Self Storage News & Announcements | Modern Storage Media

FEDESSA Releases 2024 European Storage Report

Written by Modern Storage Media | Oct 10, 2024 11:37:41 PM

The Federation of European Self Storage Associations (FEDESSA) has released its 2024 European Annual Industry Report, produced jointly with commercial real estate group CBRE. Overall, the report states that the self-storage industry is showing resilience with continued revenue growth and strong investor interest. It also notes that new development and an expanding presence, especially in Northwestern Europe, shows a healthy outlook. 

 

The survey was produced with input from over 120 operators representing 1800+ facilities in 17 countries; approximately a quarter of Europe’s self storage market by number of stores. The survey does not include the industries in the United Kingdom, but responses to the Self Storage Association UK’s (SSA UK) 2024 Annual Survey have been added.

 

The report also includes data from a survey of the public in selected European countries as to their perception of self-storage and to gauge market awareness.

 

Key Self-Storage Report Findings:

  • The leading four markets account for 68% of Europe’s total number of stores.
  • The UK continues to dominate with 34.6% market share, followed by France (15.8%), Germany (12.6%), and Spain (11.6%).
  • 2024 YTD self storage transaction volumes reached €875M, 3x higher than 2023, and just 12% below full-year 2023.
  • Additional €546M in advanced transactions is expected to close, possibly leading to a fifth year of record volumes.
  • 37% of the public have never heard of self storage, an improvement from 45% last year
  • Awareness tends to be 10% higher in capital cities
  • Revenue per square meter accross Europe increased by 2% to €296.53
  • Average occupancy across Europe fell from 79.9% in 2023 to 78.7% in 2024
  • The use of storage apps has increased by 25% compared to last year, indicating growing demand for digital solutions.
  • All sustainable practices in stores have increased compared to last year.
  • The three most common sustainable practices are LED lighting, recyclable packaging boxes, and passive infrared detection.
  • When asked "How important is sustainability to your existing business strategy going forward?" 29% answered "Very important", and 45% answered "Somewhat important".
  • 67% of initial enquiries are received through company websites, up from 64% in 2023.
  • Artificial Intelligence (AI) is being adopted across many industries, and self storage is no exception.
  • 69% of survey respondents plan to implement AI in their businesses in 2024
  • 72% of businesses expect profits to increase in the coming year, and 92% foresee no decline despite supply growth and economic uncertainty.
  • 72% of businesses also expect higher occupancy in the next 12 months, though slightly less optimistic than revenue growth expectations.

 

View Full FEDESSA Report