1、2220SELF STORAGE ANNUAL REPORT 2022DATA COMPILED FROM THE 2021 CALENDAR YEARCONTENTS01INTRODUCTION AND METHODOLOGY p.0306OPERATORS SURVEY p.3302SUMMARY OF KEY FINDINGS p.0707PUBLIC SURVEY p.5503INDUSTRY OVERVIEW p.1108CUSTOMER SURVEY p.7304INDUSTRY HIGHLIGHTS p.1709SUSTAINABLE SELF STORAGE p.10305UK

2、 ECONOMIC&POLITICAL OVERVIEW p.2110CONTRIBUTORS p.10901INTRODUCTION AND METHODOLOGY01AND METHODOLOGYINTRODUCTIONINTRODUCTION AND METHODOLOGY01This is the 15th year the Self Storage Association UK(SSA UK)has been surveying its members and producing an Annual Industry Report.The report covers all view

3、points of the industry,collecting data from operators,customers and the general public.This years report does have some variances over last years data as the impact of the COVID-19 pandemic lessened during 2021,with lockdowns and other restrictions eased.Over the last 5 years the sample group has re

4、mained fairly stable with some additional operators,mergers and acquisitions reflecting the growth of the industry as our sample group grows.This allows for better comparison of the data on a year to year basis.With around a quarter of stores in the UK completing the survey,representing around 40%of

5、 the storage space,the sample size is exceptionally robust.For the seventh year,the report has been produced in conjunction with Cushman&Wakefield.Their extensive experience in valuing self storage properties around the world,as well as knowledge of the broader property market has further added to t

6、he valuable information in this report.The economic overview provided by Cushman&Wakefield included in the report also gives context to the achievements of the industry.The operators survey was completed by 66 companies with 489 stores in total.They were all members of the SSA UK.The survey was comp

7、leted in the months of January and February based on data from the 2021 calendar year unless otherwise stated.Compared to the industry as a whole,the data set is slightly weighted to larger operators as fewer of the small independent operators completed the survey.The customer survey was completed i

8、n January 2022 by 32 self storage companies across the UK who have over 190 stores in total.A total of 1,435 customers responded to the survey of which 82%were domestic customers and 18%business customers.This survey was sent to the main contact on the Standard Self Storage Licence Agreement.The sur

9、vey was entirely voluntary and without reward.The latter part of the survey asked specific questions addressed to either private/domestic customers or business customers.The public survey conducted online by YouGov on behalf of the SSA UK,was completed between January 24 and 25.It was an online surv

10、ey with data taken from a statistically selected and weighted sample that represents a sample of the demographics of the adult UK population.This year 2,057 people completed the survey.I would like to thank the members of the SSA UK who responded so promptly to the survey this year and the team at C

11、ushman&Wakefield for collating the data,providing commentary and interpretation of the data and producing the final report.Also thanks to all the operators who allowed us to survey their customers.I hope you find value in this report as it certainly shows the industry has continued its strong perfor

12、mance coming out of the pandemic.RENNIE SCHAFERCEO SSA UK56S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 202SUMMARY OF KEY FINDINGS02KEY FINDINGSSUMMARY OFOCCUPANCY ON CURRENT LETTABLE SPACE IS 83.3

13、%,UP FROM82.3%LAST YEAR.SUMMARY OF KEY FINDINGS0229%OF SELF STORAGE CUSTOMERS ARE INVOLVED IN MOVING HOUSE.41.2%OF SELF STORAGE CUSTOMERS HAVE USED SELF STORAGE PREVIOUSLY.41.2%OF SELF STORAGE CUSTOMERS HAVE USED SELF STORAGE PREVIOUSLY.89%OF CUSTOMERS ARE SATISFIED WITH THE SERVICE FROM THEIR SELF

14、STORAGE STORE.51%OF THE PUBLIC HAVE A GOOD AWARENESS OF SELF STORAGE.A DEATH IN THE FAMILY IS THE MOST COMMON LIFE EVENT THAT PEOPLE USE STORAGE FOR.OCCUPANCY IS 86.2%,ON MATURE STORES.84%OF BUSINESSES THAT USE SELF STORAGE HAVE LESS THAN 10 STAFF.72%OF SELF STORAGE USERS ARE 40 70 YEARS OLD.56%OF O

15、PERATORS DECREASED THEIR LEVEL OF DISCOUNTS IN 2021.DIVORCED OR SEPARATED PEOPLE ARE TWICE AS LIKELY TO USE SELF STORAGE.MORE OF THE PUBLIC WOULD PREFER TO CONTACT A STORAGE STORE ONLINE THAN ANY OTHER METHOD.PEOPLE RENOVATING THEIR HOME ARE 3 TIMES MORE LIKELY TO CONSIDER USING SELF STORAGE44%OF PE

16、OPLE WOULD BE COMFORTABLE USING AN AUTOMATED STORE.86%OF BUSINESSES ALLOW CUSTOMERS TO RESERVE OR PAY FOR THEIR UNIT ONLINE.THE UK AVERAGE NET RENTAL RATE IS 26.13 PER SQUARE FOOT PER ANNUM UP 9%ON LAST YEAR.CHURN RATE HAS DROPPED TO 76%DOWN FROM118%PRE PANDEMIC.910S E L F S T O R A G E A S S O C I

17、A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 203INDUSTRYOVERVIEW03OVERVIEWINDUSTRYINDUSTRY OVERVIEW03As the self storage industry develops and evolves,the exact definition of self storage has been debated.It is a term increasingly

18、being used by a variety of businesses offering different forms of storage solutions.Self storage in the UK is not a regulated industry,there is little guidance from government as to exactly what makes a self storage store.There is a European Standard for self storage,however this was drafted over 12

19、 years ago before newer industries like mobile storage,trade counters,peer to peer storage and valet storage had emerged.The standard was primarily focused on differentiating self storage from removers storage and defining minimum levels of security and legal protection for customers.Without a clear

20、 definition of self storage,commentary on the size and performance of the industry in documents like this is difficult.To provide clarity for this document and future SSA UK publications,the Association has defined a self storage unit as:This definition would not include mobile storage where portabl

21、e units are delivered to customers and then returned on request as this does not meet the criteria of static space or ready access.Similarly it would not cover peer to peer storage in most cases as this would also not meet the criteria of ready access without intervention.It is understood that some

22、businesses that do not meet this definition do have the term self storage in their name or description.However,for the purpose of clarity they are not defined as self storage in this report.Based on this definition it is estimated that there are approximately 2,050 self storage stores in the UK of w

23、hich 621 are predominantly container based storage(typically converted shipping containers or similar).These stores are spread across 1,015 different brands.While most of these brands are independently owned,there are a small number of operators with stores under multiple brands.There is around 52 m

24、illion square feet of self storage in the UK.The average size of a self storage store is 25,366 square feet and has been around this mark for the past 3 years.Development in rural locations and secondary cities is continuing,with more unstaffed sites opening that rely on customers signing up online

25、or,managers attending the sites from other locations.We have seen an increase in storage space in existing container sites as they expand,however the number of new sites opening has declined.This could be a result of land availability or also impacted by the increasing costs in opening a container b

26、ased storage site,with escalating costs for shipping containers and business rates on container storage sites.The increasing cost of construction for purpose built self storage does not appear to have significantly impacted development as yet,however lead times for getting building materials and ins

27、tallation teams have delayed some projects.There remains a strong pipeline for development of new sites and expansion of existing buildings within the industry.Consolidation in the industry has continued as existing operators expand their portfolios through acquisitions.Despite unprecedented interes

28、t in the industry by new institutional investors,most significant self storage stores sold in 2021 were purchased by existing operators or investors.SUPPLY52 MILLION SQ FTSTORES2050NUMBER OF BRANDS1015STORAGE SPACE PER HEAD OF POPULATION0.76 SQ FTANNUAL TURNOVER930 MAVERAGE SIZE OF STORE25,366 SQ FT

29、A self storage unit is a securable static space less than 500 square feet in size that is to be used by a person or business for the storage of their goods.The customer will have exclusive and ready access to the space.Ready access means the ability to access the unit at will during normal office ho

30、urs without intervention.It is not intended that the unit be used as a workspace,trade counter or place where business activities other than storage or storage related activities take place.Storage related activities would include goods receiving,dispatch and packing that involve the goods in storag

31、e.This unit would be rented under a self storage contract that was not part of,or tied to,an additional agreement such as a residential tenancy,office space,workspace or similar.1314S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N

32、D U S T R Y R E P O R T 2 0 2 2ORGANISATIONNUMBER OF STORESTOTAL SPACESAFESTORE1295.6MBIG YELLOW(INCLUDING ARMADILLO BRAND)1056.1MACCESS SELF STORAGE603.4MSHURGARD SELF STORAGE402.2MLOKNSTORE392.0MSTORAGE KING(INCLUDING 7 MANAGED OR FRANCHISE STORES)371.5MREADY STEADY STORE27815,000LOCK STOCK SELF S

33、TORAGE LIMITED(CONTAINER STORAGE)23724,400SENTRY SELF STORAGE(SOME CONTAINER STORAGE)20400,000STORAGEMART18759,0001516S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 204INDUSTRYHIGHLIGHTS04HIGHLIGHTSI

34、NDUSTRYSHURGARD ACQUIRES THE A&A PORTFOLIO OF 4 ASSETSSTORAGE-MART BUYS AYLESBURY AND DUNSTABLE FROM CITY SELF STORAGEBIG YELLOW BUYS IN THE 80%STAKE IN ARMADILLO SELF STORAGEAUGUST 2021SEPTEMBER 2021OCTOBER 2021JUNE 2021HIG ACQUIRES THE 5 STORE TITAN PORTFOLIO.SAFESTORE ACQUIRE YOUR ROOM SELF STORA

35、GE CHRISTCHURCHMAYFAIR CAPITAL ACQUIRES THE STORAGE TEAM PORTFOLIO OF 2 ASSETSSTORAGE KING ACQUIRES THE MCCARTHY PORTFOLIO OF 4 ASSETSDECEMBER 2021NOVEMBER 2021JANUARY 2022LEGAL&GENERAL ACQUIRES 4 SURE STORE ASSETS STORAGE KING ACQUIRES THE STORAGEBASE PORTFOLIO OF 4 ASSETSSTORAGE TRADING LLP ACQUIR

36、ES 4 LOK N STORE ASSETSMARCH 2022FEBRUARY 2022PADLOCK SALE OF NEWMARKET STORE(TO A RELATED ENTITY)APRIL 2022UNDER OFFER THE U STORE PORTFOLIO OF 7 ASSETS AND ONE DEVELOPMENT SITE IN IRELANDUNDER OFFER A 15,000 SQ FT NEW BUILD FACILITY AT ALTIRA PARK,KENTMAY 2022LOKNSTORE ACQUIRE THEIR MANAGED CHICHE

37、STER STORE FOR 4.025MHEITMAN/SPACE STATION BUYS RENT-A-SPACE,SHREWSBURY STORAGE KING ACQUIRES BLACKPOOL SELF STORE PADLOCK CAPITAL PARTNERS ACQUIRES HUNTINGDON SELF STORE FOR 5.125MFEBRUARY 2021MAY 202104INDUSTRY HIGHLIGHTSSHURGARD BUYS CITYSPACE SELF STORAGE IN LONDON WITH TWO LOCATIONS IN CENTRAL

