and available opportunities.4FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Asociacin Espaola de Self Storage AESS(Spain)Associao Portuguesa de Self Storage (Portugal)Associazione Imprese Selfstorage Italiane AISI(Italy)Belgia

9、n Self Storage Association ASBL BSSA(Belgium)Chambre Interprofessionnelle du Self-Stockage CISS(France)De Nederlandse mini-opslag vereniging NSSA(Netherlands)Irish Self Storage Association ISSA(Ireland)Membership of FEDESSAThe following associations are currentmembers of FEDESSA:Norwegian Self-Stora

10、ge Association NSSA(Norway)Pienvarastoyhdistys ry.(Finland)Self Storage Association Denmark(Denmark)Self Storage Association United Kingdom SSA UK(United Kingdom)Sweden Self Storage Association(Sweden)Swiss Self-Storage Association 3SA(Switzerland)Verband deutscher Self Storage Unternehmen e.V.(Germ

11、any)Investment overview016FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe The self-storage investment market has had a record 12-18 months.2021 total investment volumes reached 650m,representing a 3.5x increase on 2020 with EBITDA multiples continu

12、ing to rise,reflecting the sheer weight of demand and interest in the sector.The 2022 year is expected to be another strong out-turn with YTD investment volumes already close to 2021 levels,driven by a number of major platform deals including Heitmans strategic investment into U-Store-It in Ireland,

13、Safestores acquisition of its remaining 80%equity stake in its 15 strong Benelux portfolio and Storage Kings continued expansion in the UK.The wider economy is weighing on the sector and this has been most prevalently seen in repricing of the debt market,inflationary pressures driving record constru

14、ction costs and rising operating costs.Investment overview2021 total investment volumes reached 650m,representing a 3.5x increase on 2020.Until now the weight of capital targeting the sector and operator trading performance has compensated rising costs with record pricing continuing to be achieved f

15、or high-quality opportunities.That said,whilst benchmark EBITDA multiples remain at record highs,particularly for best-in-class stabilised platforms,development activity particularly in low yield on cost markets including London,Paris and Frankfurt has been impacted with some operators including Big

16、 Yellow pausing development programmes until costs subside.There are signs that competing property classes including industrial are experiencing a pull-back which may alleviate pressure in the short term.The key drivers of the market have been well documented including operator aggregation,instituti

17、onal adoption and digitalisation,but there are other enabling themes driving the investment market including weight of capital,growth of the alternative sectors generally,strong operator performance,shortage of management teams,and the maturing debt market for this asset class.7FEDESSA AND CBRE RESE

18、ARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Other significant transactions since October 2021 include:Mayfair Capitals purchase of Storage Team (Nov 21)Shurgards acquisition of CitySpace facilities in London(Oct 21)Shurgards acquisition of CityStore Camden(May 22)A

19、lmacenes Mini in Madrid by Bluespace (Jul 22)HIGs acquisition of 5 Titan Storage Solution facilities(Dec 21)Big Yellows purchase of Simply Self Storage,Aberdeen(Jun 22)Key Deals Overview01SwedenINVESTOR:Nuveen.SELLER:Green Storage.DATE:Nov 21.QUANTITY:14 stores.Nuveen acquires Green Storage,Sweden.1

20、4 Greater Stockholm assets,6 of which are under development.Price not disclosed.02SwedenINVESTOR:Nuveen.SELLER:24 Storage.DATE:Nov 21.QUANTITY:27 stores.Nuveen agrees the purchase of publicly listed 24 Storage AB at SEK76 per share,equating to SEK 1,185M for the entire share capital.04UKINVESTOR:Sto

21、r-Age/Storage King.SELLER:McCarthys Storage World.DATE:Jan 22.QUANTITY:4 stores.Storage King acquires four stores from McCarthys Storage World(Project Mars).03GermanyINVESTOR:Heitman.SELLER:All Seasons Self Storage.DATE:Dec 21.QUANTITY:3 stores.Heitman Acquires the 3-Property All Seasons Self Storag

22、e Portfolio in Germany.Sale Price-Shares saleSale Price SEK1,185m M&ASale Price-Shares saleSale Price 37.5m Shares sale05UKINVESTOR:Selfstorage Trading LLP.SELLER:LoknStore.DATE:Feb 22.QUANTITY:4 stores.LoknStore Sale and Manage back of four stores.06UKINVESTOR:Stor-Age/Storage King.SELLER:24 Storag

23、ebase.DATE:Mar 22.QUANTITY:4 stores.Storage King acquires four stores from Storagebase for 59M(Project Fiscardo).Three mature stores plus one newly opened development site.08IrelandINVESTOR:Heitman Global Real Estate Partners II.SELLER:U-Store-It.DATE:Jul 22.QUANTITY:9 stores.Heitman Global Real Est

24、ate Partners II makes a strategic investment into U-Store-It,Irelands leading self storage platform.07Belgium&NetherlandsINVESTOR:Safestore.SELLER:Carlyle/Safestore JV.DATE:Mar 22.QUANTITY:15 stores.Safestore acquires the remaining 80%of the equity owned by Carlyle Europe Realty(CER)in their JV,form

