JLL Capital Markets, a global commercial real estate and investment-management company, and the Self Storage Association Asia (SSAA) have released their “SSAA Annual Survey 2024.” The report includes data provided by association members from China, Japan, Korea and the Middle East. JLL anonymizes, aggregates and analyzes the information to provide national and jurisdictional breakdowns of key metrics of the industry, according to a press release.
Peter Guevarra, director, and Nichakamol Horungruang, senior manager, for JLL presented a live seminar in Singapore on Dec. 5 to discuss the report’s findings. They also offered a forward-looking perspective for the self-storage industry. Survey highlights include:
Self-storage continues to grow in the Asia-Pacific region, having reached 11.9 million square feet. The survey has tracked a compound annual growth rate of 9.6% since it launched in 2015.
Investment in the sector increased from 2023 but remains below the massive surge in 2021. 40% of survey respondents said they seek external investment sources.
The top challenge to operator growth in the region is locating suitable real estate with pricing relative to potential revenue.
Rental growth remains strong, with highs in Vietnam (20.7%), Thailand (11.8%) and the Middle East (8.5%). Some markets such as India experienced rental-rate compression. Most operators (84%) expected rental growth last year.
71% of operators expected profitability growth in 2024, and 74% predict it for the next three to five years.
Occupancy rates were generally up except in markets that experienced a sharp rise in supply.
Facilities that have been open for more than a year saw the highest occupancy in Hong Kong (92%), Japan (88%) and Singapore (87%).
Demand from business users is rising in Japan, Singapore and South Korea.
More than 40% of survey respondents said they plan to introduce artificial intelligence for dynamic pricing, online marketing and improving staff productivity.
Related:California Self Storage Association Announces New Officers, Board Members for 2026
SSAA Members can access the report for free on the association website, while non-members can purchase it for $4,000.
Launched in 2014, SSAA provides information and education to Asia self-storage owners and operators as well as other industry stakeholders. It provides advocacy, intelligence, market reports, training and a networking platform.
Founded in 1999, JLL buys, builds and invests in commercial, industrial, residential and retail real estate. It has offices in 80 countries.
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