38、LONDON,BOTH FORMER BASEMENT CAR PARKS CONVERTED TO SELF STORAGE QUICK SELF STORAGE BUYS DAINTON SELF STORAGE IN DARLINGTON.PRICING NOT DISCLOSED HEITMAN/SPACE STATION BUYS SQUAB SELF STORAGE,DAVENTRY1920S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A

39、 G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20505UK ECONOMIC&POLITICAL OVE&POLITICAL OVERVIEWUK ECONOMICUK ECONOMIC&POLITICAL OVERVIEW05INTRODUCTION AND UPDATE ON CURRENT SITUATIONThe last 12 months has witnessed both a period of stability and growth,but,most recently,a level of uncertainty.A

40、n easing in the number of COVID-19 infections and the UK starting to work towards a new normal has created stability.The latest government data reveals that approximately 39.25 million people have received their booster or third jab.The subsequent return to cities of staff members,along with the end

41、 of the furlough scheme,has stimulated the UK economy with GDP increasing by 7.4%compared with 2020.Uncertainty comes in a number of guises.At the end of March,the UK inflation rate stood at 7%being driven by large increases in fuel prices,utility costs and food prices.Russias invasion of the Ukrain

42、e on 24 February is producing economic and political uncertainty in Europe,with the fear the war will be a long and drawn out event.Added to this is their threat to halt the supply of gas and oil to parts of Europe in response to European support for the Ukrainian government and army.INTEREST RATES

43、Prior to December last year,the Base Rate stood at its lowest in the Bank of Englands history at 0.1%.This changed on 16 December when the rate was increased to 0.25%.There have been 3 further rate rises in 2022 1%in May.On 3 February the rate was increased to 0.25%and then on 17 March to 0.75%.Furt

44、her increases are widely expected,experts forecasting a rise to between 1.25%and 1.50%by the end of 2022.To put this into perspective,Moodys forecast at the time of writing the 2021 Report was that the rate of 0.1%would remain until early 2022 and then rise gradually to reach 1%in Q3 2024.So why has

45、 the rate increased so quickly and in such a short period of time?In short,to combat the growth in inflation.INFLATIONThe Consumer Prices Index including housing(CPIH)has risen by 6.2%over the last 12 months to end March 2022.This up from 5.5%in February this year.Prior to March,February was the hig

46、hest recorded year on year rate increase in decades.On a monthly basis,CPIH increased by 0.9%in March 2022 compared with 0.2%in March 2021.Whilst it was widely expected that the economy would start to recover and the rate of inflation rise as COVID restrictions were eased,such a sharp rise and in su

47、ch a short period of time was not forecast.So what is driving this increase?The dominant drivers are the significant increases we have seen in the cost of living.Most notably relating to electricity,gas and other fuels(1.49%)and motor fuels(1.47%).Russias subsequent invasion of Ukraine has sent comm

48、odity prices soaring and the March increase of 0.9%is the result.The Bank of England are predicting further increases in inflation and therefore it is likely these will be accompanied by further interest rate rises,with some experts forecasting a rise to between 1.25%and 1.50%by the end of 2022.4-AU

49、G-162-NOV-172-AUG-1811-MAR-2019-MAR-2016-DEC-213-FEB-2219-MAR-220.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.25%0.50%0.50%0.75%0.75%0.25%0.25%0.10%UK BASE RATE2324S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2

50、0 2 2-10%-8%-6%-4%-2%0%2%4%6%8%10%200620072008200920000.7%2.4%-9.8%7.5%2.1%-0.3%1.3%1.3%1.4%1.4%1.7%1.7%2.2%2.9%2.4%-4.1%FEB2021APR2021JUN2021AUG2021OCT2021DEC2021FEB2022-1%0%1%2%3%-1%0%1%2%3%-1%0%1%2%3%CONSTRUCTIONSERVICESGDPPRODUCTIONLABOUR MARKETGDPAs t

51、he UK emerges from the worst of COVID,there has been a positive impact in the labour market.Extracting year on year data from the Office for National Statistics,the employment rate aged 16 to 64 has increased from 74.7%(32,155,000)to 75.5%(32,485,000).Of this,the female employment group has increase

52、d from 71.7%to 72.2%and the male group up from 77.8%to 78.8%.The unemployment rate aged 16 to 64 has decreased from 5%to 3.8%.Of this,the female employment group has decreased from 4.8%to 3.6%and the male group down from 5.3%to 4%.Coupled with these figures is an increase in job vacancies from 532,0

53、00 to 1,135,000.It appears that the fallout from Brexit continues.This is not being helped by the war in Ukraine with a number of Ukrainians and Russians returning home to join the war effort and Europeans deciding to cancel or delay their plans to travel to the UK for employment.Positivity in the l

54、abour,as you would anticipate,has fed through into GDP numbers.As we know,GDP declined by 9.8%in 2020 as the full impact of COVID took a significant toll on the economy.Sticking with the theme of a new normal,GDP growth in 2021 was 7.5%.And since then we have seen additional growth both in January(0

55、.8%)and in February(0.1%).The annual division of growth between the services,production and construction sectors looks as follows:Source:Office for National Statistics-GDP monthly estimateSource:Office for National StatisticsUK ANNUAL GDP GROWTH-15 YEAR HISTORYCONTRIBUTIONS TO MONTHLY GDP GROWTH,FEB

56、 2021 TO FEB 2022 AGREEMENT10%7.5%5%2.5%0%1989FEB1997MAY2008SEP2014SEP2022MAR2526S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2POLITICAL CLIMATEHOUSING MARKETAs with our 2021 Report,COVID has been

57、a dominant feature in the news.We are still witnessing the fallout from Brexit with shortages of people to fill our growing job vacancies.Most recently,and still dominating the news,is the surging rate of inflation coupled with a significant increase in the cost of living as a result of higher utili

58、ty costs,petrol and food prices.We are seeing the onset of families starting to struggle as a result and it is anticipated this will be a feature in the economy throughout a large part of 2022.This will not be helped by the rise in National Insurance tax from April 2022.Sadly,the war in Ukraine is a

59、 new event and the thinking in general is that this could well be a drawn out affair.Annual sales volumes and pricing in 2021 picked up where 2020 left off with continued growth.This being aided by the continuing shortage of housing,along with the extension of the Stamp Duty holiday in England and N

60、orthern Ireland until 30 June 2021.Between 1 July and 30 September the threshold decreased to 250,000 and reverted back to pre-Stamp Duty holiday tranches from 1 October.As at February 2022,the Office for National Statistics recorded year on year growth of 10.9%.Pricing in February alone increased b

61、y 0.7%.The average UK house price increased by 27,000 to 277,000.Source:Office for National StatisticsON A COUNTRY BASIS,THIS REFLECTS THE FOLLOWING INCREASES AND AVERAGE HOUSE PRICES:10.7%(296,000)ENGLAND11.7%(181,000)SCOTLAND14.2%(205,000)WALES7.9%(159,000)NORTHERN IRELANDAVERAGE HOUSE PRICE BY CO

62、UNTRY,UK:JAN 2005 TO FEB 2022AVERAGE HOUSE PRICE,UK,JAN 2005 TO FEB 2022300,000250,000200,000150,000100,00050,00002006FEB2008FEB2010FEB2012FEB2014FEB2016FEB2018FEB2020FEB2022FEBSource:Office for National Statistics300,000250,000200,000150,000100,00050,00002006FEB2008FEB2010FEB2012FEB2014FEB2016FEB20

63、18FEB2020FEB2022FEBNORTHERN IRELANDENGLANDWALESSCOTLAND2728S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2Source:Office for National StatisticsON A REGIONAL BASIS IN ENGLAND,THIS LOOKS AS FOLLOWS:Ne

64、w housing development in 2021 slowed compared with 2020,with approximately 156,000 new homes completed.This compares with approximately 175,000 completed in 2020.This is the first reduction in new house builds in the last 8 years.Factors for this decrease could be related to the fallout from Brexit,

65、with a shortage of skilled labour available in the UK market.The cost of construction increased significantly in 2021,restricting quantum.Towards the latter end of the year,we started to witness increasing inflation rates which could have dissuaded activity.All of these factors sitting alongside ris

66、ing interest rates and therefore mortgage costs.10 YEAR POPULATION FORESCASTSThe Office for National Statistics is forecasting UK population growth of 3.2%between 2020 and 2030.In population numbers,this translates to an increase from 67.1 million to 69.2 million.Englands population is projected to

67、grow at a greater rate than the other nations at 3.5%.The projection for Wales is 2.6%,Northern Ireland of 2%and Scotland at 0.3%.This is lower than the projections made in 2018;with 0.6 million fewer in 2030 and 1.8 million fewer in 2045.The reduction in the predictions is a result of both higher p

68、rojected death rates and fewer births.Source:Office for National StatisticsAVERAGE HOUSE PRICE BY ENGLISH REGION,JAN 2005 TO FEB 2022UK POPULATION ESTIMATES,MID-2020,AND PROJECTIONS TO MID-204552002520302035204555.057.560.062.565.067.570.072.5PROJECTED POPULATION(millions)POPUL

69、ATION(millions)MILLIONS600,000400,000200,0002006FEB2008FEB2010FEB2012FEB2014FEB2016FEB2018FEB2020FEB2022FEB0NORTH EASTEAST MIDLANDSNORTH WESTYORKSHIRE AND THE HUMBERWEST MIDLANDSSOUTH WESTSOUTH EASTEASTLONDON2930S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F

70、S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2THE 10 YEAR ESTIMATES CAN BE APPORTIONED AS FOLLOWS:6.6MPEOPLE WILL BE BORN6.6MPEOPLE WILL EMIGRATE LONG TERM FROM THE UK6.6MPEOPLE WILL MIGRATE LONG TERM TO THE UK6.7MPEOPLE WILL BE DIEPROJECTED BIRTHS,DEATHS AND NET MIGRATION,UK,YEARS EN

71、DING MID-2020 TO MID-20452020202520302035206008001000NET MIGRATIONDEATHSBIRTHSBALANCE OF BIRTHSAND DEATHSTHOUSANDS32S E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 231S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L D0606OPERATORS SU

72、RVEYSURVEYOPERATORSOPERATORS SURVEY06KEY THEMESOCCUPANCYAs the industry emerged from the pandemic,and record performance figures for 2020 were witnessed,some expected to see a levelling off of profits and occupancy.Possibly,even a decline back to pre-pandemic levels.This has not been the case and ov

73、erall profitability for the industry improved to an even higher level in 2021 compared with 2020.Both occupancy and rental rates have increased across almost all UK regions.New development also continued,resulting in an increase in occupied self storage space of 2.17 million square feet.These figure

74、s indicate that demand for the product is growing at a faster rate than supply.Notably,the average length of stay has increased and churn has continued to decrease as more new customers stay long term.This means operators need fewer new customers each month to increase occupancy levels.Conversion ra

75、tes on enquiries have also improved and lower discounts are being offered.Despite two record years,increasing inflationary pressures,escalating costs of construction and a war in Europe,operators remain optimistic about the future with 62%of those surveyed expecting to increase profits further in 20

