1、European self storage industry report 2022FEDESSA AND CBRE RESEARCHFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEContents/key themes 007Investment overviewPublic surveyMarket trendsOperator trendsESG considerationsKey takeawaysEuropean supply data3 2022 FEDESSA AND CBRE FEDESSA SELF STO

2、RAGE INDUSTRY REPORT 2022|EUROPEThe report contains an overview of the markets trends,an opinion-led public survey,as well as the results of an operator 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 inv

3、aluable insight which we share in this report.The industry survey was completed by 100 operators who represented over 1000 stores in 24 countries across 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,dat

4、a 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 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

5、 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 provide a representative reporting sample.The profile is normally derived from census data or,if not available from the census,from industry accepted

6、 data.IntroductionIn what is the 11th annual survey carried out by the Federation of European Self Storage Associations(FEDESSA),this years report is produced jointly with CBRE for the first time.Despite the challenges faced throughout the past year,with COVID-19 disruptions and economic headwinds,t

7、he self storage market has continued to perform strongly and investor interest continues to grow with a significant mismatch between the depth of funds targeting the sector and available opportunities.5 2022 FEDESSA AND CBRE Membership of FEDESSA Asociacin Espaola de Self Storage AESS(Spain)Associao

8、 Portuguesa de Self Storage-(Portugal)Associazione Imprese Selfstorage Italiane AISI(Italy)Belgian 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)N

9、orwegian Self-Storage 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 Un

10、ternehmen e.V.(Germany)The following associations are current members of FEDESSA:FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE01Investment overview7 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEThe self-storage investment market has had a record 12-18 months.2021 total in

11、vestment volumes reached 650m,representing a 3.5x increase on 2020 with EBITDA multiples continuing 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 nu

12、mber of major platform deals including Heitmans strategic investment into U-Store-It in Ireland,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 mos

13、t prevalently seen in repricing of the debt market,inflationary pressures driving record construction costs and rising operating costs.Until now the weight of capital targeting the sector and operator trading performance has compensated rising costs with record pricing continuing to be achieved for

14、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 Ye

15、llow pausing development programmes until costs Investment overview9 2022 FEDESSA AND CBRE 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

16、including operator aggregation,institutional 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

17、 this asset class.2021 total investment volumes reached 650m,representing a 3.5x increase on 2020FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEKey deals overviewSweden-SALE PRICEDATENov 21TYPEShares saleInvestorNuveen SellerGreen Storage#of stores14Nuveen acquires Green Storage,Sweden.14 Greater S

18、tockholm assets,6 of which are under development.Price not disclosed.SwedenSEK1,185MSALE PRICEDATENov 21TYPEM&AInvestorNuveen Seller24 Storage#of stores27Nuveen agrees the purchase of publicly listed 24 Storage AB at SEK76 per share,equating to SEK 1,185M for the entire share capital.Germany-SALE PR

19、ICEDATEDec 21TYPEShares saleInvestorHeitman Seller All Seasons Self Storage#of stores3Heitman Acquires the 3-Property All Seasons Self Storage Portfolio in Germany.UK37.5MSALE PRICEDATEJan 22TYPEShares saleInvestorStor-Age/Storage King SellerMcCarthys Storage World#of stores4Storage King acquires fo

20、ur stores from McCarthys Storage World (Project Mars).Other transactions since October 2021 include:Mayfair Capitals purchase of Storage Team (Nov 21)Other significant transactions since October 2021 include:Shurgards acquisition of CitySpace facilities in London(Oct 21)Shurgards acquisition of City

21、Store Camden(May 22)11 2022 FEDESSA AND CBRE UK37.2MSALE PRICEDATEFeb 22TYPESale&Manage backInvestorSelfstorage Trading LLP SellerLoknStore#of stores4LoknStore Sale and Manage back of four stores.UK59MSALE PRICEDATEMar 22TYPEShares saleInvestorStor-Age/Storage King SellerStoragebase#of stores4Storag

22、e King acquires four stores from Storagebase for 59M(Project Fiscardo).Three mature stores plus one newly opened development site.Belgium&Netherlands139MSALE PRICEDATEMar 22TYPE80%Shares saleInvestorSafestore SellerCarlyle/Safestore JV#of stores15Safestore acquires the remaining 80%of the equity own