25、ed in 2019,for 67m(139m cash outlay).Sale Price 37.2m Sale&Manage backSale Price 59m Shares saleSale Price 139m 80%Shares saleSale Price-Shares sale8FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Demand driversSocial factorsCustomers initially tur

26、n to self storage during some of lifes biggest changes.Self storage gives customers short to long-term storage solutions for these needs.Often customers initially arrive with a short term storage need,but find the convenience of self storage appealing and continue storing beyond the initial short te

27、rm,life changing moment.Increase in hybrid working Since the COVID-19 pandemic,hybrid working has become a trend that looks like it is here to stay.As a result,businesses have been reconfiguring their office space,which in turn could boost demand for self storage.Furthermore,with the increase in hyb

28、rid working,many people have created a home office so have turned to self storage to create space for this by storing household items that they dont need every day.Wide pool of customersThe industry has a far-reaching occupier base as both commercial businesses and domestic households seek use of se

29、lf storage units.For example,in times of strong economic conditions,commercial businesses rely on self storage units to store stock during improved business performance but in an uncertain environment businesses see the benefit of short term flexible storage arrangements.During economic downturns,la

30、ck of available financing means home owners may forgo moving house and instead turn to home extensions,which was common during the global financial crisis(GFC).Self storage becomes an easy go-to for homeowners clearing space during renovations.Environmental Social GovernanceESG is at the forefront o

31、f occupiers minds across the real estate industry.Investors are increasingly looking to invest in assets with a low carbon footprint.The self storage sector has a lower environmental impact compared to other real estate sectors due to the limited number of people on site and the low energy consumpti

32、on of the buildings.Demographic changes Millennials are becoming the target cohort for self storage facilities.Their lives have been shaped by the financial crisis,recession and the rise of technology.Many of this cohort have large student debt and have been priced out of the housing market.Dependin

33、g on their tenancy,some will turn to self storageas a short term solution as they changetenancies.Public survey0210FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Industry awarenessThe SSA UK Self Storage Annual Industry Report shows that people in

34、 the UK generally think self storage will be cheaper than it actually is.Across the countries sampled in the European survey,many respondents said they perceive self storage to be expensive,particularly for the 25-44 year old cohort.Perception around high prices,coupled with concerns around security

35、 may be hindering take-up across the sector.Fewer than 18%of respondents across the survey area stated they believe self storage buildings to be“very secure”,which is a concern for an industry that often markets on its level of security.The younger age groups in particular did not perceive self stor

36、age to be secure.How aware are you of self storage?Common positive responsesCommon negative perceptionsRespondents claim to be aware of what self storage is.However the majority fail to understand key concepts such as private access to their belongings,flexible contract lengths and the range of unit

37、 sizesavailable.0%10%20%30%40%50%60%70%80%90%100%SpainNetherlandsSwedenUK40%35%3%15%7%45%37%3%11%5%12%49%9%25%5%9%37%10%41%3%I have heard of self storage and know the service that is ofered very wellDont knowI have heard of self storage and know a reasonable amount about the service that is oferedI

38、have heard of self storage but know nothing about the service that is oferedI have never heard of self storage41%Range of unit sizes ofered26%Private access to belongings21%Flexible contracts from 1 month and longer18%Buildings are very secure29%No use forself storage28%Believe it wouldbe expensive

39、tostore belongings22%Buildings are like a big warehouse inside11FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Brand awarenessWhich,if any,self storage brands can you think of?8%Bluespace SPAIN13%ShurgardNETHERLANDS18%Shurgard 4%Pelican StorageSWE

40、DEN20%Big Yellow1.6%ShurgardUKIt is interesting to note that in all the markets we surveyed as well as the UK there is a single brand with significantly more market awareness than all others.This is despite there being a number of brands with significant portfolios in each market.The most recognisab

41、le self storage brand varied across countries surveyed.Shurgard featured prominently in Sweden(18%)and the Netherlands(13%);meanwhile in the UK,Big Yellow came top of recognised brands(20%)followed by Shurgard(1.6%).Across all countries however,more than 60%of respondents did not recognise any self

42、storage operator.Survey respondents in capital cities were more likely to recognise larger operators,yet this did not translate into national brand recognition.Respondents living outside of metropolitan areas were more likely to answer“Dont Know”when asked to name a self storage operator,highlightin

43、g that the industry still has some way to go in order to achieve national customer awareness.Whether an increase in brand recognition will translate into an increase in customer take-up is yet to be seen,nevertheless,growing industry awareness would benefit both the larger operators and smaller inde

44、pendents.Source:YouGov12FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Intention to use selfstorageAcross all countries surveyed,over 60%of respondents answered“I have not considered or used self storage”.This is not surprising given the low under

45、standing of the product in the public and the fact self storage is a needs based purchase.Many people would not have a need for self storage so would not be considering using it.The age group 35-44 had the highest number of people indicating they have considered using self storage but have not used

46、it yet.An increase in marketing promoting the benefits of self storage to potential users could increase sector knowledge and increase the overall customer base for the industry.Many self storage businesses focus their marketing using online keywords targeting people that are already looking for sel

