Self-storage is no longer new or emerging in Asia. In fact, with more than 60% of global economic growth now coming from this region, the self-storage sector is growing significantly stronger there.
Just in the past 12 months, the pace of change has been extraordinary. Urban migration has intensified, digital adoption has quickened and competition has sharpened. These aren’t surface ripples; they’re structural shifts shaping the way people invest in, develop and operate self-storage across the continent.
For more insight, we interviewed Helen Ng, CEO of General Storage Co., which operates self-storage facilities in Hong Kong, Malaysia and Singapore under the brands Lock+Store and The Store House. Under Ng’s leadership, both brands have achieved regional recognition, winning multiple “Readers’ Choice” awards over the years as well as the Singapore Prestige Brand Award in 2024.
With a background in property development, Ng became Singapore’s first and only female self-storage CEO when she took over Lock+Store in 2010. In 2022, she was honored as “Executive of the Year” in the “Building Services & Facilities” category by “Singapore Business Review” magazine. She’s also chairwoman of the Self-Storage Association Asia, a trade association dedicated to supporting industry participants who work in emerging markets along the Pacific Rim.
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Below, Ng shares her insight on the self-storage industry in Asia, including the factors that are driving growth, opportunities that are emerging, and obstacles being faced and surmounted.
What are some of the factors impacting industry growth in Asia?
The most significant regional shift has been the rapid migration into urban centers. More than 50% of Asia’s population now live in cities, according to theglobaleconomy.com. Markets such as Vietnam, where GDP (Gross Domestic Product) growth exceeds 7%, are experiencing a surge in both residential and commercial users seeking additional space as living and working footprints shrink.
Space compression has become a defining characteristic of city life. In Hong Kong, middle-income couples often share micro-apartments averaging 320 square feet. Bangkok, Ho Chi Minh City and Manila are witnessing similar developments, with new condominium launches dominated by compact units aimed at young professionals. As soon as living space contracts, storage demand expands.
The opportunity is multi-layered. Southeast Asia’s growing middle class, rising trend of ecommerce activity, rising mobility of workers and increase in SMEs (small to medium-size enterprises) all feed into the industry’s growth. Thailand and Vietnam, in particular, are seeing some of the strongest rental growth in the region.
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Land scarcity continues to constrain supply in dense cities, and Singapore’s industrial land-use regulations limit developers’ flexibility. The recent land parcel at Kaki Bukit Avenue 5 marks the first industrial government land sale awarded by the Jurong Town Corp. specifically for self-storage use, which is an exception rather than the rule.
While the earlier moratorium on self-storage use of industrial land has been lifted, it doesn’t represent a full return to the previous framework. Under the revised guidelines, self-storage developments are no longer permitted on B2 (general industrial) land, and the availability of B1 (light industrial) sites for self-storage use has been further constrained.
How has the self-storage customer evolved, and what do they expect from operators?
Today’s storage customer behaves like a retail customer: They want instant onboarding, transparent pricing, 24/7 access and user-friendly digital journeys. These expectations are universal, but they are often more pronounced in Asia’s tech-savvy urban population.
Operators who excel combine a smooth, app-led digital experience with reliable, responsive human support. This blend defines the best-performing facilities across the region.
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For micro-businesses, seamless partnerships with movers and logistics providers matter. For households, flexible contracts and easy onboarding are critical. Full valet storage exists in Asia but remains niche due to manpower costs and insurance risks. The mass market still gravitates toward self-storage with optional value-added services rather than fully outsourced models.
What changes are you seeing in the way self-storage facilities are being designed?
Asia’s densest cities have become fertile ground for innovative facility design, where high land prices compel self-storage operators to build vertically, think creatively and adapt unconventionally.
Creative density shows up in vertical, multi-floor facilities in Tokyo, such as Quraz’s purpose-built, eight-floor (600-plus units) Takanawa-dai facility. This property hosts industry-first bike parking with dedicated, two-way elevator ride-in and ride-out access, and wash-down and clean-up area featuring pressure washers and a compressed air-wash. The bike-storage units are custom built to house the bikes along with racks for jackets, helmets, trophies and bike paraphernalia.
What’s the state of investing in this market?
Asia’s self-storage market remains relatively underdeveloped, which makes it highly attractive to private equity and institutional investors. We’re seeing the early stages of consolidation, led by players such as StorHub and Storefriendly. Their mix of acquisitions and property company/operating-company joint ventures enables fast expansion while balancing capital efficiency.
MyStorage, which has four facilities across Dong Nai and Ho Chi Minh City, Vietnam, announced in October that it successfully secured a multi-million-dollar investment from Emerging Markets Investment Advisers, through its ASEAN Frontier Markets Fund.
The investment proposition is straightforward. Penetration remains low compared to Western markets, demand is rising faster than supply, and upgrading “mom and pop” facilities offers immediate value-creation potential. Investors increasingly view storage as an asset class aligned with long-term trends of urbanization, e-commerce growth and rising affluence.
If capital were available to deploy globally right now, the most compelling opportunities lie in Vietnam and Thailand. These markets offer rental growth above 11%, rapidly expanding urban middle classes, strong ecommerce fundamentals, and a meaningful gap between demand and supply. For operators willing to invest early and scale thoughtfully, these cities offer the strongest combination of growth potential and manageable competition.
What impact has technology had on the Asian self-storage industry?
Technology has moved from a helpful feature to a decisive competitive advantage. Asia’s mobile-first consumer culture means operators cannot rely on outdated processes or fragmented user journeys.
China has set the pace. Its WeChat mini-programs allow customers to search, reserve, sign contracts, pay and access facilities within a single ecosystem. This level of integration has become the benchmark for seamless customer experience.
Across the region, the clearest returns come from remote access control, Internet of Things-enabled monitoring, streamlined digital contracts and reduced staffing requirements.
Singapore, Japan and China now benefit from higher self-storage occupancy and improved yield per square foot thanks to automation.
Yet the push toward remotely operated facilities isn’t without limits. In Hong Kong, where multiple self-storage operators may be housed within one building, not everyone invests meaningfully in onsite staff. Those who do consistently outperform. In cities where trust and convenience matter deeply, a human presence supplements the strengths of automation. Smaller operators lag mainly because of upfront costs but also because many Asian customers still expect a blend of digital ease and personal reassurance.
How are Asia self-storage developers, investors and operators addressing sustainability?
The ESG (Environmental, Social and Governance) conversation in Asia has evolved quickly. What was once a reputational add-on is now a hard requirement for unlocking institutional capital. Singapore leads with green-building-certified sites, energy-efficient HVAC, solar installation across large flagship facilities and an encouraging uptake of electric-vehicle charging stations.
Institutional investors, especially those with mandates shaped by Europe or North America, expect these features as a baseline. Australasia isn’t far behind, but the pressure to catch up is increasing.
What lies ahead for self-storage developers, investors and operators in Asia?
Asia is no longer the self-storage market of tomorrow—it’s the decisive force of today. The region’s rapid urbanization, digital maturity and investor confidence is reshaping industry norms and raising expectations across the board.
Those who adapt early—digitally, operationally and strategically—will define the next chapter of regional growth. Those who wait risk being overtaken by faster, more agile competitors who already see Asia not as an outlier, but as the blueprint.
ISS Staff
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