Singapore Self-Storage Market Size

Singapore Self Storage Market Analysis

The Singapore Self-Storage Market size in terms of lettable area is expected to grow from 2.93 Million square feet in 2024 to 3.99 Million square feet by 2029, at a CAGR of 6.30% during the forecast period (2024-2029).

The rise in demand for Singapore's self-storage market is due to increased urbanization and smaller living spaces, which demand self-storage. In addition, the increasing needs of the business segment are also driving the market.

• Singapore has seen a steady increase in the demand for self-storage. The land is becoming increasingly limited, with denser and smaller houses becoming common. As a result, many consumers are looking to self-storage as an accessible answer to their space problems. Land for self-storage has gradually become a commodity due to the rising costs of residential, retail, and industrial real estate over the past few years. The market provides a reasonable option for the public's expanding desire for workspace outside homes and offices.
• Moreover, the requirement for more space for belongings depends on several changes in a consumer's lifestyle, such as moving home, family expansion, and retirement. With rising urbanization and apartments in major Singapore cities gradually getting smaller and more expensive, a significant portion of the country's population is finding they need more room. Self-storage ideas have come up to meet this growing customer need, and as the number of units steadily grows, it's appealing to the people who work in the market.
• According to the Singapore Department of Statistics, in 2021, the population density of Singapore was 7,485 people per square kilometer. The population of Singapore has been increasing over the years within a minimal space, posing challenges such as housing shortages and land scarcity. Such instances further drive the demand for self-storage facilities in the country.
• Demographic change is one factor driving this spike. Many people have been seen relocating from big cities to farther-flung areas. Increases have been made possible by improved occupancy at local stores, which have historically had low rental rates. As a result, rural stores have had a faster growth rate than major metropolitan locations. Such factors are further driving the self-storage market in the country.
• The COVID-19 pandemic drove up demand for self-storage, and some companies started expanding in Singapore. The number of inquiries and takers for these spaces, which individuals and companies hired to store possessions or goods, had increased. More people became aware of the need for more space in their homes for remote work and new interests. Businesses that were reconsidering their office space requirements or stockpiling goods in anticipation of supply chain disruptions were also moving upmarket.