76、22.Despite the significant rise in 2020,occupancy rates have continued to rise in 2021,up a full percentage point to 83.3%.This also includes stores that have recently opened or expanded,which will lower the average.Self storage facilities generally are rarely and do not want to be at 100%occupancy

77、as this means they have no product to sell and suggests they could maximise their yield by increasing prices.There is also always a certain number of units that are vacant as they transfer to a new occupier.Operators ideally aim for an occupancy of around 90%.2000020

78、202160%70%80%90%62.7%67.0%68.7%70.2%73.1%73.9%76.1%77.2%76.2%82.3%83.3%The following graph aims to remove the influence of new stores and expansions by only considering occupancy rates for businesses that are over 6 years old.Here the UK average occupancy has risen to 86.2%.You can see the clear gro

79、wth in occupancy levels over the last 3 years across all regions.Scotland is the only region not to increase its occupancy levels in 2021.However,it did have one of the largest increases in 2020.This data shows that even as lockdown and pandemic restrictions ended,occupancy in the industry continued

80、 to increase.Some industry commentators expected a dip in occupancy in 2021 after the significant increase in 2020,but this clearly has not materialised.Many mature stores have now moved closer to their optimal occupancy rate of around 90%.70%75%80%85%90%LONDONSOUTHEASTSOUTHWESTWESTMIDLANDS&WALESEAS

81、TMIDLANDSEAST OFENGLANDNORTHSCOTLANDYORKSHIRE&THEHUMBERUK2019202085.4%87.4%88.7%81.7%88.4%86.2%87.3%84.3%82.2%86.2%2019OCCUPANCY RATE ON LETTABLE AREAOCCUPANCY BY REGION ON MATURE FACILITIES3536S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N

82、N U A L I N D U S T R Y R E P O R T 2 0 2 20%20%40%60%80%100%120%140%131%128%124%120%118%97%76%20020202120152019Another factor to measure in terms of customer retention is churn.This is measured by the total number of move-outs in a year,divided by the total amount of units that were occu

83、pied during that period.Generally speaking,the more long-term customers a store has,the lower its churn rate.The higher the level of churn,the more work and potential cost to the business exists in acquiring new customers.There was another significant drop in the churn rate this year indicating that

84、 customers are staying in their units for longer periods.As the industry matures it attracts more long-term customers,so you would expect a gradual drop in this figure,but the last 2 years have broken this long-term trend.It will be interesting to see what the result in 2022 will be.There has certai

85、nly been the opportunity for customers to move out in 2021 with all lockdown restrictions removed,along with most other pandemic related restrictions.Self storage customers often fall into 2 groups;short term-less than 9 months of storage and long term-often stay for multiple years.It is possible th

86、at during lockdown a lot of customers that would have been short term,have now ingratiated themselves into self storage,seeing the value beyond their short-term need and are now long-term customers.When comparing rental rates by region you can see that London continues to achieve much higher rental

87、rates than the rest of the country and has had a significant increase in 2021.All regions other than Scotland had a solid rise in rental rates.It appears that the drop in rental rates for the West Midlands&Wales was an anomaly,with the 2021 data showing an increase over 2019.2242006200720

88、08200920000%10%20%30%40%50%60%70%80%90%19.6364%63%67%69%70%73%74%76%76%82%83%77%20.6321.0821.0821.9721.0619.9619.6121.0022.1522.6823.0823.1123.0823.9426.13CHURN RATEAVERAGE NET ROOM RATE AND OCCUPANCYRENTAL RATESAverage rental rates have continued to rise,

89、up 1%from 2020.This is the highest average rental rate since the survey began.When combining this with the increase in occupancy,the industry has been considerably more profitable in 2021.While some operators may have been cautious about rate increases during 2020,the end of the pandemic and increas

90、ing inflationary pressures on the industry have led operators to be more aggressive with their pricing.All rental rate data is excluding VAT.3738S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2RENTAL

91、 AND OCCUPANCY RATES BY AREA 2021SCOTLAND84.2%80.5%86.6%80.3%81.2%83.65%YORKSHIRE&THE HUMBER85.4%83.6%LONDON83.9%SOUTH EASTSOUTH WESTWEST MIDLANDS&WALESUKEAST MIDLANDSNORTH83.4%19.3818.4821.0017.0820.5936.3825.2026.3522.9626.13EAST OF ENGLANDRENTAL RATESOCCUPANCY RATES3940S E L F S T O R A G E A S S

92、 O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2050000000250003000035000LONDONSOUTHEASTSOUTHWESTWESTMIDLANDS&WALESEASTMIDLANDSEAST OFENGLANDNORTHSCOTLAND YORKSHIRE&THEHUMBERUKHOUSEHOLD DISPOSABLE INCOMEPER CAPITA AV

93、ERAGE RENTAL RATE(MATURE STORES)16.18%051015202530While rental rates in London are higher,so is the average disposable income.The cost of living is also higher,as are land prices and property rents for leasehold stores.The following chart shows that whilst the Midlands&Wales are showing lower return

94、s,their population has a lower average household income.A break in this trend is shown in Yorkshire&The Humber,which also has lower household income,but are achieving higher storage rents.Measuring rental rates on their own only shows part of the equation,as profitability of the business is tied to

95、both rental rates and occupancy.If one is increased at the expense of the other,then the increase in profit is limited.As the following chart shows,the increase in both occupancy and rental rates has seen a sharp increase in profitability for the industry for the second year in succession,continuing

96、 a similar trend from 2020.However,while the increase in 2020 was primarily driven by occupancy increases,this year it was influenced more by the increase in rental rate on a per square foot basis.Source:Oxford Economics200001920202021PROFITABILITYNET RENTAL RATE/sf

97、p.a.21.9721.0619.9619.6121.0022.1522.6823.0823.1123.0823.9426.13OCCUPANCY RATE0%10%20%30%40%50%60%70%80%INDUSTRY PROFITABILITY 42S E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 241S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L D0K100K200K300K400KAV

98、ERAGE EBITDA22.8%INCREASE276,345339,4370%8%16%24%32%40%202020214.20M4.58M4.96M5.34M5.72M6.10M6.48M6.86M7.24M7.62M8.00M202020214,656,8937,505,959AVERAGE EBITDAEBITDAAVERAGEEBITDA(EARNINGSBEFOREINTEREST,TAX,DEPRECIATIONANDAMORTISATION)AVERAGE EBITDA(EARNINGS BEFORE INTEREST,TAX,DEPRECIATION AND AMORTI

99、SATION)AMONG COMPANIES WITH AN EBITDA OF BELOW 1MThis metric shows that the success of the industry is not just being driven by the larger operators.The smaller companies have also increased their EBITDA,with this exceeding the 19.5%increase in 2020.Survey respondents were asked if they had changed

100、the level of incentives or discounts offered to customers over the last 12 months.For the first time,there was a significant decrease in incentives.This would be as a result of the strong occupancy figures,as there is less need to offer incentives if your occupancy rates are close to optimal and ret

101、urns are strong.Discounts are traditionally offered to encourage customers to use the service,particularly as product awareness is low.Other data in this report shows that customers often think they will only use storage for a short period of time,but tend to use it for longer.This gives the busines

102、s the opportunity to recover this initial discounted rate over time.It will be interesting to see if this reduction in incentives is maintained long term,or if discounts return if market conditions change.OTHER OPERATING METRICSMany self storage businesses use EBITDA(Earnings before Interest,Tax,Dep

103、reciation and Amortisation)to measure the profitability and growth of their business.This metric measures the profit made by the business and is somewhat a proxy for cash flow.It removes many items business owners have discretion over,such as debt financing,capital structure and depreciation to give

104、 a simpler analysis of profit from the business.EBITDA will clearly vary depending on the size of the business.This data further supports the success of the industry in the past 12 months.It should be noted that not all operators have provided this data to the survey.Also,self storage businesses dur

105、ing the initial fill up stage will usually have a lower,and maybe even negative,EBITDA result.0%20%40%60%80%100%2001920202021DECREASEDSTAYED BROADLY THE SAME9%9%9%82%90%76%85%74%42%56%2%3%2%8%5%18%13%19%INCREASEDCHANGE IN INCENTIVES PROVIDED OVER THE PAST YEAR4344S E L F S T O R A G E A S

106、 S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2Self storage stores themselves do not employ many people,with even the largest stores having on average only 3 full-time staff.However,while not direct employers,self storage s

107、tores are strong supporters of local small businesses.Many are viewed as business incubators,assisting local business transition from family,home-based operations,to larger-scale operators themselves employing more staff.Comparing this to last years data,stores with less than 200 units are employing

108、 fewer staff.This could be due to the emergence of more small un-manned sites,some of which are using new mobile device-based technology for access control.Operating cost data can vary materially,with operators taking differing approaches to the allocation of certain cost lines.Consequently,a certai

109、n amount of judgement is required when analysing operating costs.Staff costs,rates and taxes remain the largest expenses,totalling 51%of all costs.The long-term trends for this data are relatively stable.There are changes coming in terms of business rates calculation in 2022/23 which could influence

110、 this result in years to come.Five yearly valuation reviews are to become 3-yearly and,perhaps most worrying,a“Duty to Notify”the VOA when you,amongst other things,physically alter a property.0.00.51.01.52.02.53.03.5LESS THAN 200BETWEEN 200&500MORE THAN 500PART TIMENUMBER OF UNITS IN FACILITYAVERAGE

111、 NUMBER OF STAFFFULL TIME1.51.52.51.31.23.0OPERATING COSTSAVERAGE NUMBER OF STAFF FOR DIFFERENT FACILITY SIZES31%STAFF COSTS20%RATES&TAXES12%MANAGEMENT COSTS7%ONLINE MARKETING5%UTILITIES11%OTHER EXPENSES4%INSURANCE1%MERCHANDISE6%REPAIRS&MAINTENANCEOTHER MARKETING2%4546S E L F S T O R A G E A S S O C

112、 I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 211%SOURCE OF ENQUIRIESESTIMATED CONVERSION RATECOMPANIES THAT DISPLAY PRICES ON THEIR WEBSITE69%9%3%3%3%2%9%75%6%WEBSITEREFERRALSOCIAL MEDIANOT KNOW/OTHERSIGNAGEDIRECTORIES5%4%Web-ba

113、sed enquiries continue to represent the bulk source of enquiries and have increased their share from 69%in 2020 to 75%.Directories continue to decline as did signage for the first time this year.Care should be taken when interpreting this data as often the enquiry is not from a single source.For exa

114、mple,a customer that was aware of the store from signage may use the website to get contact details of the store and to acquire more information.00708090WEBTELEPHONEWALK-IN2022QUARTILE 126.28%20%53%39%76%50%86%61.48%72.23%QUARTILE 3Conversion data varies considerably from store to store a

115、s shown by the quartile bars in this graph.This is partly due to the way in which stores handle customer enquiries,but it is also influenced by the way in which they record their data.Recording all incoming enquiries to their correct source requires robust management systems.Both web and phone conve

116、rsions increased this year.Phone conversions the most significant,up 13%on last year.Walk-ins remained basically the same following their increase in 2020.Overall the industry is converting more enquiries than last year.Conversion rates are influenced by the number of stores a customer contacts.They

