1、 FEDESSA European Self Storage Survey 2020 This years report has been published as an interactive online edition, which can be viewed here. This document captures key elements of the findings. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 2 This is the ninth annual survey carried out by the F

2、ederation of European Self Storage Associations (FEDESSA) amongst its member associations and their member operators. The report has been produced jointly with JLL for the sixth consecutive year. Due to the extraordinary global events throughout the year we have asked some additional questions to ge

3、t an insight into how the self storage sector in Europe has responded to lockdowns and the subsequent slowdown in economic activity. The report will provide valuable market insights to investors, funders and operators during these uncertain times. The latest data shows that there are now 4,831 facil

4、ities across Europe, providing nearly 10.5 million square metres of self storage space. The six biggest markets in Europe, where self storage has been established for almost two decades, have 78% of the market share of facilities and 84% of the total available floor space. Whilst these markets conti

5、nue to grow, the market share of the big 6 continues to fall as we see rapid growth in the less established markets. JLL and FEDESSA received a record number of responses this year from over 100 operators. These respondents operate 900+ facilities (over 3 million square metres of lettable space) in

6、16 countries, which covers almost a third of the total market. We are very grateful to all of the members who took the time to contribute to this years survey. We hope that you find this report informative and welcome any feedback from our readers so that we can continue to improve the report in fut

7、ure years. Introduction 2020 Jones Lang LaSalle IP, Inc. All rights reserved 3 Executive Summary 2020 Jones Lang LaSalle IP, Inc. All rights reserved 4 REIT performance The 2020 COVID-19 pandemic and subsequent lockdown has resulted in the global economic growth coming to an abrupt halt in Q1. Gover

8、nments across Europe have applied different social, monetary and fiscal policies in order to support people and businesses. Investment activity in the real estate sector since COVID-19 saw a reduction in transactions with the retail market particularly hit. However, the sectors which have shown resi

9、lience during the crisis such as self storage, healthcare and logistics have performed relatively well on the listed market as well as in the direct property market. Overall the way we live and work is undergoing a massive change, and a lot of the trends that have emerged during lockdown will likely

10、 continue in some part going forward. In all real estate sectors we are seeing increased integration of technology and a greater emphasis to a omni- channel customer experience. We also expect to see an increased awareness of sustainability and corporate social responsibility. Going forward we expec

11、t to see an even greater allocation into alternative real estate as it remains an attractive form of stable income. Government bonds to real estate spread, low interest rates and record levels of dry powder ($330bn is currently sitting unspent) all point to an increased flow of capital into real est

12、ate over the medium to long term. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 5 Rent collection Rent collection after 30 days of due date has seen some significant hits during Covid-19. The results of the survey suggest that self storage remains resilient with 91.3% of income collected and

13、that the vast majority of debtors longer than 30 days will be paid. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 6 Key Deals The self storage sector has proven its resilience as an investment grade asset class during the pandemic with transactions in 2020 showing strong investor appetite, ev

14、en during the lockdown period across Europe. Key deals and market activity include: In September 2020, Secure Store in the UK was sold to a US investor, Padlock Capital Partners. The two stores close to London had a combined area of 6,100 sq m.The US private investment group, Volta Global LLC, acqui

15、red three assets in the Netherlands located in Goes, Hellevoetsluis and Bergen op Zoom in August 2020. The Carlyle Group and Safestore joint venture continuesto be an active market player and in the second quarter of 2020 they completed on the acquisition of Lokabox in Belgium.Lokaboxhas six stores

16、totalling 20,600sqm. Legal and Generals UK Property Fund (LGIM) acquired a brand new state of the art facility in Stafford in March 2020 which totalled 5,200 sq m as well as 950 sq m of office space. The store adds to LGIMs initial investment in the self storage sector after the acquisition of Sure

17、Store in July 2019. The Swedish portfolio, 24Storage, listed on the Nasdaq First North Growth Market in December 2019. The portfolio consists of 22 existing sites withfourtofivesites in their development pipeline. In the last quarter of 2019 Safestoreacquired Oh My Box in Spain for 17.3mand Fort Box

18、 in London for 13.6m. Shurgard continues to be an active market participant across Europe. Towards the end of 2019 Shurgard signed a management agreement withFlexi Stockage to manage its four properties in the Paris region which totals 20,400 sq m of lettable area in total. Shurgard purchased two of

19、 the properties in the beginning of 2020 and has a right of first refusal on a third property. In the Netherlands, they acquired ABR Self Storage in Randstad as well as Inbox Storage in Gouda, Randstad (3,560 sq m) for 6.1m in 2019. Towards the end of 2019 they also purchased the Grepu Vastgoed faci

20、lity for 7.4m in the Netherlands.In May 2020 they acquiredfour Zeitlager stores in Germany which totalled 12,500 sq mof rentable space and for a total consideration of 33.3m. Storage King acquiredthreeleasehold andtwofreehold sites fromFlexiStorein the last quarter of 2019. The total MLA of the port

21、folio is 190,520sqft. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 7 Industry Overview We must be careful when comparing the size and growth of the industry over time as significant year on year changes can be attributed to improved data collection and increased coverage. Also, country to co

22、untry comparisons can be challenging as different markets have varying definitions of what is classified as self storage. Top six Six countries have 78% of the total market share of facilities in Europe, and 84% of the total floor space. The market share of the big six continues to fall, as self sto

23、rage grows rapidly in the emerging markets. The self storage industry in Europe continues to grow. We estimate that there are now 4,831 facilities providing nearly 10.5 million square metres of self storage space. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 8 Market share of the largest ope

24、rators The self storage industry in Europe is fragmented with the majority of facilities owned and operated by independent operators. However, we are starting to see consolidation in the mature markets, which is leading to the gap between major operators (defined as having 10+ facilities) and small