47、f storage.Are you using or intending to use self storage?61%Have not used or considered self storage 15%Have used self storage 20%Considering using self storage SPAIN64%Have not used or considered self storage 18%Have used self storage 12%Considering using self storage NETHERLANDS66%Have not used or

48、 considered self storage 18%Have used self storage 12%Considering using self storage SWEDENSource:YouGovMarket trends0370%Increase in European facilities in past 5 years14FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Number of selfstorage facilit

49、ies growing across EuropeIn total,there is approximately 11.5 million square metres of lettable floor space spread across 5,435 facilities.While the UK remains the market leader in terms of stock,momentum for self storage is growing across continental Europe where the number of facilities has increa

50、sed 70%over the past five years.We surveyed self storage operators across 24 countries in Europe.38.6%United Kingdom26.8%Rest of Europe11.8%France10.5%Spain6.6%Netherlands5.7%GermanySource:CBRE Research/FEDESSA/SSA UK15FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry

51、Report 2022|Europe Markets are showing signs of consolidation as larger operators acquire more existing stores and some operators expand into new European countries.0.50.71.11.51.51.72.03.54.75.48.38.69.311.712.513.215.115.419.821.329.229.536.745.801020304050RomaniaCzechiaLithuaniaItalyPolandLatviaH

52、ungaryGermanyPortugalEstoniaBelgiumIrelandFranceSpainAverageFinlandSwitzerlandAustriaNetherlandsSwedenUnited KingdomDenmarkIcelandNorwayFacilities per million populationSource:FEDESSA/UN Population2,06065058035532005001,0001,5002,0002,500United Kingdom(incl.containers)FranceSpainNetherlandsGermanyRe

53、st ofEuropeNumber of Facilities Lorem ipsum0.50.71.11.51.51.72.03.54.75.48.38.69.311.712.513.215.115.419.821.329.229.536.745.801020304050RomaniaCzechiaLithuaniaItalyPolandLatviaHungaryGermanyPortugalEstoniaBelgiumIrelandFranceSpainAverageFinlandSwitzerlandAustriaNetherlandsSwedenUnited KingdomDenmar

54、kIcelandNorwayFacilities per million populationSource:FEDESSA/UN Population2,0606505803553201,47005001,0001,5002,0002,500United Kingdom(incl.containers)FranceSpainNetherlandsGermanyRest ofEuropeNumber of Facilities Source:CBRE Research/FEDESSA/SSA UKNumber of facilitiesThere is still considerable ro

55、om for growth in more mature markets such as Spain,France and Germany,where the number of self storage facilities per million population are below the European average of 12.5.16FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Floor space per millio

56、n peopleFacilities Per Million Population93,333Average12.51,316Iceland93,333Norway34,545Denmark50,000Netherlands55,814Austria20,330Switzerland15,909United Kingdom70,657Ireland23,000Finland31,250Spain22,484France22,104Belgium18,803Germany8,462Latvia41,667Lithuania2,222Poland3,660Romania1,316Czech Rep

57、ublic1,589Italy3,648Hungary4,896Portugal7,426Estonia6,154Sweden51,471sq m93,3331,316Iceland93,333Norway34,545Denmark50,000Netherlands55,814Austria20,330Switzerland15,909United Kingdom70,657Ireland23,000Finland31,250Spain22,484France22,104Belgium18,803Germany8,462Latvia41,667Lithuania2,222Poland3,660

58、Romania1,316Czech Republic1,589Italy3,648Hungary4,896Portugal7,426Estonia6,154Source:FEDESSA/UN PopulationPowered by BingGeonames,Microsoft,TomTomSweden51,471Series 1Geonames,Microsoft,TomTomSource:FEDESSA/UN Population17FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industr

59、y Report 2022|Europe Net rental rates expected toincreaseWhat do you expect to happen to net rental rates over the next 12 months?3%2022 5%2021 DECREASE15%2022 37%2021 REMAIN THE SAME24%2022 45%2021 INCREASE SLIGHTLY59%2022 13%2021 INCREASE SIGNIFICANTLYOperators are more optimistic about rents risi

60、ng in the coming 12 months than a year ago.However,this will partly reflect the recent high levels of inflation.If rates dont rise,operators profitability will suffer given the backdrop of increasing business costs.Still,it is a positive sign for the industry that operators are confident they can in

61、crease rates given the weaker economic environment.Source:CBRE Research/FEDESSA/SSA UK18FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Average rent achieved by countryThe weighted average rent across our survey area was 290 per square metre per an

62、num.Self storage rents have been rising steadily across Europe.Any rental falls recorded during the COVID-19 pandemic were short-lived with average rents from the survey now well above pre-pandemic levels.We believe that the survey results are impacted by changes in the number and make up of respons

63、es and that rents across most markets are significantly up since the start of the pandemic,based on published trading data and our discussions across the industry.What was the rent achieved per square metre per annum for storage space in March 2022?967209218 218 2279 285 289 29