117、 are more likely to contact multiple stores online,while only visiting one or two.Hence,online conversions will always be lower.Other research the SSA conducts,such as the Mystery Shopping Programme,indicates a large difference in the way operators deal with online enquiries.Some operators will enga

118、ge with a customer online and attempt to secure a sale in that medium,while others will endeavour to contact the customer by phone and convert the sale in a more personal manner.The number of companies that display prices on their website continues to increase.When you consider that all the major op

119、erators now display prices on their websites in some form,the number of stores displaying prices is much higher.There are differences in how companies display their prices.Some have them open for anyone to view while others require you to enter some personal contact information before displaying the

120、 price or to request a quote online before a specific price is displayed.YES202015201476%73%72%65%63%64%54%53%4748S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2CAN CUSTOMERS R

121、ESERVE OR PAY FOR A UNIT ON YOUR WEBSITEAVERAGE FACILITY SIZE69%There has been clear growth in the number of businesses that provide the facility for customers to reserve and pay for their units online.The pandemic has led more operators to look at“contactless”move-in procedures and online check-ins

122、 are now common on self storage websites.While taking payments online is relatively easy,the process of checking ID and validating self storage contracts is more complex.The industry needs to take care that it does not compromise its robust ID checks of customers when moving to online sign-up proces

123、ses.0%10%20%30%40%50%60%70%80%20021RESERVE A UNIT ONLYRESERVE AND PAY FOR A UNIT42%39%20%21%24%68%54%71%15%14%11%23%NOFACILITY DATA20021AVERAGEAVERAGEAVERAGEAVERAGECURRENT SPACE OCCUPIED(SQ FT)(CLA)33,70829,88633,64635,581CURRENT NET LETTABLE(SQ FT)44,29040,40141,61243,444MAXIM

124、UM NET LETTABLE(SQ FT)(MLA)46,73142,53744,05545,462Data from operators that completed the survey shows the average store size has increased for the second year in a row.The industry is expanding in all markets including London,regional cities and small regional towns.The size of the store will vary

125、greatly depending on its location,with several“mega stores”in London,larger stores in the main cities such as Manchester and Birmingham,working down to small sites of less than 100 units in regional locations.The smallest site in the survey group had less than 1,200 square feet of CLA and the larges

126、t over 150,000.Companies that completed the survey indicated they have 733,000 square feet of potential self storage space yet to be fitted out within the current number of facilities.This is down from 1 million square feet in last years survey.Not surprisingly,as occupancy rates increase operators

127、are fitting out part or all of the additional space they currently hold.This chart shows the spread of store sizes within the sample group.The large number of 65,000 square feet stores and above are most likely to be situated in major cities,with the remainder being located in regional cities and to

128、wns.NUMBER OF STORES BY SIZE FROM SURVEY SAMPLE00UP TO 5,00010,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,00065,00070,00075,00080,00085,00090,00090,000+7344574834144950S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS

129、E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2TENUREThere has always been a preference for self storage owners to acquire freehold/long leasehold property interests rather than short leasehold(generally under 25 years).In this years survey,80%of properties were either held freeh

130、old or long leasehold.Short leaseholds are usually only considered where a freehold cannot be secured,or where there is a constraint in funding.New entrants to the industry may take leasehold sites initially and then acquire freehold sites later when they have access to more capital funding.Containe

131、r sites are also more likely to use leasehold property.0%10%20%30%40%50%60%70%80%90%100%200001920202021ONENONE91%9%84%13%81%14%89%88%8%76%11%74%75%21%19%17%5%72%86%75%15%14%64%20%TWOOVER THREETHREENUMBER OF STORES OPENED PER OPERATOR EXPANSION ACTIVITYThis chart show

132、s the ongoing growth of the industry,but also the constraining factors on operators developing new sites.It is unusual for an operator to develop more than 3 stores in a year,even for the large publicly listed companies.The trend for the last 7 years has been that around 25%of operators in the group

133、 will add new sites.Many operators have ambitious growth plans,but more often than not they are limited by access to property,planning constraints and timing,funding constraints or delays in construction.It should be noted that this data is taken from the survey group only and does not represent the

134、 entire industry.NUMBER OF SITES EXPECTED TO BE DEVELOPED OR ACQUIRED IN THE FUTURE0070202220232024ACQUIREDDEVELOPED443053302951Operators continue to be bullish in terms of their expectations of growth in the coming years.The predictions for 2022 and 2023 are largely consistent with the p

135、redictions made last year.Normally,operators are overly optimistic about their expansion plans.However,last year they predicted to develop 44 sites and in fact added 41.Considering the delays in acquiring building products and staff in 2021,along with the escalating price of construction,this can be

136、 regarded as a positive return for the industry.The lead time for building a new store has increased significantly since 2019.Not just the construction time,but delays in planning due to pandemic backlogs and staff shortages mean projects are typically taking months longer to get to construct.This,c

137、oupled with the increasing cost of construction,it will be interesting to see if all the predicted new stores in 2022 and 2023 come to fruition.Acquiring new sites is also becoming more difficult.The industry is becoming more consolidated with a limited number of“mid-tier”operators with 5 20 substan

138、tial sites in the market.Interestingly,this year all the significant multi-site operations sold were acquired by operators or investors with existing stores.This despite increasing interest from new institutional investors.5152S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F

139、I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2There is less optimism for profits increasing this year than last year.Only 5%of survey respondents predict a better 2022,down from 18%last year.However,the industry remains positive with only 9%of respondents predicting a d

140、ownturn in profits,up from 5%last year and 62%overall expecting some increase in profits.Given the significant increase in profitability over the last 2 years and growing inflationary pressures,some may be expecting a downturn or at least levelling of profits,but the operators believe there is still

141、 improvement to be made.0070809020001920202021OUTLOOK AND BUSINESS CONFIDENCELESS PROFITABBLESLIGHT DOWNTURNSAME AS LAST YEARSOME IMPROVEMENTMUCH BETTER THAN LAST YEARARE YOU CONSIDERING FUTURE MIXED-USE DEVELOPMENT FOR EITHER EXISTING OR FUTURE STORES?0%1

142、0%20%30%40%50%60%70%NO INTEREST IN MIXED USEI AM CONSIDERING IT FORA FUTURE DEVELOPMENT/EXPANSIONI WILL BE USING IT IN AFUTURE DEVELOPMENT/EXPANSION2021202063%40%24%14%45%13%There has been a considerable swing towards operators considering mixed-use for future development,but the number definitely c

143、ommitted to do so in future developments remains low.This type of development includes adding shop fronts,workshops,retail,residential or other uses to their site in addition to self storage.This can increase the prominence and appeal of the site and attract more customers as well as potentially ope

144、n up different properties for viable development.It will be interesting to see if the added interest this year converts to more such developments in the coming years.ARE YOU MAKING ANY SUSTAINABILITY IMPROVEMENTS TO YOUR BUSINESS IN 2022/23?0%5%10%15%20%25%30%35%40%45%NOYES,CHANGINGOR OPERATINGPRACT

145、ICES TOREDUCE ENERGYOR WASTEYES,BUILDING ANEW STORE OREXPANDINGA STORE WITHMORESUSTAINABLEENERGY ORBUILDINGMETHODSYES,PHYSICALLYMODIFYING MYEXISTINGSTORE WITH MOREENERGY SAVING ORENVIRONMENTALLYSUSTAINABLECHANGESYES,BUILDING NEWSTORES INCORPORATINGAN ESG CRITERIAAND MORESUSTAINABLE ENERGYOF BUILDING

146、 METHOSUNDER THE MINIMUMENERGY EFFICIENCYSTANDARDSOTHER2021202034%20%24%16%19%19%3%2%5%18%39%This is the second year we have asked this question and already there is a large movement towards implementing more environmentally sustainable practices in the industry.Now only 20%of respondents have indic

147、ated they are not currently making any sustainability changes to their business.A new option added this year is the ESG building of new stores,which has indicated some operators are already using sustainable building methods for new development.Self storage businesses by their nature are not large c

148、onsumers of energy,especially when measured against the size of their physical footprint.However,the construction of stores relies heavily on steel and concrete which have traditionally been less environmentally friendly.This is why having stores both operated and constructed using sustainable mater

149、ials and practices is a significant step forward for the industry.At the moment it is mainly the larger operators that have committed to reducing their carbon footprint.Another factor to consider is that it is almost always more sustainable to retrofit an existing building than to build a new one fr

150、om the ground up.Will this change the way operators grow their portfolios in the future?5354S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20707PUBLIC SURVEYSURVEYPUBLICPUBLIC SURVEY07One way the sur

151、vey attempts to measure the awareness of the industry is by asking respondents how many self storage stores they are aware of in their local area.The vast majority of people who live in the UK would now have at least one local self storage store,albeit possibly a small one.Those living in major metr

152、opolitan areas are likely to have 3 or more nearby.Yet 55%of people are unaware of a self storage facility in their area.There has been limited movement in this number in the last 4 years.One factor that should be considered is that self storage is a needs-based business.So people without a need are

153、 less likely to be looking for,and hence aware of self storage businesses in their local area.Its not uncommon for people who are new to the industry to comment on how they“did not realise how many self storage stores there were”.People are more likely to recognise the buildings and businesses when

154、they have a need for the product.KEY THEMESINDUSTRY AWARENESSSelf storage is still a relatively new industry in the UK and most people still have a lack of understanding of the service and benefits it provides.The data from the public survey shows that usage,awareness and understanding of the produc

155、t are increasing,albeit still at a slow rate.Awareness of the industry does increase among people that have a need,such as renovating or moving house,indicating that people do not consider or research self storage until they have a need.However,even amongst those with a potential need,the bulk of th

156、ese have a limited understanding of the service and so are often not considering using self storage in favour of other short term solutions such as using garage space or relatives houses.The data also shows that there are some clear differences in preference for online communication and transactions

157、 between male and female survey respondents,with females having a higher preference for online interaction than males.While storage related to removers has been around for a long time,and there were some individual self storage operators opening in the 90s,the industry only started acquiring promine

158、nt stores and actively marketing itself around 20 years ago.As a result,most people in the UK have still never used self storage and,as this study shows,do not have a clear understanding of what exactly the industry offers.In more mature self storage markets such as the USA and Australia,there is a

159、much greater knowledge and understanding of the product.The growth of the industry,more high profile stores and more people using and subsequently talking about self storage,will raise awareness and understanding over time.More general marketing from operators about ways to use the service would be

160、beneficial.Due to highly fragmented marketing policies and a reliance on operators to focus on Google,AdWords and other online search platforms that tend to target people already searching for self storage,there is less marketing promotion of the industry as a whole to people that may not be conside

161、ring self storage as a solution to their storage needs.0%10%20%30%40%50%60%70%CAN NAME 1 OR MORE STORESCANT NAME ANY20002240.8%38.6%39.4%43.1%45.7%43.7%45.3%59.2%61.4%60.6%56.9%54.3%56.3%54.7%SELF STORAGE AWARENESS IN THE LOCAL AREA5758S E L F S T O R A G E A S S O C I A T I O

162、N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%10%20%30%40%50%60%SELF STORAGE OFFER A RANGE OFUNIT SIZES TO SUIT PEOPLES NEEDS.SELF STORAGE CONTRACTSARE FLEXIBLE FROM 1 MONTHTO 12 MONTHS AND LONGERONLY I CAN ACCESS MY GOODSIN SELF STORAGE