23、ed by Carlyle Europe Realty(CER)in their JV,formed in 2019,for 67m(139m cash outlay).Ireland-SALE PRICEDATEJul 22TYPEShares saleInvestorHeitman Global Real Estate Partners IISellerU-Store-It#of stores9Heitman Global Real Estate Partners II makes a strategic investment into U-Store-It,Irelands leadin

24、g self storage platform.Almacenes 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)FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEDemand driversSocial factorsCustomers initially turn to sel

25、f 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 term,life

26、changing moment.Wide pool of customers The industry has a far-reaching occupier base as both commercial businesses and domestic households seek use of self storage units.For example,in times of strong economic conditions,commercial businesses rely on self storage units to store stock during improved

27、 business performance but in an uncertain environment businesses see the benefit of short term flexible storage arrangements.During economic downturns,lack of available financing means home owners may forgo moving house and instead turn to home extensions,which was common during the global financial

28、 crisis(GFC).Self storage becomes an easy go-to for homeowners clearing space during renovations.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 ha

29、ve large student debt and have been priced out of the housing market.Depending on their tenancy,some will turn to self storageas a short term solution as they change tenancies.Increase in hybrid working Since the COVID-19 pandemic,hybrid working has become a trend that looks like it is here to stay.

30、As a result,businesses have been reconfiguring their office space,which in turn could boost demand for self storage.Furthermore,with the increase in hybrid 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

31、 need every day.Environmental Social GovernanceESG is at the forefront of 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

32、due to the limited number of people on site and the low energy consumption of the buildings.13 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE02Public survey15 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEIndustry awarenessHow aware are you of self sto

33、rage?The SSA UK Self Storage Annual Industry Report shows that people in 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 co

34、hort.Perception around high prices,coupled with concerns around security 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

35、security.The younger age groups in particular did not perceive self storage to be secure.Respondents 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 sizes availab

36、le.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 have heard of

37、 self storage but know nothing about the service that is oferedI have never heard of self storage17 2022 FEDESSA AND CBRE 41%Range of unit sizes ofered26%Private access to belongings21%Flexible contracts from 1 month and bigger18%Buildings are very secureCommon positive responsesCommon negative perc

38、eptions29%No use forself storage28%Believe it wouldbe expensive tostore belongings22%Buildings are like a big warehouse inside It 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 desp

39、ite there being a number of brands with significant portfolios in each market.The most recognisable 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 Sh

40、urgard(1.6%).Across all countries however,more than 60%of respondents did not recognise any self 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

41、areas were more likely to answer“Dont Know”when asked to name a self storage operator,highlighting 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

42、,nevertheless,growing industry awareness would benefit both the larger operators and smaller independents.Brand awarenessWhich,if any,self storage brands can you think of?FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPESPAINNETHERLANDSSWEDENUK8%18%Shurgard13%Shurgard20%Big YellowBluespace1.6%Shurgar

43、d4%Pelican StorageSource:YouGovAcross all countries surveyed,over 60%of respondents answered“I have not considered or used self storage”.This is not surprising given the low understanding of the product in the public and the fact self storage is a needs based purchase.Many people would not have a ne

44、ed 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 it yet.An increase in marketing promoting the benefits of self storage to potential users could increase sector knowledge

45、 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 self storage.Intention to use self storageAre you using or intending to use self storage?19 2022 FEDESSA AND CBRE SPAINNETHE

46、RLANDSSWEDEN61%Have not used or considered self storage20%Considering using self storage15%Have used self storage64%Have not used or considered self storage12%Considering using self storage18%Have used self storage66%Have not used or considered self storage12%Considering using self storage18%Have us

47、ed self storageSource:YouGovFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE03Market trends21 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPENumber of self storage facilities growing across EuropeWhile the UK remains the market leader in terms of stock,momentum for self storag

48、e is growing across continental Europe where the number of facilities has increased 70%over the past five years.We surveyed self storage operators across 24 countries in Europe.In total,there is approximately 11.5 million square metres of lettable floor space spread across 5,435 facilities.38.6%Unit

