The self-storage industry is still in early stages of development in Asia and there is a long way to go before reaching the market penetration levels of the more developed regions of America, Europe, or Australia. That said, the industry clearly has established itself in Japan, Hong Kong, and Singapore—all of which are areas with high population density, concentration of wealth, and consequently space is at a premium. Add to that an ever increasing acceptance of Western (materialistic) values, and developers have found receptive customers to outsource storage solutions.
While the industry may have established itself, recognition, even in the most advanced markets, is still very low. Focus, therefore, remains on developing the concept in each market, building brands, and gaining industry acceptance and recognition.
“The self-storage industry has made great progress in educating the market as to the benefits and desirability of self-storage,” says Marilyn Leslie, president Asian Operations for Phoenix, Ariz.-based MiniCo, Inc.