163、,NOT THE STORE STAFF20002253%51%49%57%56%55%50%35%35%32%39%38%37%32%32%32%32%37%34%35%30%SELF STORAGE OFFERS A RANGE OFUNIT SIZES TO SUIT PEOPLES NEEDSI DONT HAVE ANYTHINGID PUT INTO SELF STORAGESELF STORAGE CONTRACTS ARE FLEXIBLEFROM 1 MONTH TO 12 MONTHS AND LONGERID IMAGINE T

164、HAT IT WOULD BEEXPENSIVE TO STORE THINGS IN SELF STORAGEONLY I CAN ACCESS MY GOODS INSELF STORAGE,NOT THE STORE STAFFSELF STORAGE BUILDINGSARE VERY SECURESELF STORAGE ISLIKE A BIG WAREHOUSESELF STORAGE BUILDINGSALWAYS LOOK CLOSEDSELF STORAGE IS MOSTLY USEDBY BUSINESSESIVE SEEN SOME SELF STORAGE BUIL

165、DINGS BUTIM NOT ENTIRELY SURE WHAT THEYRE FORSELF STORAGE IS ONLY FORSTORING EXPENSIVE ITEMSDONT KNOWNONE OF THESE0%10%20%30%40%50%60%50%40%32%32%28%26%14%10%7%7%5%2%36%This difference between awareness and understanding is demonstrated when survey respondents are asked about several potential eleme

166、nts of a self storage business,some of which apply and some of which dont.There has been limited improvement in this area over the past 8 years.Also worth noting is despite 50%of people thinking they have a good understanding of the product,only around 32%understood what we would consider the basic

167、fundamentals of self storage.Such as,flexible contracts,and that the customer locks their unit and keeps the key.0%10%20%30%40%50%60%70%200022LOW AWARENESSGOOD AWARENESSLINEAR(GOOD AWARENESS)59%58%54%41%42%46%48%48%49%50%51%50%52%52%INDUSTRY KNOWLEDGEThe survey also gauges peop

168、les understanding of self storage by asking them first what they think their own understanding of self storage is.Subsequently,there are questions on what they know about self storage to qualify this.The data shows that with the initial question there has been some improvement in the general underst

169、anding of self storage,however,it has been gradual.AWARENESSUNDERST ANDING%INAGREEMENT5960S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2BRAND AWARENESSDONT KNOW64.05%BIG YELLOW20.38%KANGAROO0.39%AR

170、MADILLO0.55%STORAGE KING0.37%OTHER9.69%SAFESTORE4.07%SELF STORE2.31%SHURGUARD1.61%ACCESS1.41%LOCK AND STORE1.05%BIG BOX0.74%Unprompted brand awareness shows that Big Yellow remains the most recalled brand.However,64%of people could not name a single brand.There has been very little movement in this

171、data over the past few years.The“other”data refers to the total percentage of other independent brands that exist.This is the area that has increased most significantly over the last 6 years,rising from 6.3%in 2014 to the current rate of 9.69%.There are certainly more independent operators in the ma

172、rket now which have contributed to growth.Self storage is a very localised industry,so if you have a strong brand in your local area,this can be of significant benefit.It is interesting to note that this years survey showed a stable number of people using self storage.This is based on the customer s

173、urvey,not actual usage.In fact,we know there are more people using self storage in 2022 compared with 2021,as evidenced by the growth of the industry and occupancy data.That being said,it is still a small percentage of the population,which has the potential for growth moving forward.There is a consi

174、stent theme of more people considering using self storage than materialises into actual users.The industry would do well to understand why so many people are considering using the product,but subsequently decide not to.SELF STORAGE USE200212022I AM CURRENTLY USING SELF STORAGE1.29%1.43%1.

175、75%2.28%2.28%I AM CONSIDERING USING SELF STORAGE IN THE NEXT 12 MONTHS5.36%7.66%6.53%5.80%6.19%I AM NOT USING/CONSIDERING USING SELF STORAGE IN THE NEXT 12 MONTHS86.12%84.54%86.02%86.12%85.56%DONT KNOW7.24%6.37%5.71%5.80%5.97%6162S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E

176、 F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2FINDING A SELF STORAGE BUSINESS0%10%20%30%40%50%60%70%THE SELF STORAGEFACILITY IS DIRECTLYVISIBLE ON THE ROADFRIENDOR FAMILYDONT KNOW/CANT RECALLADVERTISING IN ALOCAL PAPERADVERTISINGON RADIOADVERTISINGON TVDIRECT POSTYEL

177、LOW PAGESOUTDOORADVERTISING(e.g.BILLBOARDS etc.)INTERNETOTHER64%12%10%11%6%3%2%3%3%2%8%When the public were asked how they became aware of their local self storage business,road visibility remains the clear driver of recognition.This is not surprising given the effort most operators make to secure p

178、rime frontage locations.This,in part,can be attributed to the industrys fragmented approach to marketing aimed at growing the market.It is worth noting the importance of referrals to the industry,with hearing about the store from friends or family being the second-largest driver of business recognit

179、ion.The overall results have largely remained consistent over the last 5 years.Respondents were then asked how they would find information on how to contact a store,this being the research stage of their purchase.They were encouraged to select all the methods they would use to research,hence the tot

180、als of this graph add up to over 100%.Each figure represents the percentage of respondents that chose this option.After increases in internet and social media searches between 2014 and 2020,the last 2 years has remained consistent and has mostly stabilised.Use of the phone directory continues to fal

181、l,down from its peak of 20%in 2014.The local paper is also in decline.In previous years it has been as high as 12%,but is now only 5%.This underlines the importance of referrals to the industry,with asking friends or family being consistently around the 20%mark.HOW WOULD YOU FIND A STORE TO CONTACT?

182、73%INTERNET SEARCH10%DONT KNOW26%YOU KNOW A STORE NEARBY7%PHONE DIRECTORY19%ASK FRIEND/FAMILY5%LOCAL PAPER11%SOCIAL MEDIA1%OTHER6364S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%5%10%15%20%25%30%

183、35%40%45%BY PHONEVISITING THESTOREEMAIL ORONLINEMETHODSNONEOF THESEDONT KNOW20202021202227%28%20%21%10%8%11%41%35%3%3%3%30%29%32%Respondents were asked how they would prefer to contact a self storage business to make an enquiry.The COVID pandemic resulted in a big drop in people preferring to go int

184、o a store in the 2021 survey.While this has remained almost the same in 2022,the number of people preferring to shop online dropped and much of this moved to telephone contact.It will be interesting to see how this changes during the course of 2022 and to see the results in the 2023 report,where hop

185、efully,COVID-19 restrictions will have a more limited impact on the results.CALLING THE SELF STORAGE FACILITY DIRECTLY ON THE PHONEGENDERHOW WOULD YOU MOST PREFER TO CONTACT A SELF STORAGE FACILITY?25%25%32%34%MALE 2021MALE 2022FEMALE 2021FEMALE 2022KEYS42%32%40%39%BY USING E-MAIL OR ANOTHER ONLINE

186、METHOD TO DIRECTLY CONTACT SELF STORAGE FACILITY9%13%7%DONT KNOW8%21%26%19%17%BY VISITING THE SELF STORAGE FACILITY3%4%2%NONE OF THESE3%When analysing the same question on a gender basis you can see there are clear differences to how males and females prefer to contact a store.Males have moved back

187、to a preference of in-store visits from online,while females have continued to reduce their preference for in-person visits and increased preference for telephone contact.6566S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T

188、 R Y R E P O R T 2 0 2 20%10%20%30%40%50%60%ONLINEIN STORENO PREFERENCE2021 MALE2022 MALE2021 FEMALE2022 FEMALE56%43%54%49%25%34%32%20%20%20%23%25%Whilst,since the pandemic,there has been a move back towards in-store completion of the booking process,this is more prominent in males compared with fem

189、ales.This reflects data produced from the previous question on methods of contacting a store.It seems that men are more encouraged to go back into a store since the pandemic,while more women would rather remain online.ATTITUDE TO TECHNOLOGY0%5%10%15%20%25%30%35%40%45%VERYWILLINGFAIRLYWILLINGNOTVERY

190、WILLINGNOTAT ALL WILLINGDONT KNOWNET:COMFORTABLENET:NOTCOMFORTABLE2020202120229%29%26%18%18%14%15%22%22%20%20%44%44%44%13%31%33%36%38%36%11%While there was a shift towards acceptance of technology in 2021 during the pandemic,the results for this year have not changed as significantly.A total of 20%o

191、f respondents were unsure,which is a lot compared to other questions in the survey.Given there is very little of this technology currently being used in the UK,it could be that customers need to have greater exposure to the technology available for them to understand if it is a service that appeals

192、to them.Respondents were also asked which one,if any,of the following ways would they prefer to complete the booking process?HOW WILLING WOULD YOU BE TO USE AN AUTOMATED STORE?HOW WOULD YOU PREFER TO BOOK A SELF STORAGE UNIT?6768S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E

193、F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2PRICE AWARENESSThe survey asks how much the person expects to pay for a 100 square foot self storage unit per month and gives an example of the amount of goods that would fit into such a unit(to help them visualise the siz

194、e).The results show a significant lack of understanding of the pricing,with 30%having no understanding and only 9%were within the correct price range for their region.This is one of the reasons the industry relies so heavily on upfront incentive schemes to encourage people to use self storage for th

195、e first time.Customers will initially be surprised by how much self storage costs,and incentives such as 50%off the first month can help overcome this barrier.Customer data shows that once people move their goods into self storage,they get a better appreciation of the service provided and commonly r

196、ate it as good value.It also shows that the majority of customers stay longer in self storage than they expected to.However,it could be viewed as concerning that price awareness of the industry is not improving and almost a third of people are unaware what a self storage unit would cost them.0%5%10%

197、15%20%25%30%35%LESS THAN 1010 TO 5051 TO 100101 TO 150151 TO 200201 TO 250MORE THAN250DONT KNOW200222%2%2%2%15%15%17%15%19%20%23%22%14%14%14%14%8%8%9%9%4%4%5%5%4%4%5%5%33%30%29%28%PRICE EXPECTATIONCHANGES IN LIFESTYLEThe survey shows that even more people were involved in some sort of hom

198、e renovation or relocation over the last 12 months compared with 2020 at 42%.While the installation of home offices has fallen,all general home renovations has increased.0%10%20%30%40%50%60%70%INSTALL A HOMEOFFICE INMY HOMERENOVATEA BATHROOMIN MY HOMERENOVATEA KITCHENIN MY HOMEMOVE(D)HOMEADD MOREPEO

199、PLE TOMY HOUSEHOLD(e.g.HAVING ACHILD,RETURNINGCHILD(REN),PARENTSOR OTHERS)ANOTER TYPEOF HOMERENOVATIONNONEOF THESE202120228%9%9%10%12%13%15%61%58%12%6%5%5%7%CHANGES TO YOUR HOME IN LAST 12 MONTHS6970S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E