49、ed Kingdom26.8%Rest of Europe11.8%France10.5%Spain6.6%Netherlands5.7%GermanySource:CBRE Research/FEDESSA/SSA UK70%INCREASE IN EUROPEAN FACILITIES IN PAST 5 YEARS23 2022 FEDESSA AND CBRE There is still considerable room for growth in more mature markets such as Spain,France and Germany,where the numb

50、er of self storage facilities per million population are below the European average of 12.5.Markets are showing signs of consolidation as larger operators acquire more existing stores and some operators expand into new European countries.Number of facilities Source:CBRE Research/FEDESSA/SSA UK0.50.7

51、1.11.51.51.72.03.54.75.48.38.69.311.712.513.215.115.419.821.329.229.536.745.801020304050RomaniaCzechiaLithuaniaItalyPolandLatviaHungaryGermanyPortugalEstoniaBelgiumIrelandFranceSpainAverageFinlandSwitzerlandAustriaNetherlandsSwedenUnited KingdomDenmarkIcelandNorwayFacilities per million populationSo

52、urce:FEDESSA/UN Population2,06065058035532005001,0001,5002,0002,500United Kingdom(incl.containers)FranceSpainNetherlandsGermanyRest ofEuropeNo.of Facilities Lorem ipsum0.50.71.11.51.51.72.03.54.75.48.38.69.311.712.513.215.115.419.821.329.229.536.745.801020304050RomaniaCzechiaLithuaniaItalyPolandLatv

53、iaHungaryGermanyPortugalEstoniaBelgiumIrelandFranceSpainAverageFinlandSwitzerlandAustriaNetherlandsSwedenUnited KingdomDenmarkIcelandNorwayFacilities per million populationSource:FEDESSA/UN Population2,0606505803553201,47005001,0001,5002,0002,500United Kingdom(incl.containers)FranceSpainNetherlandsG

54、ermanyRest ofEuropeNo.of Facilities FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEFacilities Per Million Population93,333Average12.51,316Iceland93,333Norway34,545Denmark50,000Netherlands55,814Austria20,330Switzerland15,909United Kingdom70,657Ireland23,000Finland31,250Spain22,484France22,104Belgium

55、18,803Germany8,462Latvia41,667Lithuania2,222Poland3,660Romania1,316Czech Republic1,589Italy3,648Hungary4,896Portugal7,426Estonia6,154Source:FEDESSA/UN PopulationPowered by BingGeonames,Microsoft,TomTomSweden51,471Series 1Floor space per million peoplesq mSource:FEDESSA/UN Population Geonames,Microso

56、ft,TomTom93,3331,316Iceland93,333Norway34,545Denmark50,000Netherlands55,814Austria20,330Switzerland15,909United Kingdom70,657Ireland23,000Finland31,250Spain22,484France22,104Belgium18,803Germany8,462Latvia41,667Lithuania2,222Poland3,660Romania1,316Czech Republic1,589Italy3,648Hungary4,896Portugal7,4

57、26Estonia6,154Source:FEDESSA/UN PopulationPowered by BingGeonames,Microsoft,TomTomSweden51,471Series 125 2022 FEDESSA AND CBRE Operators are more optimistic about rents rising in the coming 12 months than a year ago.However,this will partly reflect the recent high levels of inflation.If rates dont r

58、ise,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 increase rates given the weaker economic environment.Net rental rates expected to increaseWhat do you expect to happen to net ren

59、tal rates over the next 12 months?Remain the sameIncrease slightlyIncrease significantlyDecrease3%20225%202115%202237%202124%202245%202159%202213%2021Source:CBRE Research/FEDESSA/SSA UKFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE967209218 218 2279 285 289 291 29430030530932

60、43950200250300350400450LatviaRomaniaPolandHungaryAndorraBelgiumPortugalNetherlandsCzech RepublicItalySwedenSpainNorwayDenmarkGermanyAustriaFranceEstoniaFinlandIrelandSwitzerlandUnited Kingdom per sq metre/annum exc VATAverageWeighted average 2022Source:CBRE Research/FEDESSAThe weighted av

61、erage rent across our survey area was 290 per square metre per annum.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 res