64、1 2943003053093243950200250300350400450LatviaRomaniaPolandHungaryAndorraBelgiumPortugalNetherlandsCzech RepublicItalySwedenSpainNorwayDenmarkGermanyAustriaFranceEstoniaFinlandIrelandSwitzerlandUnited Kingdom per sq metre/annum exc VATAverageWeighted average 2022Source:CBRE Research/FEDESS

65、A967209218 218 2279 285 289 291 2943003053093243950200250300350400450LatviaRomaniaPolandHungaryAndorraBelgiumPortugalNetherlandsCzech RepublicItalySwedenSpainNorwayDenmarkGermanyAustriaFranceEstoniaFinlandIrelandSwitzerlandUnited Kingdom per sq metre/annum exc VATAve

66、rageWeighted average 2022Source:CBRE Research/FEDESSA/SSA UK19FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Self storage supply has increased 5%year-on-year across our survey area.The number of facilities have also increased by 5%year-on-year,wit

67、h higher percentage increases in developing countries like Poland.The self storage market is still relatively immature across some countries,giving scope for further expansion in the coming years.What was the rent achieved per square metre per annum for storage space in March 2022?Over 6 million squ

68、are metres of self storage space in continentalEurope0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000FranceSpainNetherlandsGermanySwedenDenmarkItalyBelgiumNorwayFinlandAustriaSwitzerlandPolandIrelandPortugalHungaryRomaniaCzech RepublicLatviaEstoniaLithuaniaSq mCurrent lettable area(

69、sq m)Source:CBRE Research/FEDESSA*Excluding UK from chart,weighted average includes UK0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000FranceSpainNetherlandsGermanySwedenDenmarkItalyBelgiumNorwayFinlandAustriaSwitzerlandPolandIrelandPortugalHungaryRomaniaCzech RepublicLatviaEstoniaLi

70、thuaniaSq mCurrent lettable area(sq m)Source:CBRE Research/FEDESSA*Excluding UK from chart,weighted average includes UKSource:CBRE Research/FEDESSA/SSA UK*Excluding UK20FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Average facility size bycountry

71、The average store size(based on current lettable area)remains on par with previous years,with facility sizes across Europe averaging approximately 3,000 sq metres.The location of the store influences the average unit size.Inner city stores tend to have more smaller units,while rural locations have a

72、 larger average unit size.Storage units are not priced on a lineal basis,so generally smaller units will demand a higher rent per square metre than larger units.However,larger units typically have less churn,often being occupied by commercial customers.What is the average size of thenet self storage

73、 rentable space per facility?4,8894,6634,5094,4944,443 4,4224,0904,0363,502 3,4893,2493,1332,9092,3702,1041,4358433,00201,0002,0003.0004,0005,0006,000Sq mCurrent Lettable AreaEuropean Weighted AverageFranceSpainNetherlandsGermanySwedenDenmarkItalyBelgiumNorwayFinlandAustriaSwitzerlandPolandIrelandPo

74、rtugalCzech RepublicUnited KingdomSource:CBRE Research/FEDESSA/SSA UK21FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Top 10 operators by number of facilitiesOngoing consolidation has resulted in a small number ofvery large operators and then a la

75、rge number of smaller independent stores with a limited number of mid-tier operators.The largest operator is Shurgard which occupies 257 self storage sites across Europe,representing a 5%market share in terms of sites and 11%of the total available space.There are limited operators with stores in mul

76、tiple countries or regions.However,this is changing with Safestore,Homebox and Bluespace,amongst others,all expanding into new countries recently.The self storage market is still fragmented across continental Europe.0%5%10%15%20%25%30%0500300ShurgardSafestoreStorage24Big YellowHomeboxBlue

77、spaceAccess StoregeMyPlaceCityvarastoLoknStoreALLSAFEPelican Self StorageStorage KingA chacun son boxLocakaseLagerboxCity SelfStorage24StorageAnnexxPlanet SpaceGuardatodoNo.of sitesCumulative market share 2022(%)Source:CBRE Research/FEDESSA/SSA UK22FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self Storage

78、FEDESSA Self Storage Industry Report 2022|Europe Occupiers reporting occupancy rates 85%Occupancy levels across self storage facilities have been rising over the past three years.Most businesses aim for occupancy of 85-90%;this provides better yield management than 100%occupancy and keeps product on

79、 the market forsale.Almost half the respondents are now recording occupancy above85%.Occupancy rates alone do not indicate the business is maximising revenue,they must be measured in conjunction with rental rates (per sq m)on the space.What is the occupancy rate across your entire portfolio as of 31

80、 March 2022?Share of respondents7%0-50%Occupancy range24%86-90%Occupancy range11%91-95%Occupancy range14%95%Occupancy range12%51-70%Occupancy range15%71-80%Occupancy range17%81-85%Occupancy rangeSource:CBRE Research/FEDESSA/SSA UK23FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Stor

81、age Industry Report 2022|Europe Occupancy levels bycountryOccupancy levels across self storage facilities have been at record levels since the start of the pandemic and most businesses target occupancy of 85-95%.As previously mentioned,this provides more scope for yield management(i.e.rental rate)an