25、independents widening. This has left a noticeable gap in the market, with few mid-tier operators who occupy four to nine facilities. Top ten operators by brand The largest operator in Europe is Shurgard who currently (as at 2020) occupy 240 facilities. This represents 5% of the total number of facil

26、ities in Europe and 11.7% of the total available floor space. The major operators tend to have larger facilities, this is highlighted by the fact that the top ten largest self storage brands represent 18.2% of the total facilities but 36.1% of the total available space. Comparing to previous years s

27、tats we have seen the market share in terms of facilities drop. Despite all of the operators expanding their portfolios considerably, the overall market has grown rapidly with independent operators adding more facilities, particularly in emerging markets. 2020 Jones Lang LaSalle IP, Inc. All rights

28、reserved 9 Top ten operators by Brand By size By number of sites 2020 Jones Lang LaSalle IP, Inc. All rights reserved 10 Floor space per capita The UK has the highest amount of self storage floor space available per person, closely followed by The Netherlands and the Scandinavian countries. Mature m

29、arkets such as France, Belgium and Germany all sit below the European average, highlighting there the potential in these countries. Number of facilities per million population The number of facilities per million population varies considerably between countries. Norway has a greater number of smalle

30、r facilities (smallest average facility sizes in Europe). We have seen the average facilities per million population increase to 9.8 this year. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 11 Capital city analysis 2020 Jones Lang LaSalle IP, Inc. All rights reserved 12 2020 Jones Lang LaSall

31、e IP, Inc. All rights reserved 13 2020 Jones Lang LaSalle IP, Inc. All rights reserved 14 Survey Results Based on the data provided by over 100 different operators covering 932 facilities and over 3 million square metres of currently available self storage space, we are able to provide an excellent

32、insight into the industry on a pan-European level. Due to the extraordinary circumstances seen this year we asked operators to provide certain data points both before and during the global pandemic (February and June) to give an understanding of the impact the lockdown in Europe had on the self stor

33、age sector. Average rents () per square metre per annum The weighted average rent across Europe was250 per square metre per annum. This is adecrease on 259per square metre we saw last year but reflects a larger sample size. Looking at the rental split between February and June we have seen a slight

34、decrease in rental rates which is probably to be expected, however six countries saw an increase in rental rates between these two months. When surveyed64%of operators had seen rental rates stay at the same level. Even though the dates and the level of restrictions differ widely between countries, w

35、e have not seen a huge difference in terms of rental change between different markets. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 15 Average occupancy The average occupancy across Europe stayed broadly level with last year at 79%. Interestingly, when we look at the split of occupancy level

36、s at February and June most countries saw an increase in occupancy levels and the average occupancy at June increased to80%. An improvement in occupancy rates during the pandemic is evidence of the defensive nature of self storage. Breakdown of occupancy rates When looking at the breakdown of occupa

37、ncy rates across our survey sample, over half of the facilities had over 85% occupancy, with a third of facilities sitting at 85%-90% capacity. This is considered the sweet spot for a mature self storage facility in a major metropolitan location, as this allows the business to continue to offer spac

38、e to new customers and maximise yield. The small proportion of facilities under 50% occupancy were all brand new facilities. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 16 Domestic/Business split The European average of occupied space by business customers remains at 32%, the same levels se

39、en in 2019. The previous three years we had seen business users take an increasingly bigger proportion of self storage space. Operators are now catering more for business users, with a greater selection of amenities being offered such as free Wi-Fi, meeting rooms, mailboxes, courier services and 24

40、hour electronic access. Business customers occupy a greater percentage of space and fewer units, on average they take up 23% of the number of units. By area By size 2020 Jones Lang LaSalle IP, Inc. All rights reserved 17 Average facility size (MLA) The range of different facility sizes available in

41、Europe is extremely broad and can vary considerably between countries. This can be down to a number of different factors including maturity of the market, location, urbanisation, cost of land, year of construction, type of customer and the operators within the market. This graph shows the difference

42、 in MLA size, looking at the range between the 1st quartile and the 3rd quartile of facilities and the mean average within the country. Belgium has the largest average size of facility at over 5,300 sq m, with a very small range of sizes in the sample. Ireland had a very broad range of facility size

43、s, with a huge difference between the smaller operators and large mature facilities. 2020 Jones Lang LaSalle IP, Inc. All rights reserved 18 Average storage size Looking at the average size of facilities over time in our dataset it appears that the average current lettable area (CLA) and maximum let

44、table area (MLA) in Europe has been falling over the last six years. If we compare the average age of facility by MLA we do see a trend that facilities being built now tend to be smaller both in major metropolitan and regional areas. It is worth noting that our survey reach has increased in Scandina

45、vian countries where facilities are smaller as well as for the inclusion of satellite stores. On a like for like basis though we are seeing smaller facilities being built which is likely due to increased land cost, scarce land availability, competition and a greater focus on location prominence. Sou

46、rce of enquiries For the second year running we saw an increase in the amount of enquiries generated via signage, increasing from 10.5% in 2018 to 12% in this survey. Website enquires still form the greatest percentage of generating new business, with 66% of customers using the internet. 2020 Jones

47、Lang LaSalle IP, Inc. All rights reserved 19 Prices online and ability to reserve via the website Price transparency continues to increase with 80% of operators listing prices on their websites compared to 74% last year. In this survey we asked operators if they offer the ability to reserve a unit,

48、complete the self storage contract and completely book and pay for a unit online. While 72% of operators offer the ability to reserve via the website, only a third had the ability to complete the self storage contract online, and a fifth of operators surveyed had the ability to completely book and pay via the website. Split between tenure Within Europe there is a preference towards freehold ownership with 74% of facilities on average owned by the op