62、ults are impacted by changes in the number and make up of responses 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.967209218 218 2279 285 289 291 2943003053093243912

63、900500300350400450LatviaRomaniaPolandHungaryAndorraBelgiumPortugalNetherlandsCzech RepublicItalySwedenSpainNorwayDenmarkGermanyAustriaFranceEstoniaFinlandIrelandSwitzerlandUnited Kingdom per sq metre/annum exc VATAverageWeighted average 2022Average rent achieved by countryWhat was the ren

64、t achieved per square metre per annum for storage space in March 2022?Source:CBRE Research/FEDESSA/SSA UK27 2022 FEDESSA AND CBRE 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,with higher percentage increases in

65、 developing countries like Poland.The self storage market is still relatively immature across some countries,giving scope for further expansion in the coming years.Over 6 million square metres of self storage space in continental EuropeWhat is the size of thenet self storagerentable space in the cou

66、ntry?Source:CBRE Research/FEDESSA/SSA UK*Excluding UK0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000FranceSpainNetherlandsGermanySwedenDenmarkItalyBelgiumNorwayFinlandAustriaSwitzerlandPolandIrelandPortugalHungaryRomaniaCzech RepublicLatviaEstoniaLithuaniaSq mCurrent lettable area(

67、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

68、thuaniaSq mCurrent lettable area(sq m)Source:CBRE Research/FEDESSA*Excluding UK from chart,weighted average includes UKFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEThe average store size(based on current lettable area)remains on par with previous years,with facility sizes across Europe averaging

69、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 larger average unit size.Storage units are not priced on a lineal basis,so generally smaller units will demand a higher rent per squ

70、are metre than larger units.However,larger units typically have less churn,often being occupied by commercial customers.Average facility size by countryWhat is the average size of thenet self storagerentable space per facility?Source:CBRE Research/FEDESSA/SSA UK4,8894,6634,5094,4944,443 4,4224,0904,

71、0363,502 3,4893,2493,1332,9092,3702,1041,4358433,00201,0002,0003.0004,0005,0006,000Sq mCurrent Lettable AreaEuropean Weighted AverageFranceSpainNetherlandsGermanySwedenDenmarkItalyBelgiumNorwayFinlandAustriaSwitzerlandPolandIrelandPortugalCzech RepublicUnited Kingdom29 2022 FEDESSA AND CBRE Top 10 o

72、perators by number of facilities Source:CBRE Research/FEDESSA/SSA UKOngoing consolidation has resulted in a small number of very large operators and then a large number of smaller independent stores with a limited number of mid-tier operators.The largest operator is Shurgard which occupies 257 self

73、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 multiple countries or regions.However,this is changing with Safestore,Homebox and Bluespace,amongst others,all expanding into new countries recen

74、tly.The self storage market is still fragmented across continental Europe.0%5%10%15%20%25%30%0500300ShurgardSafestoreStorage24Big YellowHomeboxBluespaceAccess StoregeMyPlaceCityvarastoLoknStoreALLSAFEPelican Self StorageStorage KingA chacun son boxLocakaseLagerboxCity SelfStorage24Storage

75、AnnexxPlanet SpaceGuardatodoNo.of sitesCumulative market share 2022(%)FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEOccupancy 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%

76、occupancy and keeps product on the market for sale.Almost half the respondents are now recording occupancy above 85%.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.Occupiers reporting occupancy rat

77、es 85%What is the occupancy rate across your entire portfolio as of 31 March 2022?Source:CBRE Research/FEDESSA/SSA UKShare 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 range

78、31 2022 FEDESSA AND CBRE Occupancy levels by country3192%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 KingdomFranceSwedenAustriaItalySpainGermanyFinlandPortugalNorwayAndorra

79、PolandLatviaRomaniaEstoniaCLA OccupancyAverageEurope Weighted AverageSource:CBRE Research/FEDESSAOccupancy 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

80、for yield management(i.e.rental rate)and keeps an adequate range of product available for sale.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 location

81、s with occupancy levels below 50%.What was the percentage of the current lettable areaoccupied at 31 March 2022?Source:CBRE Research/FEDESSA/SSA UK92%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 RepublicSwitzerlandBelgiumNetherland