82、d keeps an adequate range of product available forsale.Stores that have recently opened or expanded will have a lower occupancy as they are in fill up stage.This will lower the average occupancy levels compared to mature sites and accounts for all the locations with occupancy levels below 50%.What w

83、as the percentage of the current lettable area occupied at31March 2022?92%92%88%87%86%86%85%83%84%84%83%78%76%76%69%65%60%55%55%50%43%33%80.2%0%10%20%30%40%50%60%70%80%90%100%DenmarkCzech RepublicSwitzerlandBelgiumNetherlandsIrelandHungaryUnited KingdomFranceSwedenAustriaItalySpainGermanyFinlandPort

84、ugalNorwayAndorraPolandLatviaRomaniaEstoniaCLA OccupancyAverageEurope Weighted AverageSource:CBRE Research/FEDESSA92%92%88%87%86%86%85%83%84%84%83%78%76%76%69%65%60%55%55%50%43%33%80.2%0%10%20%30%40%50%60%70%80%90%100%DenmarkCzech RepublicSwitzerlandBelgiumNetherlandsIrelandHungaryUnited KingdomFran

85、ceSwedenAustriaItalySpainGermanyFinlandPortugalNorwayAndorraPolandLatviaRomaniaEstoniaCLA OccupancyAverageEurope Weighted AverageSource:CBRE Research/FEDESSA/SSA UK24FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Overall strong occupancy levelsexp

86、ectedWhat do you expect to happen to occupancy rates over the next 12months?1%2022 DECREASE25%2022 28%2021 REMAIN THE SAME22%2022 46%2021 INCREASE SLIGHTLY50%2022 26%2021 INCREASE SIGNIFICANTLY2%2022 DECREASE SLIGHTLYGiven that occupancy rates are already at record highs,it is surprising that operat

87、ors believe there will be further significant increases.Possibly,they are basing this on the trend from the start of 2022,which has been very positive,or they are including immature assets and further planned build-out opportunities to increase lettable area.It will be interesting to see if this opt

88、imism is founded and occupancy continues to increase throughout the remainder of 2022 and into 2023.Of course,as the industry grows the immature stores still in their initial fill period become a smaller proportion of the data set.Source:CBRE Research/FEDESSA/SSA UKSelf StorageFEDESSA Self Storage I

89、ndustry Report 2022|Europe The self-storage investment market has had a record 12-18 months.The key drivers of the market have been well documented including operator aggregation,institutional adoption and digitalisation but there are other themes driving the investment market including weight of ca

90、pital,growth of alternatives and the debt market.Callum PaddockDirectorCBRE|Operational Real Estate Investment Properties26FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Freehold remains the desired tenure typeOccupiers prefer a freehold tenure,du

91、e to the benefits that come with the long income profile of such tenure.This may also be driven by funders requirements(both equity and debt)with investors still focussed on the sector as a real estate play.However,Leasehold sites remain a lower cost entry option for new operators,and are also used

92、by existing operators in locations where freehold sites are less available.Approximately 82%of operators across our survey area report that their facility is occupied on a freehold or long leasehold basis;19%occupy their facility on a short lease(25 years).Is the facility occupied on a freehold,long

93、 leasehold(25+yrs),shortleasehold(25 yrs)or mixed tenure basis?100%100%96%94%93%87%85%79%74%74%73%71%69%64%22%2%5%15%6%7%13%4%6%7%11%15%16%26%11%27%29%24%29%57%100%100%100%1%9%DenmarkHungaryBelgiumAustriaFranceGermanyUnited KingdomNorwayPolandSpainFinlandSwedenNetherlandsItalySwitzerlandRomaniaEston

94、iaLatviaFreeholdLong LeaseholdShort LeaseholdMixed TenureFreeholdLong LeaseholdShort LeaseholdMixed TenureSource:CBRE Research/FEDESSA/SSA UK27FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Strong development pipeline shows continual growth in the

95、 sectorHow many new facilities do you currently have in your securedpipeline?3421Currently open110Under construction60Planning approved278Pre-planning/Awaiting planning approvalThe strong development pipeline shows that operators remain firmly determined to expand their portfolios.This is in spite o

96、f the escalating costs of construction and extensive delays in the planning process post COVID.It should be noted that not all developments in pre-planning come to development.Source:CBRE Research/FEDESSA/SSA UK28FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report

97、 2022|Europe Differing views towards mixed-use across EuropeAre you considering future mixed-use development for either existing or future stores?20%2022 17%2021 I will be using it in a future development/expansion31%2022 34%2021 I am considering it for a future development/expansion49%2022 49%2021

98、No interest in mixed useAround half of operators indicate they have no interest in mixed-use,which has remained largely the same over the past fouryears.However,we are seeing continual growth in the number of mixed-use sites from those that are considering it.Mixed-use is being used by some operator

99、s to access larger prime location sites that would not sustain self storage alone.It is also being used by operators to diversify their income stream and use the secondary business to attract more traffic to the self storage store.Source:CBRE Research/FEDESSA/SSA UK29FEDESSA AND CBRE RESEARCH2022 CB