200、 A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%10%20%30%40%50%60%70%80%90%I AM CURRENTLY USINGSELF STORAGEI AM CONSIDERINGUSING SELF STORAGEIN THE NEXT 12 MONTHSI AM NOT USING/CONSIDERINGUSING SELF STORAGEIN THE NEXT 12 MONTHSDONT KNOWNO HOUSE CHANGEHOUSE CHANGE1%4%5%3%10%86%81%10%When linking th

201、is data with the previous question on use,we see that people going through life-changing moments are more likely to be using or considering using self storage.While this shows that changes in the housing market impacts self storage,the results are not as dramatic as some would expect.A total of 42%o

202、f the survey have undergone some sort of change to their home,but only 14%of them were using or considering using self storage.Does this tie back to awareness of the industry,and could these potential customers be considering self storage if they knew more about the service and its benefits?Consider

203、ation should also be given to supply factors.The industry is at record occupancy levels,so if a large portion of these people suddenly wanted to use self storage,there would likely not be the supply of product available to assist them.INTENTION TO USE STORAGE BASED ON HOUSE CHANGES72S E L F S T O R

204、A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 271S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L D0808CUSTOMER SURVEYSURVEYCUSTOMERCUSTOMER SURVEY08AGE PROFILECUSTOMER PROFILE FOR DOMESTIC USERSGENDER OF ALL CUSTOMERS THAT SIGNED UP FOR STORAGEThis graph shows th

205、e percentage of male and females that took out the initial self storage contract.It has remained broadly the same over the past 5 years.Measuring the mix of customers that actually use self storage is more complicated as often multiple people use the same unit.For example,a husband and wife where on

206、ly one put their name on the contract.Only 16%of users are currently aged under 35.Younger people have fewer possessions generally and less money for discretionary spend of this type.They are also less likely to have gone through the life changing moments that can lead people to self storage.The tim

207、ing of the survey also reduces the likelihood of student storage as this is more common in the summer months.42.9%56.7%MALEFEMALE0.4%OTHERS0%2%4%6%8%10%12%14%16%18%20-24YEARS25-29YEARS30-34YEARS34-39YEARS40-44YEARS45-49YEARS50-54YEARS55-59YEARS60-64YEARS65-69YEARS70-74YEARS75-79YEARS80-84YEARS2%4%7%

208、5%9%8%12%16%15%11%6%4%1%SURVEYNATIONAL72%40-70OF USERS ARE YEARS OLD43%50-65AREYEARS OLDAGEGENDER7576S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2When considering these results over time it is evi

209、dent that the average age of a self storage customer is increasing.The number of people using self storage aged under 40 is in decline,while those aged over 55 is increasing.This trend has only become prominent since 2019 so there is the possibility it could be pandemic related.It is of some concern

210、 to the industry that operators are not attracting as many younger people to use self storage as they would like,and this could impact the long term demand for the product.One potential reason could be linked to the housing market.With ever increasing house prices,it is difficult for younger people

211、to step on to the housing ladder for the first time.PREVIOUS USEConsidering only around 2%of the population are using self storage,it is interesting to note that over 41%of current users have used self storage previously.This further reinforces the importance of growing the market,as repeat custom i

212、s common.This figure has been mostly stable around the 41%level over the last 5 years.This further reinforces the notion that once people experience self storage they see value in it,and in this instance,become repeat use customers.HAVE USED BOTH THIS AND ANOTHER STORE PREVIOUSLY9.4%HAVE USED THIS S

213、TORE PREVIOUSLY9.8%HAVE USED ANOTHER STORE PREVIOUSLY21.9%TOTAL THAT HAVE USED STORAGE PREVIOUSLY41.2%MARITAL STATUS0%10%20%30%40%50%NEVER MARRIED/SINGLEWIDOWEDDIVORCED OR SEPARATEDMARRIED/CIVIL PARTNERSHIPSURVEYNATIONAL50%49%8%15%6%6%35%30%Breaking a relationship or losing a partner are one of the

214、life changing moments that bring people to self storage.Once into self storage these customers often find it a useful resource as they begin the next chapter in their lives.Hence,the reason divorced or separated people have a higher likelihood of using self storage.This year the number of widowed cu

215、stomers increased,bringing it up to the national average,largely at the expense of married people who fell back below the average.The challenge for self storage operators is to respectfully market to people that are going through a relationship breakdown as they are almost twice as likely to use sel

216、f storage as those in a relationship.MARITAL STATUS0%2%4%6%8%10%12%14%16%18%15-19YRS20-24YRS25-29YRS30-34YRS35-39YRS40-44YRS45-49YRS50-54YRS55-59YRS60-64YRS65-69YRS70-74YRS75-79YRS80-84YRS85YEARSANDOVER202020778S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L

217、 DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2TENURE OF RESIDENCYOWNED OUTRIGHTOWNED WITH A MORTGAGERENT36%NATIONAL33%NATIONAL31%NATIONAL28%SURVEY28%SURVEY45%SURVEYThere is clear indication that people owning their own home are more likely to use self storage compared with r

218、enters.This trend has been gradually increasing over the last 4 years,with owned outright up from 40%to the current figure of 45%.This ties into the other demographic data that suggests customers tend to be older and wealthier,and would also more likely own their own home.NUMBER OF PEOPLE IN THE HOU

219、SEHOLD0%5%10%15%20%25%30%35%40%45%123456 OR MORE23%42%16%12%4%2%SURVEYNATIONALThis chart shows that self storage is more likely to be used by couples rather than singles or families.Previous data on the age of customers showed most were over 40,which would remove many of the young singles from the n

220、ational average.The age demographic of users also supports the concept that many users may have families no longer living at home.However,the higher use by divorcees and separated couples would lead to an increased use by singles.This data has remained relatively stable over the past 5 years.7980S E

221、 L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%2%4%6%8%10%12%14%16%NIL1-10,39910,400-15,59915,600-20,79920,800-31,19931,200-41,59941,600-51,99952,000-64,99965,000-77,99978,000-103,999104,000-129,9991

222、30,000-155,999156,000-181,999182,000-207,999208,000-259,999260,000 OR MORE10%5%7%6%4%3%3%1%1%1%10%14%11%9%8%8%As you might expect,self storage customers tend to earn more than the national average,with 55%of customers earning above the average UK household earnings of 400-599 per week.However,the in

223、dustry is attracting more lower income customers as this figure has been decreasing and dropped significantly this year,down from 61%.More customers in the 300-399 a week bracket are using self storage and the number reporting nil income has remained high since the pandemic in 2020.Self storage rema

224、ins a discretionary spend for most customers and it will be interesting to see if the growing levels of inflation influence this figure in the coming 12 months.CUSTOMER PROFILE FOR BUSINESS USERSE-COMMERCE0%4%8%12%16%20%19%14%14%5%5%8%9%7%4%3%3%2%2%2%1%1%0%0%RETAILOTHERPROFESSIONAL SERVICESMEDIA AND

225、 ENTERTAINMENTNOT FOR PROFIT/CHARITYCONSTRUCTION AND BUILDINGWHOLESALEHEALTHCAREMANUFACTURINGEDUCATIONINFORMATION TECHNOLOGYTRANSPORTAUTOMOTIVETELECOMMUNICATIONSTRAVELPERSONAL SERVICESBANKING AND FINANCIAL SERVICESUTILITY COMPANY(WATER,GAS,ELECTRICITY etc.)GOVERNMENTOne of the benefits of self stora

226、ge is that it has a diverse range of customers,as this chart shows.The industry is not reliant on any one sector or customer group.This year the number of retail customers and e-commerce customers reduced.This is likely as a result of the impact of the pandemic on retail as the government subsidies

227、were wound up.Travel as a reason to use self storage has returned,but only to around half the level of pre-pandemic levels.IT use increased to 5%from historic levels of 1%-2%.Professional services remain a major driver of business customers at 14%,although their use has been in decline over the last

228、 5 years,down from 19%in 2017 to 14%in 2022.8182S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 263%1-321%4-105%11-204%21-507%50 AND ABOVEHOW MANY EMPLOYEES IN YOUR BUSINESS?As one would expect,self s

229、torage is used more by small enterprises,with 84%having no more than 10 staff and most 3 or less staff.There has been a marked increase in the number of businesses with 1-3 staff using self storage,up from 59%last year and 50%in 2017.The pandemic appears to have reduced the number of larger business

230、es using self storage and as yet they have not returned.However,it should be noted this survey may not have been responded to by many of the very large businesses that use self storage because they have a national account.Also,the survey may have not been sent to the correct person for completion,en

231、ding up with the accounts or sales department instead.The number of customers preferring to contact the store in person has risen since the pandemic last year,however,not to the same levels it was pre-pandemic(over 41%).The percentage of customers preferring email has fallen back to its pre-pandemic

232、 levels,but the preference to phone the store has remained high.Online chat has also risen,albeit from a small base.This data is from existing customers and can be compared to a similar question asked in the general public section of this report where both phone and email were preferred over visitin

233、g the store.PREFERRED METHOD TO CONTACT A STORECONTACT THE STORAGEFACILITY DIRECTLY BY VISITINGCONTACT THE STORAGEFACILITY DIRECTLY BY PHONECONTACT THE STORAGEFACILITY THROUGH EMAILCONTACT THE STORAGEFACILITY USING ONLINE CHATCONTACT THE SELF STORAGEFACILITY USING AN APPCONTACT THE SELF STORAGEFACIL

234、ITY USING SOCIAL MEDIA0%8%16%24%32%40%37%37%20%3%1%0%8384S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%10%20%30%40%0-10SQ FT11-50SQ FT51-100SQ FT101-200SQ FT201-500SQ FT501-1000SQ FTMORE THAN1001

235、 SQ FTDONT KNOWDOMESTICBUSINESS9%10%7%4%35%28%26%25%13%13%14%12%3%1%0%6%PATTERNS OF USESIZE OF UNIT OCCUPIEDDOMESTIC/BUSINESS SIZE OF UNIT OCCUPIEDIn last years survey there was a movement by commercial customers to take smaller sized units,possibly as a result of downsizing their storage needs duri

236、ng the pandemic.This has mostly been reversed this year with the data reverting to historical norms for business customers.The high level of dont know answers further demonstrates that customers struggle with unit sizes,even when they are using the unit.It should be noted that self storage units are

237、 rarely priced on a linear scale.Smaller units are almost always priced at a higher price per square foot compared with larger units.So,a store with fewer smaller units will likely be getting a lower yield on the store as a whole.It is not uncommon for a store to open with more large units which are

238、 often broken down into smaller units when the store reaches a more stabilised level of occupancy.While operators would often prefer more smaller units at maturity,customer demand and historical build and unit configuration will ultimately dictate the unit mix.0%5%10%15%20%25%30%3 MONTHSOR LESS4-6 M

239、ONTHS7 MONTHS-UP TO1 YEAR1-2 YEARS3-4 YEARS5-6 YEARS7-8 YEARS9-10 YEARSMORE THAN10 YEARSDOMESTICBUSINESS18%8%8%8%8%5%3%3%2%5%9%14%14%14%22%26%20%12%Since the pandemic there has been an increase in the time customers have been keeping their unit,particularly from domestic customers.The 2021 report sh

240、owed 43%of domestic customers had their unit for less than 6 months,this year it has dropped to 32%.It seems that customers that moved in during the pandemic are less likely to leave.In 2020 this could have been attributed to lockdowns and people not being able to easily move their goods.Over the la