82、sIrelandHungaryUnited KingdomFranceSwedenAustriaItalySpainGermanyFinlandPortugalNorwayAndorraPolandLatviaRomaniaEstoniaCLA OccupancyAverageEurope Weighted AverageFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEGiven that occupancy rates are already at record highs,it is surprising that operators bel

83、ieve 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 optimism i

84、s 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.Overall strong occupancy levels expectedWhat do you expect to happen to occu

85、pancy rates over the next 12 months?Decrease slightlyIncrease significantlyIncrease slightlyDecrease1%20222%202250%202226%202122%202246%2021Remain the same25%202228%2021Source:CBRE Research/FEDESSA/SSA UK33 2022 FEDESSA AND CBRE 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%1

86、5%16%26%11%27%29%24%29%57%100%100%100%1%9%DenmarkHungaryBelgiumAustriaFranceGermanyUnited KingdomNorwayPolandSpainFinlandSwedenNetherlandsItalySwitzerlandRomaniaEstoniaLatviaFreeholdLong LeaseholdShort LeaseholdMixed TenureOccupiers prefer a freehold tenure,due to the benefits that come with the lon

87、g 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 by existing operators in locations where

88、 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).Freehold remains the desired tenure typeIs the facility occupied on a freehold,long

89、 leasehold(25+yrs),short leasehold(25 yrs)or mixed tenure basis?Source:CBRE Research/FEDESSA/SSA UKFreeholdLong LeaseholdShort LeaseholdMixed TenureFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEThe strong development pipeline shows that operators remain firmly determined to expand their portfolios

90、.This is in spite of 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.Strong development pipeline shows continual growth in the sectorHow many new facilities do you currently

91、have in your secured pipeline?342160Planning approved110Under construction278Pre-planning/Awaiting planning approvalCurrently openSource:CBRE Research/FEDESSA/SSA UK35 2022 FEDESSA AND CBRE Around half of operators indicate they have no interest in mixed-use,which has remained largely the same over

92、the past four years.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 operators to access larger prime location sites that would not sustain self storage alone.It is also being used by operators to diversify the

93、ir income stream and use the secondary business to attract more traffic to the self storage store.Differing views towards mixed-use across EuropeAre you considering future mixed-use development for either existing or future stores?I will be using it in a future development/expansion20%202217%2021I a

94、m considering it for a future development/expansion31%202234%2021No interest in mixed use49%202249%2021Source:CBRE Research/FEDESSA/SSA UKFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEOffice and co-working/flexi-offices have traditionally been a common add-on for self storage operators.Office spac

95、e is a relatively easy add-on to self storage and encourages more business 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

96、the rapid growth of online shopping,as small retailers consider alternative 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

97、yet fitted out for small unit self storage.It usually provides significantly less income per square metre than traditional self storage.but some operators are already including other usesWill your new facilities include other uses?11%Other17%Larger industrial space20%Co-working22%Offices30%Retail/tr

98、ade counter/quasi-retail spaceSource:CBRE Research/FEDESSA/SSA UK37 2022 FEDESSA AND CBRE 0.1%0.2%0.2%0.2%0.2%0.3%0.6%0.6%1.0%1.5%2.8%2.9%6.5%0%1%2%3%4%5%6%7%ContainersCold StorageRestaurantSports/RecreationLogistics ServicesRetailApartmentsOutdoor StorageTelecommunicationParkingBulk StorageVehicle

99、StorageOficeIncome%As 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 that have retail space,it makes up less than 0.5%of their income.The bulk of the ancillary inco

100、me 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 planning restrictions will clearly also play a part.It will be interesting to see if increa

101、sing demand for logistics infrastructure and last-mile facilities will drive a demand for larger commercial units in self storage.Office,vehicle storage and bulk storage leading auxiliary incomeIs there any income generated from other uses?Source:CBRE Research/FEDESSA/SSA UKFEDESSA SELF STORAGE INDU

102、STRY REPORT 2022|EUROPE04Operator trends39 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEInflation at forefront of occupiers mindsUnsurprisingly,inflation and recession were at the forefront of occupiers concerns,considering Europe is bracing for recession that may do little