100、RE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe but some operators are already including other usesOffice and co-working/flexi-offices have traditionally been a common add-on for self storage operators.Office space is a relatively easy add-on to self storage and encourages more b

101、usiness use of the storage space,particularly for larger stores that may not be fully fitted-out.In recent years,we have also seen the emergence of retail options such as trade counters and retail frontages.This could be a result of the rapid growth of online shopping,as small retailers consider alt

102、ernative options to high street shops,looking for cheaper more flexible options to supplement their online trade.Larger industrial space is often used in larger buildings with operators looking for an easy means to fill up space not yet fitted out for small unit self storage.It usually provides sign

103、ificantly less income per square metre than traditional self storage.Will your new facilities include otheruses?11%Other17%Larger industrial space20%Co-working22%Offices30%Retail/trade counter/quasi-retail spaceSource:CBRE Research/FEDESSA/SSA UK30FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageF

104、EDESSA Self Storage Industry Report 2022|Europe Office,vehicle storage and bulk storage leading auxiliaryincomeAs previously shown,30%of operators are planning to incorporate retail(including trade counter and quasi-retail space)into their future facilities.However,interestingly for those stores tha

105、t have retail space,it makes up less than 0.5%of their income.The bulk of the ancillary income typically comes from insurance and packaging sales and other items that are not occupying floor space.This is largely due to self storage being the most valuable use of space for mature facilities,although

106、 planning restrictions will clearly also play a part.It will be interesting to see if increasing demand for logistics infrastructure and last-mile facilities will drive a demand for larger commercial units in self storage.Is there any income generated from other uses?0.1%0.2%0.2%0.2%0.2%0.3%0.6%0.6%

107、1.0%1.5%2.8%2.9%6.5%0%1%2%3%4%5%6%7%ContainersCold StorageRestaurantSports/RecreationLogistics ServicesRetailApartmentsOutdoor StorageTelecommunicationParkingBulk StorageVehicle StorageOficeIncome%Source:CBRE Research/FEDESSA/SSA UKOperator trends0432FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self Stora

108、geFEDESSA Self Storage Industry Report 2022|Europe Inflation at forefront ofoccupiers mindsWe asked operators across our survey area what they perceive as the biggest and second biggest challenge tothe industry over the next 12 months.Unsurprisingly,inflation and recession were at the forefront of o

109、ccupiers concerns,considering Europe isbracing for recession that may do little to tame recordinflation.In the short term,inflation is already driving up the cost of self storage construction.If steel costs continue to rise this will impact on the costs of delivering self storage buildings.The cost

110、of borrowing is also increasing,which is putting further pressure on operators expansion plans.Fortunately,at an operational level,self storage has a very low cost base,with minimal staffing,low energy use,and the ability to transfer a portion of insurance costs onto the customer.This means they sho

111、uld not have to escalate their income levels as much as other industries to maintain profitability.Rising land cost was the third highest concern to occupiers,which traditionally had been the number one challenge.There is already fierce competition for development land across Europe,therefore,occupi

112、ers may choose to mitigate rising land and steel costs by becoming creative with their existing space and exploring more mixed-use options.What do you perceive as the biggest challenge to the industry in the next 12 months?InflationRecessionRising land costOversupplyIssues related to the conflict in

113、 UkraineIncrease in taxes applied to self storage buildingsInterest RatesDificulty relating to planning applicationsSource:CBRE Research/FEDESSA/SSA UK33FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Despite economic headwinds,operators are optimi

114、sticWhat are your profit expectations foryour storage business in the coming 12 months?3%2022 6%2021 SLIGHT DOWNTURN5%2022 8%2021 UNSETTLED RESULTS82%2022 73%2021 CONTINUAL IMPROVEMENT10%2022 13%2021 SIGNIFICANT IMPROVEMENTDespite high inflation and rising energy costs,operators are feeling optimist

115、ic in their profit expectations for the coming year.This may reflect the counter cyclical nature demonstrated during COVID-19 and resistance to the impact of the 2008 global financial crisis.The risk-adjusted nature of the sector means that self storage is able to withstand periods of economic uncer

116、tainty.However,it has never had to adjust to rising inflation before and the impact this will have on cost of living and discretionary spending,as well as escalating interest rates and borrowing costs.Self storage is also at record high occupancy rates,with many mature stores at optimal occupancy,so

117、 growth other than from the development pipeline will need to be through rental increases or the expansion of space.Source:CBRE Research/FEDESSA/SSA UK34FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Operators facing a challenging labourmarketSelf

118、 storage like most other industries in Europe has been impacted by the tightening of the labour market and increasing costs of employment.Operators are looking to technology to reduce their labour costs with more automation entering the industry.These factors have driven a rise in the number of part

119、-time employees.Scandinavia is largely leading the industry in terms of adoption of automation,where they have a significant number of large stores that are fully automated with minimal(if any)staff on site.In other European markets,automation is being used in smaller sites,potentially opening up pr

120、operties that could not support a facility large enough to justify full-time staff.Some operators maintain that the strength of the industry is its staff and their interactions with customers.Others report that as more customers move online,automation streamlines the process for both customers and o