241、st 12 months the impact of lockdowns has lessened and customers could more readily move out if they chose to,yet the length of stay is continuing to increase.This would be contributing to the increased levels of occupancy within the industry and it will be interesting to see if the pattern is sustai

242、ned in the coming 12 months.HOW LONG HAVE YOU HAD YOUR CURRENT UNIT?DOMESTIC BUSINESS DIFFERENCE86S E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 285S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DThis data is taken at a fixed point in time and doe

243、s not factor intended length of stay.Self storage customers usually fall into 2 groups,short term,up to around 9 months,and long term which stay for 2+years.Most domestic customers first rent their unit based on a short term need and only intend to stay less than 9 months.However,once they start usi

244、ng the service many customers appreciate its benefit and end up staying for a much longer period.0%5%10%15%20%25%3 MONTHSOR LESS4-6 MONTHS7 MONTHS-UP TO1 YEAR1-2 YEARS3-4 YEARS5-6 YEARS7-8 YEARS9-10 YEARSMORE THAN10 YEARS2021202220%17%17%13%14%14%21%21%15%16%6%8%2%2%1%3%3%5%2021-20220%10%20%30%40%50

245、%0-3MONTHS4-6MONTHS7-12MONTHS13-18MONTHS19-24MONTHSMORE THAN24 MONTHSDONTKNOWDOMESTICBUSINESS21%15%13%11%6%6%7%18%21%17%50%5%9%3%INTENDED LENGTH OF USEThis chart shows clearly that business customers tend to stay longer than domestic.However,it also shows 18%of domestic customers intend to stay for

246、more than 24 months.Most domestic use customers intend to use self storage for less than 6 months when they first take out their unit.We see this when they complete their initial contracts and select an intended move out date.Yet as previous data shows,57%stay over 6 months and 44%over a year.8788S

247、E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20%10%20%30%40%0-3MONTHS4-6MONTHS7-12MONTHS13-18MONTHS19-24MONTHSMORE THAN24 MONTHSDONTKNOWUNDER 6 MONTHS CURRENT USEOVER 6 MONTHS CURRENT USE37%23%13%12%

248、4%1%8%5%12%24%22%10%16%6%The split between long term and short term domestic customers is shown clearly here where the expected length of stay is broken down between customers that have already stayed in their units for less than 6 months,and those that have stayed over 6 months.Here you can see tha

249、t customers that have only stayed for 6 months or less believe that they will only stay in storage a short time,but once they stay over 6 months there is a big shift to expect to stay for longer,22%staying 2 years or more.You could probably assume the dont knows would also likely stay for a longer t

250、erm,as if they intended to move out sooner,they would indicate as such.The challenge for self storage operators is to convince more domestic customers to stay beyond the 6 month period and convert into long term customers.INTENDED USE BY LENGTH OF STAY FOR DOMESTIC CUSTOMERSIt is well established th

251、at self storage is very much a location-based business.The data supports this with 60%of respondents travelling 15 minutes or less and 75%travelling 20 minutes or less to their self storage store.Customers in more regional areas may have to travel over 20 minutes to find their nearest store,while mo

252、st cities now have a much higher density of self storage supply with a range of stores within a 20 minute commute of most customers.This year the number of respondents travelling less than 5 minutes dropped from 14%to 10%while the number travelling 46 minutes or more increased from 5%to 9%.As the co

253、st of fuel increases in the coming 12 months,coupled with a high rate of inflation,this could further influence customers to find a store closer to their home or business.10%28%22%15%10%6%9%LESS THAN 5 MINUTES6 TO 10 MINUTES11 TO 15 MINUTES16 TO 20 MINUTES21 TO 30 MINUTES46 MINUTES OR MORE31 TO 45 M

254、INUTESTIME TO TRAVEL TO YOUR SELF STORAGE STORE8990S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 220%14%7%3%23%FEWER THAN 3 TIMES PER YEARABOUT ONCE A WEEKMORE THAN ONCE A WEEKONCE OR MORE A DAY3 TO

255、 6 TIMES PER YEAR32%ABOUT ONCE A MONTHA total of 75%of customers visit their unit once a month or less.This result has not changed significantly since the pandemic,however,there was a small drop in daily visitors this year and an increase in fewer than 3 times a year.Self storage is often perceived

256、as a high traffic business.However,this data suggests the contrary with very few customers accessing their unit daily or even weekly.Of those that do,the vast majority are commercial customers.VISITSThe number of customers using self storge as they were moving house declined this year.This could be

257、a result of the stamp duty holiday expiring during 2021.General storage due to lack of space at home increased.Moving house and reasons associated with this such as decluttering to sell do make up the largest amount of domestic customers,but this is still below 40%of domestic customers and less than

258、 30%of all customers.One of the benefits of self storage is that it is not reliant on a single group of people or industry to source customers.A diverse group of people use self storage for a range of reasons,so if the property market does stall,customers will come from other places.The industry is

259、designed to have a constant churn of customers and they do not usually have anchor tenants or customers taking a significant portion of storage space.This means that self storage businesses rarely get significant fluctuations in occupancy in a short period of time.Once a store reaches maturity,occup

260、ancy rates usually only move 1 or 2%in any given month if at allREASONS FOR USING STORAGE PERSONAL CUSTOMERS2020IM MOVING AND I AM BETWEENPROPERTIES AT THE MOMENTNO ROOM FOR ITEMS AT RESIDENCEI NEED TO CREATE MORE SPACE AT HOMEI HAVE RECENTLY HAD AN IMPORTANTLIFE EVENT(e.g.,BIRTH OF A CHILD,MARRIAGE

261、,DEATH,INHERITANCE,SEPERATION,DIVORCE,etc.)IM MOVING AND DONTHAVE ENOUGH SPACE IN THE NEW HOMEMY HOME IS BEING DECORATED OR RENOVATEDAND I NEED TO STORE MY BELONGINGSWHILE THIS IS BEING CARRIED OUTI NEED TO DECLUTTER MY HOME TO SELL ITI NEED TO STORE MY BELONGINGSDURING THE UNIVERSITY HOLIDAYS0%5%10

262、%15%20%25%30%35%26%30%12%12%8%8%4%1%202120229192S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2OTHER(PLEASE SPECIFY)CHANGE INEMPLOYMENTEXTENDEDHOLIDAYINTERNATIONALMOVEKIDS RETURNINGHOMEDEATH INTHE F

263、AMILYENDING ARELATIONSHIPENTERING A NEWRELATIONSHIPBIRTH OF A CHILD0%5%10%15%20%25%30%35%26%6%9%15%15%12%12%2%2%2%2%1%3%0%0%28%33%30%20222021This question was introduced in 2021 and is answered by those respondents that indicated they were using storage due to a life changing moment.Not surprisingly

264、 given the ongoing restrictions on international travel at the time of completing the survey,no respondents were on an extended holiday.Death in the family remains the most common of the listed items to bring people into self storage.This again poses a challenge to self storage businesses in terms o

265、f marketing with respect to families that may be grieving a lost family member,but need somewhere to store their sentimental items.Some operators are using social media for this,providing advice for people as well as promoting their service.Of the respondents that indicated other,common reasons were

266、 COVID or other medical reasons,parents moving in with other family members or death of a friend.WHAT LIFE CHANGING MOMENT BROUGHT YOU TO SELF STORAGE?The perception of value of self storage dropped for the first time this year,although with only 19%of customers saying it is poor value,the overall p

267、erception of value remains high compared to many other industries.As occupancy rates and inflationary pressures increased towards the end of 2021,many operators increased their prices,some at higher levels than previous years.This could have impacted perception of value.OBSERVATIONS ON THE INDUSTRYP

268、ERCEPTION OF VALUE FOR MONEYYES,I BELIEVE SO61%202266%202166%202018%202068%201920%201966%201817%201817%201820%2021DONT KNOW21%202212%201916%202014%2021NO,I DONT BELIEVE SO19%20229394S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N

269、D U S T R Y R E P O R T 2 0 2 2SATISFACTION WITH SERVICE0%10%20%30%40%50%60%70%80%90%100%TOTAL SATISFIEDINDIFFERENTTOTAL DISSATISFIED20202021992%92%93%89%6%2%2%3%3%4%6%7%5%4%94%Satisfaction levels dropped below 90%for the first time this year with a similar percentage point drop to that i

270、n the question of value.The industry historically has shown exceptional customer service once the customer is in store.This is evidenced through mystery shopping results as well as this survey.Next years results will help show if this is an anomaly or the start of a new trend.Dissatisfaction also ro

271、se slightly,but at 4%this is much lower than most other customer facing industries.ADDITIONAL SERVICESThese results have not changed significantly from last year.The biggest change was lighting moving from 9%to 11%.This chart gives operators an idea of additional services that they could potentially

272、 charge customers for use of as a value added service.Some operators do not like offering waste disposal as this can lead to overflowing bins and customers using the self storage store as a free dump for everything they dont want.The cost of rubbish disposal is also rising.When asked if they thought

273、 their store should offer additional services,17%of customers said yes while 39%said they did not know.When given a list of potential services that could be offered,waste disposal was the most popular.WASTE DISPOSALMORE LIGHTINGSHELVINGEXTENDED/DIFFERENT OPENING TIMESELECTRICITY/POWERPHONE APP FOR M

274、ANAGING YOURACCOUNT AND ACCESSING YOUR UNITRECEIVING PARCELS ON YOUR BEHALFLOGISTICS AND TRANSPORTATIONONSITE HELP FROM STAFFOFFICE SPACEMORE LIFTSFULLY AUTOMATED STOREBLUETOOTH ACCESSINSURANCEHEATINGWI-FI0%2%4%6%8%10%12%14%16%15%1%2%2%3%4%4%6%6%6%6%7%8%9%10%11%9596S E L F S T O R A G E A S S O C I

275、A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2RESEARCHING SELF STORAGEHOW DID YOU FIRST LEARN OF YOUR SELF STORAGE STORE?5.78%20195.40%20206.30%20214.75%2022BILLBOARD SIGNAGE/BUILDING ADVERTISING39.79%201943.24%202046.33%202148.28%

276、2022INTERNET SEARCH0.73%20190.61%20200.47%20210.69%2022SOCIAL MEDIA-FACEBOOK,TWITTER,YOUTUBE,PINTEREST,etc.39.14%201935.95%202033.08%202134.41%2022LOCAL KNOWLEDGE-AWARE OF THE LOCATION OF THE BUSINESS0.81%20190.56%20200.38%20210.15%2022TELEPHONE DIRECTORY0.73%20191.00%20200.56%20210.38%2022LOCAL PAP

277、ER1.38%20191.39%20201.13%20211.53%2022ONLINE ADVERTISEMENT11.64%201911.85%202011.75%20219.81%2022REFERRAL FROM FRIEND OR FAMILYNot surprisingly,more customers are using the internet to find their local self storage store and this has increased year on year.Store presence still accounts for 1/3 of re

278、sponses and this rose again this year,supporting the philosophy that operators should be looking for a good high exposure self storage site.Referrals remain the 3rd most common means of finding a store,considering that only 2%of people are using self storage this is quite high,as you presumably must