103、to tame record inflation.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 of borrowing is also increasing,which is putting further pressure on operators

104、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 should not have to escalate their income levels as much as other industries to mai

105、ntain 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,occupiers may choose to mitigate rising land and steel costs by becoming creative wit

106、h their existing space and exploring more mixed-use options.We asked operators across our survey area what they perceive as the biggest and second biggest challenge to the industry over the next 12 months.41 2022 FEDESSA AND CBRE What do you perceive as the biggest challenge to the industry in the n

107、ext 12 months?InflationRecessionRising land costOversupplyIssues related to the conflict in UkraineIncrease in taxes applied to self storage buildingsInterest RatesDificulty relating to planning applicationsSource:CBRE Research/FEDESSA/SSA UKFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEDespite hi

108、gh inflation and rising energy costs,operators are feeling optimistic 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 mea

109、ns that self storage is able to withstand periods of economic uncertainty.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 h

110、igh occupancy rates,with many mature stores at optimal occupancy,so growth other than from the development pipeline will need to be through rental increases or the expansion of space.Despite economic headwinds,operators are optimistic What are your profit expectations for your storage business in th

111、e coming 12 months?Source:CBRE Research/FEDESSA/SSA UKUnsettled resultsContinual improvementSignificant improvementSlight downturn3%20226%20215%20228%202182%202273%202110%202213%202143 2022 FEDESSA AND CBRE Operators facing a challenging labour marketSelf storage like most other industries in Europe

112、 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-time employees.Scandinavia is largely leadin

113、g 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 properties that could not support a facility la

114、rge 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 operators.It will be interesting to see how te

115、chnology impacts future employment trends within the industry.How many people do you have working in the facility full time and part time?0123456HungaryIrelandUnited KingdomCzech RepublicFranceSpainGermanyBelgiumNetherlandsPortugalDenmarkItalyPolandAustriaSwitzerlandLatviaSwedenFinlandNorwayEstoniaW

116、orkers per facilityFull TimePart TimeSource:CBRE Research/FEDESSA/SSA UK01234567HungaryIrelandUnited KingdomCzech RepublicFranceSpainGermanyBelgiumNetherlandsPortugalDenmarkItalyPolandAustriaSwitzerlandLatviaSwedenFinlandNorwayEstoniaWorkers per facilityFull TimePart TimeFEDESSA SELF STORAGE INDUSTR

117、Y REPORT 2022|EUROPEDomestic customers leading demand but commercial customers increasingIndeed,operators in Romania noted that the share of commercial customers accounted for 57%of the total share.The increase in commercial occupiers may be a legacy from the COVID-19 pandemic,with commercial operat

118、ors looking for an alternative to 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.Larg

119、er units in prime locations will appeal 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.The average space occupied by commercial users has risen continually over the past three

120、years.The share of commercial customers has risen from 22%in 2021 to 29%in 2022.45 2022 FEDESSA AND CBRE 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%64%65%65%68%69%70%71%71%72%75%74%77%77%83%85%85%92%0%10%20%30%40%50%60%70

121、%80%90%100%RomaniaPolandCzech RepublicSpainItalyHungaryUnited KingdomIrelandBelgiumNetherlandsFranceGermanyPortugalSwedenAustriaDenmarkSwitzerlandNorwayFinlandLatviaEstonia21.8%29.4%Source:CBRE Research/FEDESSA/SSA UKCommercialDomesticCommercial average 2022Commercial average 2021FEDESSA SELF STORAG

122、E INDUSTRY REPORT 2022|EUROPEIncreasing number of enquiries coming 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 penetr

123、ation and a customer base accustomed to social media and booking services through phone apps.What is the approximate breakdown of total enquiries?65%Website9%Signage9%Referrals9%Social Media5%Directories5%OtherSource:CBRE Research/FEDESSA/SSA UK65%OF TOTAL ENQUIRIES CAME FROM COMPANY WEBSITES9%SOCIA

124、L MEDIA ENQUIRIES HAVE RISEN FROM 6%TO 9%IN THE LAST YEAR47 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEWhile 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 iden

125、tity is still important to operators.15%plan to invest in internal 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 f

126、or employees,including greater efficiency from better-trained staff.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 follow

127、ing are you planning on investing in in 2022/23?Source:CBRE Research/FEDESSA/SSA UK19%Website15%Internal process/training14%Building-signage13%CRM12%Access control11%Environmental related improvementsBranding and signage still important to operators11%Mobile apps2%No improvements2%Other49 2022 FEDES

128、SA AND CBRE While 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.Incr

129、easing 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.