121、perators.It will be interesting to see how technology impacts future employment trends within the industry.How many people do you have working in the facility full time and part time?0123456HungaryIrelandUnited KingdomCzech RepublicFranceSpainGermanyBelgiumNetherlandsPortugalDenmarkItalyPolandAustri

122、aSwitzerlandLatviaSwedenFinlandNorwayEstoniaWorkers per facilityFull TimePart Time01234567HungaryIrelandUnited KingdomCzech RepublicFranceSpainGermanyBelgiumNetherlandsPortugalDenmarkItalyPolandAustriaSwitzerlandLatviaSwedenFinlandNorwayEstoniaWorkers per facilityFull TimePart TimeSource:CBRE Resear

123、ch/FEDESSA/SSA UK35FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Domestic customers leading demand but commercial customersincreasingThe average space occupied by commercial users has risen continually over the past three years.The share of comme

124、rcial customers has risen from 22%in 2021 to 29%in 2022.Indeed,operators in Romania noted that the share of commercial customers accounted for 57%of the totalshare.The increase in commercial occupiers may be a legacy from the COVID-19 pandemic,with commercial operators looking for an alternative to

125、the traditional office lease.As shown on page 19,30%of operators are already including other uses such as retail,this,coupled with the rise in e-commerce,means retail tenants will be creating upward pressure on demand as they require larger units to store stock.Larger units in prime locations will a

126、ppeal to commercial tenants who need to store larger items,whereas smaller units will still continue to appeal to domestic customers who are looking for short-term rental units.What is the split of domestic mercial customers?57%48%45%39%36%35%35%32%31%30%30%29%28%27%26%23%23%18%15%15%8%43%53%55%61%6

127、4%65%65%68%69%70%71%71%72%75%74%77%77%83%85%85%92%0%10%20%30%40%50%60%70%80%90%100%RomaniaPolandCzech RepublicSpainItalyHungaryUnited KingdomIrelandBelgiumNetherlandsFranceGermanyPortugalSwedenAustriaDenmarkSwitzerlandNorwayFinlandLatviaEstonia21.8%29.4%CommercialDomesticCommercial average 2022Comme

128、rcial average 2021Source:CBRE Research/FEDESSA/SSA UK65of total enquiries came from company websites9Social media enquiries have risen from 6%to 9%in the last year36FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Increasing number of enquiries comi

129、ng via social mediaEnquiries from websites and social media are expected to grow in the coming years as operators further embrace technology to grow their brand and online presence.This has largely been driven by growing internet penetration and a customer base accustomed to social media and booking

130、 services through phone apps.What is the approximate breakdown of total enquiries?65%Website9%Signage9%Referrals9%Social Media5%Directories5%OtherSource:CBRE Research/FEDESSA/SSA UKSource:CBRE Research/FEDESSA/SSA UK37FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry R

131、eport 2022|Europe Branding and signage still important tooperatorsWhile we expect this trend to continue,building signage is the third most popular area where operators plan to invest,highlighting that company branding and physical identity is still important to operators.15%plan to invest in intern

132、al training processes,which was noticeable across all countries,and complements the investments operators are making to their websites,CRM and mobile apps.Operators are realising the organisational benefits of training and development for employees,including greater efficiency from better-trained st

133、aff.As previously stated 74%of enquiries came via company websites and social media,so it is unsurprising that across Europe operators are investing in their websites and mobile apps.In terms of business improvements,which of the following are you planning on investing in in 2022/23?19%Website15%Int

134、ernal process/training14%Building-signage13%CRM12%Access control11%Environmental related improvements11%Mobile apps2%No improvements2%Other38FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Operators are increasingly adopting technology into theirop

135、erationsWhile no feature or service dominates across the survey responses,operators have recognised that investment in technology in self storage facilities can drive productivity and business revenue.There has been a 24%increase in 24-hour access which is a notable rise from previous years.Increasi

136、ng use of automated technology and gate control access could be contributing to more 24 hour access with operators having the ability to select it for certain customers.Operators may charge a premium for 24-hour access so this will be another feature that will help occupiers to maximise profits.From

137、 improved facility security,greater website functionality for customers,longer opening times and mobile device access,operators are not short of options available to provide more technologically-enhanced services to customers.Technology remains a key area where operators can improve their services a

138、nd operations.12%30%32%37%42%51%53%69%77%79%84%89%0%20%40%60%80%100%Sprinkler systemMobile device access(Bluetooth,Wifi,NFC)Individual unit alarmsAbility to completely book and pay for a unit on websiteAbility to complete the storage contract onlineAbility to reserve unit on website24-Hour AccessPri

139、ces on websiteCustomers goods insuranceElectronic access control(pin pad/card)Fire detection alarmsCCTVSource:CBRE Research/FEDESSA/SSA UKESG considerations05Which of the following sustainable practices does your facility have?38%LED Lighting22%Passive Infrared Detection20%Recyclable Packaging/Boxes

140、3%Solar Panels2%Green Roofs1%Electric Vehicle ChargepointsSource:CBRE Research/FEDESSA/SSA UK40FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Operators taking steps to reduce energyconsumptionThe most common sustainable practices in use across our