279、 have used the service or know someone that has,to recommend it.Telephone directories and local papers are dwindling to insignificance,now both below social media.This decreased for the first time this year.Combined with customers that said they initially learned about their store online,this means

280、that 73%of customers used the internet to assist them in their research.53%YES47%NOIF YOU INITIALLY LEARNED ABOUT YOUR STORAGE STORE OFFLINE,DID YOU THEN SEARCH ONLINE FOR MORE INFORMATION?9798S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N

281、 U A L I N D U S T R Y R E P O R T 2 0 2 2A FREE ALTERNATIVEe.g.PARENTS GARAGE,FRIENDS HOUSE etcRENTING A GARAGE IN THE AREASTORAGE WITH A REMOVALS COMPANYPAYING TO STORE YOUR GOODS INSOMEONE ELSES HOUSE OR PROPERTYRENTING A WAREHOUSEIN THE AREAMOBILE SELF STORAGE WHERE AUNIT OR BOX IS DELIVERED TO

282、YOU0%2%4%6%8%10%12%14%16%18%15%12%7%5%3%2%The so called disruptors of the self storage industry are mobile storage and peer to peer storage where you pay to store your goods in someone elses house.Yet this would indicate they are not being considered by the customers that use self storage,with only

283、2%of customers considering mobile storage and 5%paying to store in someone elses house.These numbers have not increased in the last 3 years.A self storage businesses biggest competitor,other than other self storage stores,is a free alternative in someone elses house or garage.Maybe the risks of stor

284、ing in someone elses house could be targeted in marketing programmes.There are some operators in the USA that have successfully done this.OTHER OPTIONS CONSIDERED?38%OF CUSTOMERS LOOKED AT AN ONLINE REVIEW SITE BEFORE SELECTING THEIR SELF STORAGE UNIT6%2%9%65%18%This has dropped slightly on last yea

285、r,but is still a big increase on 2020 where only 20%used a review site.Google reviews was the most popular site,followed by Trustpilot.Facebook was the only platform to have less people use it than previous years.Interestingly,1/3 of people that said they used a review site could not recall the name

286、 of the site they used.This shows that self storage businesses need to be managing their online reviews,particularly on Google.This is an area that many independent operators do not dedicate specific time or resources to.Businesses should be responding to reviews promptly with personal responses.Not

287、 only does this show people reading reviews that they are a pro-active business engaging their customers,but it will also increase their google SEO and Business ranking.There was a slight increase in the number of customers that answered no to this question.Also,since the pandemic,there has been a s

288、hift from getting assistance from staff in store to getting the information they need online.It can be difficult to visualise how much space you really need to hold all your goods when packed correctly.This is an area that most stores focus heavily on during the sales process.It is more challenging

289、to do this online and there are various types of space estimators on self storage websites to assist with this.NO,I THOUGHT I KNEW WHAT SIZE I NEEDED BUT ENDED UP NEEDINGSOMETHING DIFFERENTYES,THE STAFF HELPED ME WITH THE SIZE I NEEDEDNO,I WAS UNSURE AND DID NOT GET ASSISTANCEYES,I KNEW EXACTLY WHAT

290、 SIZE I NEEDEDYES,I GOT ALL THE INFORMATION I NEEDED ONLINEWAS CHOOSING THE SIZE EASY?99100S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 241%13%22%16%7%I DID NOT NEED ANY BOXES OR PACKAGING MATERIAL

291、SI GOT MY BOXES FROM A FREE SOURCE,FAMILY OR FRIENDI BOUGHT MY BOXES AND PACKAGING MATERIALS FROM SOMEWHERE ELSEI BOUGHT SOME OF THE BOXES AND PACKAGING MATERIALS I NEEDED FROM THE SELF STORAGE BUSINESSI BOUGHT ALL THE BOXES AND PACKAGING MATERIALS I NEEDED FROM THE SELF STORAGE BUSINESSAfter a dip

292、during the pandemic last year to 19%,the number of customers that bought packaging materials in the self storage store rose to 23%which is still below previous years of 25%-29%.When you consider 35%of customers acquire their packaging materials from another source,there seems to be a real opportunit

293、y for operators to increase their profitability by selling more packaging materials and ancillary services.Almost as many people bought their boxes from another source as used their self storage store.When you consider the markets in the USA and Australia,the self storage industry there sell a much

294、higher percentage of packaging materials than here in the UK.DID YOU BUY BOXES OR PACKAGING MATERIALS101102S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 20909SUSTAINABLE SELF STORAGESELF STORAGESUST

295、AINABLESUSTAINABLE SELF STORAGE09Over the last few years there has been an increased focus on how the self storage industry can become more environmentally sustainable.In terms of operations,self storage has always been a low energy user,particularly compared with other industries with similar-sized

296、 buildings.Very few self storage stores in the UK heat their storage space.Most stores have switched to LED lighting which is often sensor controlled.We are also seeing more stores add solar PV panels to their buildings,particularly in new builds.It is not unusual for a self storage store with solar

297、 cells to generate more electricity than it uses in a year.Some operators are adding green roofs,water retention systems,electric car chargers and other environmental initiatives.Self storage is also not a large generator of traffic.As this study shows 75%of customers visit their unit once a month o

298、r less and 20%fewer than 3 times a year.Customers also do not travel long distances to their storage unit with only 25%travelling more than 20 minutes and 38%travelling less than 10 minutes to their self storage store.The industry also does not use or produce many consumable items.Almost all packagi

299、ng materials provided are now recyclable and more operators are also sourcing from sustainable manufacturers.More contracts and other paperwork are being completed online,reducing paper usage.From an operational point of view,most self storage businesses are already well on the way to being carbon n

300、eutral and environmentally sustainable.The challenge is in the construction of the stores,especially as we move towards Net Zero and start taking embodied carbon into account.Traditionally steel is used for the construction of the self storage units,along with supporting beams for mezzanine floors a

301、nd other supporting structures.The buildings themselves are often heavily reliant on concrete in construction.Both materials are currently carbon heavy in terms of production and distribution.As the industry looks to become more sustainable at all levels operators are looking at how they can reduce

302、their carbon footprint in construction,hence converting an existing building into self storage,against building a new one could become a preferred option.Conversions almost always have a much smaller carbon footprint than new builds.When the industry started in the UK around the turn of the century

303、many operators were converting old warehouses and other buildings into self storage.However,most recently,and particularly with the larger operators,there has been a preference to build new purpose built stores that meet the high standards of the owner.Will there be a movement back towards conversio

304、ns as they are more environmentally friendly?If so,what are the supply levels of properties suitable for self storage conversion and will operators become more creative on how they could adapt existing buildings to self storage?Most of the major operators have already set carbon reduction targets in

305、 their public statements.The main drivers for sustainable construction of self storage businesses appear to be the publicly listed companies or those funded by institutional investors.It appears that there is more pressure on these corporations to build sustainably and as a result many stores recent

306、ly,have been constructed to BREAAM standards in order to qualify their environmental impact.105106S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2Complying with these standards can have an impact on

307、the construction costs,therefore independent operators are certainly embracing solar and other initiatives but are less likely to adopt BREAAM standards or similar schemes.Some analysts predict that these new“green”buildings will be more valuable over time than older less environmentally friendly co

308、nstructions.There is speculation that the larger operators and institutional investors will be seeking out these kinds of buildings in the future and will pay a premium for them.However,we have seen no evidence of this in the UK self storage market to date.With the high level of purchaser competitio

309、n for sites that do come on the market,many independent operators are sceptical that green buildings will attract the premiums that some suggest they will.Currently,we are not seeing evidence that customer purchase decisions are significantly influenced by the environmental credentials of the busine

310、ss or building.However,this could change,and the green premium will turn up to be a brown discount,as the overall environmental movement continues to gather momentum with the public.We are now seeing some self storage companies marketing their environmental credentials as a point of difference from

311、the competition.There is no doubt that the self storage industry is moving to become more environmentally sustainable.However,it is still at the beginning of this journey,the pace of change and long term impact this will have on the industry remains to be seen.Safestore has a commitment to work towa

312、rds operational carbon neutrality(net zero)by 2035.They are committed to ensuring their buildings are constructed responsibly and their ongoing operation has a minimal impact on local communities and the environment.They monitor the amount of waste and energy usage on every site and introduce effici

313、encies identified to future building projects.Regardless of whether a site is BREEAM certified,they are committed to build to a minimum standard of BREEAM Very Good on all of their new store developments.Big Yellow has a long-term strategy to become Net Renewable Energy Positive,as part of a wider p

314、lan to deliver on their Net Zero Scope 1 and 2 Emissions targets.They plan to deliver significant aspects of thier reduction in emissions by 2030 and are actively investing in the resources necessary to make this happen,including significant capital expenditure over the next few years.By 2025,they e

315、xpect to have completed a multi-million pound investment in renewable energy generation alone.Shurgard has set ESG targets to enhance the sustainability of its portfolio and achieve absolute Net Zero Carbon across their entire material emissions by 2040 or sooner.They have set an interim target to b

316、e operationally net zero carbon by 2030.They are progressing ESG initiatives over the next 5 years as part of a EUR 10m per year investment program,including LED energy efficient lighting rollout,heating optimisation,manage water usage and solar panel installation.107108S E L F S T O R A G E A S S O

317、 C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 21010CONTRIBUTORSCONTRIBUTORSCONTRIBUTORS10Thanks to all the SSA UK members that contributed to the report by completing the industry survey.Some operators who participated declined

318、 to be included in this list.A Space StataionAdam SelfstoreApex Self StorageArmadillo Self StorageAshton Self StoreAttic Self Storage Ball BrothersBarn StoreBig Yellow StorageBillericay Self Storageblue self storageBWI StorageCookes Storage ServiceEasy Access Self StorageExtra Room Self StorageFlexi

319、ssGo Store Self StorageHarrison and RowleyHills Self StorageHogleaze StorageIncredible Bulk Self StorageKangaroo Self StorageKeepsafe Storage CentresLokn StoreMagenta StorageMegastorageMetro StorageMS Self StorageMyStore Self StorageNewton Self StorageP D Self StorageSelf Storage Centre OxfordSelf S

320、torage TamesideShurgard UKSouth Hams Self StorageSquab StorageStock N Lock Self StorageStorage KingStorage WorldStorageMartSuffolk Self StorageUrban Locker StorageYour Space Self StorageRENNIE SCHAFER CEO T:+44(0)1270 698 500 E:HELEN BOURKE Operations Director T:+44(0)1270 623 150 E:HANNAH SPEED Mem

321、bership Services Officer T:+44(0)7539 969 841 E:STEPHEN RAMAGE Membership Services Officer T:+44(0)7547 672541 E:PHILIP MACAULEY Head of Self Storage T:+44(0)7584 857 149 E:ILDA KREKURTI Head of Business Intelligence(UK&Ireland)T:+44(0)734 186 7583 E:Ilda.KCHRISTIE WARD Senior Business Intelligence Analyst T:+44(0)77 75543299 E:C111112S E L F S T O R A G E A S S O C I A T I O N U K -C U S H M A N&W A K E F I E L DS E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2 SELF STORAGE ASSOCIATION UKAND CUSHMAN&WAKEFIELD.ALL RIGHTS RESERVED.