130、From 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 servic

131、es and operations.Operators are increasingly adopting technology into their operations12%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 st

132、orage contract onlineAbility to reserve unit on website24-Hour AccessPrices on websiteCustomers goods insuranceElectronic access control(pin pad/card)Fire detection alarmsCCTVSource:CBRE Research/FEDESSA/SSA UKFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE05ESG considerations51 2022 FEDESSA AND CB

133、RE The most common sustainable practices in use across our 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

134、the high upfront costs to install these features.It is likely 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 compare

135、d to other real estate sectors,due to the limited number of 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.Whic

136、h of the following sustainable practices does your facility have?Source:CBRE Research/FEDESSA/SSA UK38%LED Lighting22%Passive Infrared Detection20%Recyclable Packaging/Boxes3%Solar Panels2%Green Roofs1%Electric Vehicle ChargepointsFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEOperators taking step

137、s to reduce energy consumption53 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE06Key takeaways55 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEKey takeaways01There has been a 5.1%growth in stores in Europe and a 4.8%growth in storage space in last 12 m

138、onths02Average rent per square metre in Europe is 290,up 7.9%from last year0359%of operators are planning to raise rates significantly in next 12 months04Average occupancy is 80.2%,down from 81.5%last year05Over half of operators have average occupancy over 85%0677%of operators expect occupancy leve

139、ls to rise in the next 12 months 07Awareness 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 storage57 2022 FEDESSA AND CBRE 08In the Netherlands and Sweden

140、,12%of people are considering using self storage,while 20%of people in Spain are considering using self storage09Inflation is the biggest concern for operators followed by recession and rising land costs1011Commercial customers have increased from 22%in 2021 to 29%in 202212ESG improvements remain lo

141、w with only 38%of stores having LED lighting and 3%having solar panels 13Brand awareness is low with one major brand dominating in each marketIn continental Europe,around 64%of people have never used,or considered using self storageFEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPE07European supply da

142、ta59 2022 FEDESSA AND CBRE FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEEuropean supply dataCountryPopulationNo.of FacilitiesCurrent lettable area(sq m)Share of Total Europe areaFloor space per capita(sq m)Facilities per million populationAustria9,100,000135185,0001.6%0.02014.8Belgium11,700,00010

143、1220,0001.9%0.0198.6Czech Republic10,700,000917,0000.1%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

144、,0001328,0000.2%0.09343.3Ireland5,000,00045115,0001.0%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%0.0041.7Portugal10,10

145、0,0005075,0000.7%0.0075.0Romania19,000,0001025,0000.2%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%0.07130.1Total497,100,005,43511,489,000-0.02313.461 2022 FEDESSA AND CBRE

146、 FEDESSA SELF STORAGE INDUSTRY REPORT 2022|EUROPEThank youFEDESSARennie SchaferChief Executive Officer+44(0)1270 623 150 rschaferfedessa.orgPaola BarrazaEvents&Membership Manager+32(0)460 96 872 pbarrazafedessa.orgCBREJennet Siebrits Head of Research+44(0)7985 876 831 Alice MarwickHead of OPRE Resea

147、rch +44(0)7920 184 174 Ben Linsey Analyst,OPRE+44(0)7920 184 174 Oliver Close Senior Director,Self Storage+44(0)7880 101 170 Callum PaddockDirector,Self Storage Investment Transactions+44(0)7917 233 413 Copyright 2022.All rights reserved.This report has been prepared in good faith,based on CBREs cur

148、rent anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs vi

149、ews are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its v

150、iews herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or a

151、ny other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.Chris Gow Executive Director Debt&Structured Finance+44(0)7824 086 900 Tariq HayatSenior Director,REIB+44(0)7976 198 013