141、 survey area include LED lighting and passive infrared detection,which help limit energy waste and reduce operational costs.Only a small number of sites have features such as solar panels,green roofs and EV charge points.This partly reflects the high upfront costs to install these features.It is lik

142、ely that we will see more self storage sites with these features as operators absorb the higher initial costs to capitalise on the long-term environmental and financial reward.In some respects,the sector has a low environmental impact compared to other real estate sectors,due to the limited number o

143、f people on site.For example,self storage sites generally have lower energy use,water consumption and waste.Implementing sustainable practices has evolved from being a niche add-on to something that is at the forefront of occupiers minds.Self StorageFEDESSA Self Storage Industry Report 2022|Europe I

144、n many respects,the self storage sector has low environmental impact compared to other real estate sectors,due to the limited number of people on site and therefore minimal energy usage.The survey this year highlighted that sustainable practices have evolved from being a niche add-on to something th

145、at is at the forefront of occupiers.Alice MarwickAssociate DirectorNational Operations ResearchKey takeaways0643FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self StorageFEDESSA Self Storage Industry Report 2022|Europe Key takeaways01There has been a 5.1%growth in stores in Europe and a 4.8%growth in stora

146、ge space in last 12 months08Brand awareness is low with one major brand dominating in each market04Average occupancy is 80.2%,down from 81.5%last year11Inflation is the biggest concern for operators followed by recession and rising land costs02Average rent per square metre in Europe is 290,up 7.9%fr

147、om last year09In continental Europe,around 64%of people have never used,or considered using self storage05Over half of operators have average occupancy over 85%12Commercial customers have increased from 22%in 2021 to 29%in 20220359%of operators are planning to raise rates significantly in next 12mon

148、ths10In the Netherlands and Sweden,12%of people are considering using self storage,while 20%of people in Spain are considering using self storage0677%of operators expect occupancy levels to rise in the next 12 months13ESG improvements remain low with only 38%of stores having LED lighting and 3%havin

149、g solar panels07Awareness of the product varies across Europe with 45%of people in Spain never having heard of self storage,whereas only 12%of respondents in Sweden and 9%of respondents the UK have never heard of self storageEuropean supply data0745FEDESSA AND CBRE RESEARCH2022 CBRE,INC.Self Storage

150、FEDESSA Self Storage Industry Report 2022|Europe European supply dataCountryPopulationNo.of FacilitiesCurrent lettable area(sq m)Share of Total EuropeareaFloor space per capita(sq m)Facilities per millionpopulationAustria9,100,000135185,0001.6%0.02014.8Belgium11,700,000101220,0001.9%0.0198.6Czech Re

151、public10,700,000917,0000.1%0.0020.8Denmark5,800,000181290,0002.5%0.05031.2Estonia1,300,00088,0000.1%0.0066.2Finland5,600,00083175,0001.5%0.03114.8France65,600,0006501,450,00012.6%0.0229.9Germany83,900,000320710,0006.2%0.0083.8Hungary9,600,0002047,0000.4%0.0052.1Iceland300,0001328,0000.2%0.09343.3Ire

152、land5,000,00045115,0001.0%0.0239.0Italy60,300,00098220,0001.9%0.0041.6Latvia1,800,000375,0000.7%0.0421.7Lithuania2,700,00056,0000.1%0.0021.9Netherlands17,200,000355960,0008.4%0.05620.6Norway5,500,000278190,0001.7%0.03550.5Poland37,700,00064138,0001.2%0.0041.7Portugal10,100,0005075,0000.7%0.0075.0Rom

153、ania19,000,0001025,0000.2%0.0010.5Spain46,700,0005801,050,0009.1%0.02212.4Sweden10,200,000227525,0004.6%0.05122.3Switzerland8,800,000140140,0001.2%0.01615.9United Kingdom68,500,0002,0604,840,00042.1%0.07130.1Total497,100,005,43511,489,000-0.02313.4ContactsFEDESSARennie SchaferChief Executive Officer

154、+44(0)1270 623 150 rschaferfedessa.orgPaola BarrazaEvents&Membership Manager+32(0)460 96 872 pbarrazafedessa.orgOliver CloseSenior Director,Self Storage+44(0)7880 101 170 Callum PaddockDirector,Self Storage Investment Transactions+44(0)7917 233 413 CBREJennet SiebritsHead of Research+44(0)7985 876 8

155、31 Alice MarwickHead of OPRE Research +44(0)7920 184 174 Ben LinseyAnalyst,OPRE+44(0)7920 184 174 Chris GowExecutive Director Debt&Structured Finance+44(0)7824 086 900 Tariq HayatSenior Director,REIB+44(0)7976 198 013 Copyright 2022.All rights reserved.The views and opinions in these articles belong

156、 to the author and do not necessarily represent the views and opinions of CBRE.Our employees are obliged not to make any defamatory clauses,infringe or authorize infringement of any legal rights.Therefore,the company will not be responsible for or be liable for any damages or other liabilities arising from such statements included in the articles.